What is a KYC Analyst?
A KYC (Know Your Customer) Analyst primarily reviews documentation for new customer accounts, evaluates high-risk accounts and analyzes new customer processes and policies. They also study market trends and observe customer behavior patterns within the business in which they are employed. In addition, KYC Analysts are involved in reviewing new product proposals and analyzing risk and compliance issues relating to these products. KYC Analysts are primarily involved in or knowledgeable about anti-money laundering (AML) processes and procedures.
KYC Analysts work primarily for banks or lending institutions, though they can be employed in other types of businesses, such as manufacturing, technology or consulting firms. As reported by the Bureau of Labor Statistics, the projected job growth rate for types of analysts who conduct market research, such as KYC Analysts, is 19 percent through 2024. An increased need for the analysis of customer behavior, customer satisfaction, sales trends and product placement to increase sales and expand customer bases signifies the main reason for this projection.
KYC Analyst Duties and Responsibilities
Evaluate New Account Documentation
Review Policies and Procedures
Analyze Market Trends and Customer Behavior
KYC Analyst Skills
In an occupation that involves data analysis and research and the reporting of the findings and observations resulting from these processes, it is important that one possesses strong verbal and written communication skills. It is also important that KYC Analysts have above-average decision-making, time management and organizational skills. They should have knowledge of project management and team-building processes and be familiar with various research methodologies and resources. A KYC Analyst must also be a detail-oriented multi-tasker who can work with little supervision. In addition to these skills, employers seeking to hire a KYC Analyst will look for candidates with the following abilities:
Assessing new account information Using various resources to confirm account information and recognize the potential risk of new applicants
Monitoring market trends Creating regular reports about trends in the market and sales to help companies make effective decisions in areas of marketing, new product development, pricing and product placement
Understanding risk and compliance Making accurate reports reflecting the risk analysis of new customers and compliance with internal and external policies and procedures relating to analysis procedures
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AML, KYC and compliance software
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KYC Analyst Salary
Additional KYC Analyst Resources
From blogs to professional publications, the links below provide more insight into what is involved in being a KYC Analyst. These resources can provide a clearer picture of the duties and responsibilities of this occupation as well as covering training information, networking and industry trends.
On the WebAccuity Blog
Find articles relevant to AML and KYC compliance and trends written by professionals in the field.John Byrne’s Blog
Hosted by ACAMS, this blog offers a professional’s look at industry trends, events and other relevant news.ACAMS Today
An online publication with articles and interviews relevant to AML and KYC Analysts.
Industry GroupsAssociation of Certified Anti-Money Laundering Specialists (ACAMS)
From training seminars and conferences to online courses and certification information, ACAMS is the premiere organization for professionals working in the areas of KYC and AML.The AntiMoney Laundering Association (AMLA)
Established in 2007, AMLA offers training and networking opportunities for KYC Analysts and related professionals.