What does an AML Analyst do?
Published 3 min read
An AML Analyst is responsible for the development and implementation of anti-money laundering compliance programs. They work with financial institutions to ensure compliance with regulations and laws.
AML Analyst job duties include:
- Reviewing customer documentation to ensure it meets AML/KYC requirements
- Conducting customer risk assessments
- Identifying and investigating potentially suspicious activity
- Filing Suspicious Activity Reports (SARs) as necessary
- Monitoring customer transactions for signs of money laundering or other illicit activity
- Keeping up-to-date on current AML regulations and guidance
- Assisting with the development and implementation of AML compliance policies and procedures
- Training other staff members on AML compliance matters
- Participating in AML audits and reviews
- Providing feedback to management on areas of improvement in the AML program
AML Analyst Job Requirements
An AML Analyst typically needs a bachelor's degree in accounting, finance, or a related field. Some employers may prefer candidates who have a master's degree in business administration (MBA) with a concentration in accounting or finance. Certification as a Certified Public Accountant (CPA), Chartered Financial Analyst (CFA), or Certified Anti-Money Laundering Specialist (CAMS) is also beneficial. In terms of experience, most employers seek candidates who have at least 3-5 years of experience working in financial analysis, auditing, or a related field.
AML Analyst Skills
- Financial analysis
- Pattern recognition
- Data mining
- Data analysis
- Investigative skills
- Fraud detection
- Auditing
- Financial modeling
- Risk management
- Compliance
- Regulatory knowledge
- Analytical skills
Related: Top AML Analyst Skills: Definition and Examples
How to become an AML Analyst
There is no one specific path to becoming an anti-money laundering (AML) analyst. However, there are certain skills and knowledge that are necessary for the role. Firstly, it is important to have strong analytical skills in order to be able to identify suspicious activity. Secondly, it is helpful to have a good understanding of financial regulations and compliance requirements. Finally, it is also beneficial to have some experience working with financial data and transaction monitoring systems.
Those interested in becoming an AML analyst can start by pursuing a degree in finance, accounting, or a related field. Many AML analysts also have professional certifications, such as the Certified Anti-Money Laundering Specialist (CAMS) designation. Experience working in the financial services industry, particularly in compliance or risk management, can also be helpful.
Once you have the necessary skills and knowledge, you can begin seeking out AML analyst positions at financial institutions or other organizations that require these services. Many times, these positions will require passing a background check and completing additional training on specific software or compliance requirements.
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