AML Job Description, Duties, and Responsibilities

Updated on: December 20, 2021
AML Qualifications

To work in an AML role, you have to possess a degree in a related discipline.

Some employers may consider you a good hire if you possess a high school diploma as well, that is, if you have some experience to show off.

working as an AML analyst or specialist is not without its complications.

You have to possess the knowledge of handling AML procedures in a proper manner, and it takes a lot to minimize deceptive activities.

A person who possesses excellent skills in analyzing situations will be given high consideration for this job.

As an individual, you have to be analytic, organized, and impulsive if you want to work in this position.

Moreover, your job will require you to be attentive at all times, and possess the ability to investigate problematic areas to uncover fraud.

AML Analyst Duties and Responsibilities

• Develop and implement compliance sign-off processes for each assigned department.
• Create compliance initiatives and programs to ensure compliance with respective legal and legislative obligations.
• Oversee the management and execution of second-line monitoring and assessment programs for both AML and CTF.
• Investigate, review, and assess alerts for potential money laundering risks for each assigned account.
• Handle the daily assessment of AML and SWIFT reports for potential suspicious or fraudulent activities.
• Ensure efficient identification and monitoring of suspicious activities and events.
• Assist in the identification of systemic procedural weaknesses, and provide suggestions for required training.
• Review and resolve AML related and economic sanctions-related alerts in a proactive manner.
• Provide well-placed advice to the management related to current issues regarding compliance and risk management.
• Ensure proper investigation of suspicious activities in clients’ accounts in response to money laundering alerts.
• Develop and implement AML training for new employees, and oversee the continuous training of existing ones.
• Create and submit periodic reports to AML compliance staff members, ensuring that the information has been updated.
• Identify and inform AML team members of any changes to the legislation or other requirements pertaining to anti-money laundering initiatives.