16 KYC Analyst Skills for Your Career and Resume

A KYC analyst is a professional who is responsible for ensuring that a company’s customers are legitimate and compliant with anti-money laundering regulations. KYC analysts use a variety of skills to perform their job, including research, analysis and communication. If you’re interested in a career as a KYC analyst, understanding these skills can help you determine if this job is a good fit for you.

Analytical Skills

KYC analysts use their analytical skills to review and interpret data. They analyze customer information, such as transaction records, account statements and other documents to ensure compliance with regulations. KYC analysts also evaluate the risks associated with customers’ transactions to determine if they need additional verification or documentation.

Banking Operations

Banking operations is the knowledge and skills needed to perform tasks related to banking, such as opening an account, depositing funds or withdrawing money. KYC analysts often work with banks to ensure that they have all of the information they need about their customers’ transactions. Having strong banking operations skills can help a KYC analyst gather this information more efficiently.

AML/CFT Regulations

AML/CFT regulations are the rules and guidelines that financial institutions must follow to ensure they’re complying with federal laws. KYC analysts use their knowledge of AML/CFT regulations to help them determine if a client is legitimate or not. They also use this skill when creating policies for clients who may be at risk of money laundering or other illegal activities.

Flexibility

Flexibility is the ability to adapt to changing circumstances. KYC analysts often work with multiple departments and clients, so flexibility can help them adjust their processes as needed. For example, if a client requests additional information or changes how they provide data, a flexible analyst may be able to find an alternative solution that still meets regulatory requirements.

Organization

Organization is the ability to keep track of information and files. KYC analysts use organizational skills when they create and maintain records, databases and other documents related to customer transactions. They also use organization when creating reports that include details from multiple sources. Strong organizational skills allow them to find needed information quickly and ensure all their records are accurate.

Investigations

KYC analysts use investigative skills to analyze data and identify potential risks. They may research an individual’s financial history, employment history or other personal information to determine if they are a safe client for the bank. KYC analysts also investigate suspicious activity on customer accounts to ensure that no one is using the account illegally.

Attention to Detail

KYC analysts must be able to notice and record any information that may be relevant to the company they work for. This includes details about a customer’s identity, such as their address or phone number, and financial information, like account numbers and transaction dates. Attention to detail is also important when recording this information in databases so it can be retrieved later if needed.

Transaction Monitoring

KYC analysts monitor transactions to ensure that the proper information is recorded and that all regulations are followed. They may also review transaction records for accuracy, ensuring that they match up with other records in the system. This requires attention to detail as well as an ability to interpret complex financial data.

Financial Analysis

Financial analysis is the ability to interpret financial data and make informed decisions based on that information. KYC analysts use financial analysis skills when reviewing customer records, such as checking account activity or analyzing transactions made with credit cards. This helps them determine if a customer has sufficient funds to open an account or if they are likely to default on their loans.

Compliance

Complying with regulations is an important part of a KYC analyst’s job. They must ensure that their company follows all necessary laws and regulations when collecting customer data, storing it and using it for other purposes. This includes knowing what types of information the company needs to collect, how long they can store it and what they can do with it after collection.

Risk Management

Risk management is the ability to identify and mitigate potential risks. KYC analysts use risk management skills when reviewing financial transactions, as they may need to determine if a transaction has legitimate business purposes or if it could be fraudulent. They also use these skills when creating policies for their organizations, as they can create rules that minimize the risk of fraud occurring.

Communication

Communication is the ability to convey information in a way that others can understand. KYC analysts often communicate with clients, regulators and other employees at their company. Strong communication skills allow them to explain complex financial processes clearly and answer questions from colleagues efficiently. Communication also includes written communication, so KYC analysts should be able to write clear emails and memos as well as prepare informative reports.

Customer Due Diligence

Customer due diligence is the process of ensuring that a customer has all the information they need to make an informed decision. KYC analysts use this skill when reviewing applications for loans or other financial products, as it’s their job to ensure that customers are making safe and responsible decisions with their money. This also includes verifying that customers have enough funds in their account to cover monthly payments on any loan they may take out.

SWIFT Messages

KYC analysts use SWIFT messages to send and receive payment instructions from banks. They also use the messaging system to communicate with other departments, such as operations or compliance, about customer transactions. KYC analysts should be familiar with the format of SWIFT messages so they can interpret incoming messages accurately. This ensures that the bank complies with regulations and customers receive accurate information.

SAR Filing

KYC analysts use their knowledge of regulatory compliance to ensure that financial institutions are following the law. They file SARs, or Suspicious Activity Reports, when they notice transactions that may be fraudulent or involve money laundering. KYC analysts also review and approve customer applications for loans and credit cards to make sure the institution is lending responsibly.

Problem Solving

Problem solving is the ability to identify and resolve issues. KYC analysts use problem-solving skills when they review financial records, evaluate data and make recommendations for approval or denial of a loan. They also use these skills when they find errors in an institution’s compliance with regulations. For example, if a bank has not collected enough information about their customers, the KYC analyst may suggest changes to improve the process.

How Can I Learn These KYC Analyst Skills?

There is no one-size-fits-all answer to this question, as the best way to learn the skills necessary to be a successful KYC analyst may vary depending on your prior experience and knowledge. However, some ways to learn the necessary skills could include studying relevant regulations, taking courses on financial analysis and compliance, and gaining experience through internships or working in a related field. It is also important to be able to effectively communicate with customers and other stakeholders, so developing strong communication skills would also be beneficial.