KYC Analyst Job Description

Knowing your customer is one of the most important things in business. Can you believe that there is a job designation out there, which was established just for this purpose?

Yes. This is exactly what KYC analysts are hired for – to determine customers’ activities, and how they may affect the company, both negatively, and positively.

Working as a KYC analyst requires one to possess a degree in business. Prior experience in this capacity will go a long way in making you an eligible candidate to be considered for this position.

Apart from knowledge of the actual work of a KYC analyst, one has to possess some skills that are necessary to the job. This includes exceptional analytic skills so that you can conclusively determine if any accounts pose a risk to the company.

In addition to this, you will need to be an excellent communicator, as you will be working with supervisors and compliance officers, who will require you to be clear, and concise about the reporting that you do. Moreover, your research skills need to be excellent, and you must be detail-oriented if this is the work that you want to do.

Here is a list of job duties that you will be expected to perform in the role of a KYC analyst:

KYC Analyst Duties & Responsibilities

• Determine the type and quantity of customers whose accounts need to be checked.

• Create checklists for all KYC procedures, ensuring that each one is ticked off at completion.

• Go through each assigned account to determine details of transactions, and the frequency in which these have been made.

• Determine that the company has assigned account numbers and identification keys on all accounts.

• Identify problems with accounts, such as irregular transactions, and overdrafts.

• Research the history of each suspicious account to determine how it has been operated in the past.

• Create reports regarding activities in each assigned account, and organize them for the management’s perusal.

• Rate the risk levels of all assigned customers’ accounts, and alert supervisors of them.

• Ensure that client data is accessible at all times, regardless of the actual location of the client.

• Investigate issues determined in customer data, and follow up with different departments to obtain more information.

• Produce and submit analysis, and opinions on the completeness, accuracy, and compliance nature of all KYC files.

• Identify relevant stakeholders, and circumstances, which may require enhanced due diligence, or compliance approval.

• Complete and validate KYC files, ensuring that it is readable, and relevant to each case.

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