Senior KYC and Compliance Analyst
5 - 7 years experience • Financial Services
New York, New York or St. Petersburg, Florida
A high-end Private Bank seeks a senior KYC and Anti-Money Laundering Compliance professional. This person will be involved with KYC as well as other important Anti-Money Laundering matters.
The Senior KYC and Compliance Analyst will be responsible for supporting the Global Compliance Department in ensuring that all US and Non-US Private Wealth client relationships have undergone identification and due diligence screening required under U.S Patriot Act prior to opening an account.
The Senior Compliance Analyst will perform reviews to validate that all information provided on the Know Your Client Form (“KYC”) is corroborated with supporting documentation as required by law and internal policies.
The ideal candidate will be familiar with the Private Wealth industry as well as trust, estate and legal entity documentation requirements both within and outside of the US.
The Senior Compliance Analyst will be responsible for understanding all local US laws and regulations with respect to the Bank Secrecy Act, OFAC, the PATRIOT Act as well as internal policies and procedures. The Senior Compliance Analyst must also become proficient on Know Your Customer database, Bridger Insight system, and GIFTS anti-money laundering software.
The Senior Compliance Analyst will assist with coaching of the relationship/portfolio managers in completing the KYC forms prior to meeting with a prospective client, advising on complex KYC structures, and addressing front office or client requests raised as part of the KYC/onboarding process. The Senior Compliance Analyst will also assist to track and follow-up on any missing documentation, escalate any negative news or media alerts to the Compliance Officer and Bank Secrecy Act Officer, and ensure all existing clients’ KYC is refreshed on periodic basis.
Although the focus of this role will be KYC compliance, the Senior Compliance Analyst will also support the AML Transaction Monitoring Group and will be responsible for preparing daily, monthly, and semi-annual case investigation files and performing analysis for all alerts generated out of the GIFTS transaction monitoring software system. The investigations entail summarizing the transactions which alerted based upon profiles set up by the AML Compliance Department, performing due diligence (Internet searches, Lexis/Nexis etc.) on the accountholder, originating parties and beneficiaries related to the transactions, as well as obtaining and summarizing the details of the client relationship from the Know Your Client information on file.
The Senior Compliance Analyst will decision hits against various regulatory control lists (including OFAC) and escalate any potential matches as well as provide guidance, as required, in decision making process.
The Senior Compliance Analyst will also support ongoing regulatory reviews and assist with administering and facilitating documentation collection and setting up meetings with key business leaders during the examinations.
The Senior Compliance Analyst will lead initiatives for the Compliance Department including Policy and Procedure updates and enhancements to department systems and will act as a team lead coordinating resources and oversight of key department deliverables.
- Perform basic and enhanced due diligence KYC screening on new and existing US & Non-US clients. Document and maintain all due diligence evidence
- Analyze post-execution transactions reported by the GIFTS AML transaction monitoring system for suspicious activity warranting attention/escalation. Document and maintain all transaction monitoring evidence
- Assist KYC originators to complete the KYC form and /or advise on specific compliance requirements and regulations. Escalate issues to management as appropriate
- Document and report KYC or Transaction Monitoring application issues to management and system support. Assist with tracking and resolution of the same
- Track all outstanding documentation where temporary exceptions have been granted or transaction monitoring Request for Information (RFI) and follow-up with the business and Management as needed
- Review and escalate positive matches for negative news alerts (Regulatory Data Corporation (RDC) or suspicious activity to the Compliance Manager and the Bank Secrecy Act Officer
- Perform ad hoc reviews for the business and Compliance related to prospective clients
- Decision of Office of Foreign Asset Control, 314-A and other alerts that are generated based upon a review of our customer names against lists of suspected criminals, terrorists etc. and escalate any potential matches as appropriate
- Reconcile new accounts opened and populate risk score into GIFTS to ensure appropriate level of monitoring is performed on the account based upon the assigned risk score
- Reconcile new accounts opened and ensure a 90 day review was performed properly on each new account
- Escalate any accounts where expected activity does not meet actual activity through the account(s)
- Prepare department metric reporting for both KYC and Transaction Monitoring functions
- Act as Compliance team member for assigned department projects
- Manage internal and external examinations of the private bank
- Work closely with the Chief Compliance Officer, BSA Officer and Compliance Manager on special regulatory projects
Ideal candidates will have:
- 4 yeardegree or equivalent business experience
- At least 5 years industry experience and/or 5 years Financial Services compliance, preferably in the private banking and wealth management industry
- KYC and AML experiencerequired
- Compliance experience including knowledge of required legal governing documents for legal entities and knowledge of the Know Your Client/Anti-Money Laundering/ Bank Secrecy Act/ US Patriot Act requirements a plus
- ACAMS Anti-Money Laundering Certification desired
- PC proficient (MS office) and extensive knowledge on performing internet searches
- Ability to communicate effectively (both verbally and written)
- Ability to comprehend and follow written and verbal instructions with limited supervision
- Ability to multi-task and prioritize daily work responsibilities
- Strong attention to detail
- Ability to trouble-shoot and resolve KYC issues in a timely manner
- Ability to guide and advise business on KYC issues