AML/KYC Review Analyst
This is a new role following a determination of the need to have a separate team handling reviews of existing clients. We will have a team of two plus the team leader, all of whom report to the Manager of the Onboarding and Client Management team.
The AML Review Team will perform regular reviews of all client files to check for changes in static data and to update and confirm the continuing accuracy of all AML and due diligence. .
In performing the regular reviews, the AML Review Analyst and Team will have to check all aspects of client data, including:
- AML Review, which encompasses liaison with the front desk to obtain affirmation of the transaction monitoring and completion of a KYC form, as well as checking changes to ownership structure, directors, and any other changes that might be relevant;
- Checking static data, such as legal entity name, address/contact details, type of business in relation to SIC/ISC codes, legal entity type, any third party beneficiaries, etc.;
- Checking classifications of SME enterprise category, client classification, FSCS eligibility, and tax status, by pulling most recent financials and other relevant data and re-applying classification tests to each client;
- Reviewing risk assessment given at time of initial onboarding, particularly in light of any changes and amending risk assessment, if necessary;
- Reviewing original AML/due diligence performed by onboarding team and updating as necessary, particularly doing additional AML if a risk assessment has changed; and
- Implementing any changes in all relevant systems.
Technical knowledge
- Experience of performing and reviewing AML client reviews
- Working knowledge of AML requirements for onboarding clients
- Some knowledge of the FSA handbook, particularly the COBs relating to client classification
- Working knowledge and understanding of how companies are structured
- Some basic understanding of company balance sheets, financials, and/or annual returns would be helpful.
Skills and how they are applied
- Ability to understand, interpret, and apply FSA regulations
- Ability to research companies, then interpret and apply AML/due diligence considerations to assign an AML risk weighting to a company
- Attention to detail, with the ability to apply regulatory requirements to the relevant facts
- Ability to work independently with minimal supervision and advice
- Computer skills
- Analytical skills
Changes in the market, products, legislation regulation relevant to the business area
- AML Regulations and JMLSG Guidelines
- FSA Handbook (COBs, with particular emphasis on client classification)
- Companies Act
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