AML Analyst at I&M Bank

Job Purpose

• The Anti-Money Laundering Compliance Analyst is responsible for performing CIP, KYC, and AML compliance functions. Such functions include the efficient gathering and review of new high-risk customer information, as well as monitoring financial transactions for existing customers to identify suspicious activities. The AML Compliance Analyst also analyses information received from correspondent banks and addresses AML economic sanctions-related alerts and assists in compiling regulatory reports.

Key Responsibilities

Sanction screening and Enhance Due Diligence

• Review of KYC for new high-risk customers.
• Carrying out EDD on existing high-risk customers such as PEPs, motor vehicle dealers, and Forex Bureaus.
• Carry out sanction screening on escalated cases on vendors, UBOs, and customers.
• Review suspected sanction matches on   transaction activities and or customers.

Transaction monitoring

• Conduct detailed Investigations and assessments on alerts relating to potential money laundering risks.
• Ensure efficient identification and monitoring of activities and transactions considered suspicious
• Ensure timely and efficient reporting of transactions considered suspicious
• Daily assessment of SWIFT and AML reports relating to potential suspicious activity
• Collect and review documentary proof of transactions above USD 10k and build and maintain case files for transactions deemed suspicious.

Regulatory reporting and request, record keeping, management reporting

• Assist in the preparation of periodic regulatory returns- CMA, FRC, and CBK returns.
• Assist in ad hoc regulatory requests.
• Ensure proper record-keeping of data collected and analyzed, all the EDD reports conducted, and suspicious transactions reported.
• Support preparation of reports for management, board, and regulator.
• Prepare and submit periodic regulatory returns (CBK AML data collections, compliance returns, and CMA returns).

Training

• Assisting in the preparation of AML /CTF training modules for the bank employees.
• Raise awareness and provide training for bank employees on AML and CFT policies.
• Raise AML and CTF awareness by championing the same through newsletters, and direct email communication to the relationship management team.

Business advisory and Corresponding banking support

• Assist with addressing queries from correspondent banks relating to AML compliance.
• Stay current with money laundering and terrorist financing behaviours, issues, policies, regulations, criminal typologies, industry best practices, and developing trends to provide Business advisory on KYC, AML, sanctions, and adverse media and providing guidance in dealing with high-risk accounts.
• Money Laundering and Terrorism Financing Risk Assessment
• Perform annual risk assessment on the bank’s products, customers, and channels.
• Assist in testing and providing advice on AML risk on various bank projects.

Job Specifications

Academic Qualifications

• Bachelor’s degree in Finance or related field
• Professional Qualifications / Membership to professional bodies/ Publication
• Association of Certified Anti-Money Laundering Specialists (ACAMS), Association of Certified Financial Crime Specialists (ACFCS) or any AML/Compliance certification.

Work Experience Required

• 4 to 6 years’ overall experience in the role

Competencies:

• Interpersonal skills.
• Communication skills.
• Analytical skills.
• Technical skills in AML, data mining and compliance.
• Report writing skills.
• Good understanding of AML\CFT regulatory policies with the ability to apply regulatory concepts in daily functions.
• Research skills for enhanced due diligence on high-risk customers.
• Exercise high level of discretion and confidentiality due to the sensitive nature of the scope of work.