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KYC Analyst Job Description

KYC Analyst Job Description

KYC Analyst Job Description – KYC analysts are primarily responsible for reviewing documentation for new customer accounts, evaluating high-risk accounts and analyzing new customer processes and policies.

The analysts also study market trends and examine patterns of customer behaviour within the organization. Furthermore, KYC analysts can perform risk and compliance analyses of proposed new products and assist with the review of these proposals.

A KYC analyst works primarily for banks or other financial institutions; however, they may also work for other types of businesses, such as manufacturing, technology, or consulting firms.

Main Duties of KYC Analyst

Ensure the authenticity of new customer accounts by reviewing them and verifying their identities
Assessing potential legal and compliance risks associated with customers and products

  • Analyzing market trends and evaluating customer behaviour
  • Providing assistance in the prevention of money laundering, terrorism financing, and other illicit financial activities
  • Compiling accurate and up-to-date information about customers in accordance with legal requirements
  • Improving customer experience by leveraging insights from customer behaviour research
  • Assuring compliance with internal policies and external regulations by liaising with management
  • Preparation of suspicious activity reports (SARs)
  • Reporting high-risk accounts or accounts with missing documentation to the relevant officers
  • Making informed decisions through the analysis of complex data
  • Examining the accounts of customers for instances of suspicious financial activity

Skills Required of a KYC Analyst

  • Regular updates and monitoring of static client information and related KYC activities and account closures
  • Depending on the level of risk, additional due diligence checks may be required for the client
  • The implementation of any necessary changes to static data, as well as the resolution of any issues raised by the review
  • Analyzing strategies with proficiency
  • Whenever necessary, perform a refresh of the Client account
  • The research will be carried out using appropriate research tools and external databases to determine the KYC status of Barclays clients

Qualifications for KYC Analyst

Having experience in two to five years in a financial institution, with at least two years performing KYC (Know Your Client), client onboarding, or due diligence on individual, corporate, and institutional clients.

  • A general understanding of global KYC
  • Analysis-driven with tenacity to identify and address the underlying causes of challenges and problems
  • The candidate must have strong interpersonal skills and be able to work effectively within a team as well as across the organization
  • Understands and understands AML risk, AML regulations, and products related to Banking, Securities, and the Markets

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KYC Analyst Job Description

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