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What is a KYC Analyst?4 minute read

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.

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KYC Analyst Duties and Responsibilities

It takes the completion of several tasks for a KYC Analyst to work successfully at this position. After analyzing several job postings for KYC Analysts, we found that many employers identify the following duties and responsibilities that fall to those in this occupation.

Evaluate New Account Documentation

KYC Analysts conduct research to verify information on new account documents. They also ensure that new account holders are not high-risk customers and do not have restrictions or negative activities that would make impact their opening a new account.

Review Policies and Procedures

A KYC Analyst typically analyzes existing policies and procedures relating to new customer research and account analysis to ensure compliance and make suggestions for improvements to these processes. They will generate reports covering the findings of these analyses and meet with senior management staff to review existing and proposed procedures.

Analyze Market Trends and Customer Behavior

By watching sales and market trends and observing customer behavior, a KYC Analyst can make decisions and suggestions in the areas of marketing, product development and customer satisfaction. They will meet regularly with those in marketing, production and customer service to report these trends and seek ways to improve the customer experience and draw new clients to the company.

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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KYC Analyst Tools of the Trade

It is essential that KYC Analysts have a full understanding of the technological and other tools needed to complete their jobs. KYC Analysts should have a working knowledge of the following;

AML, KYC and compliance software

From monitoring capabilities to transaction reporting, this type of software is one of the most important tools used by KYC Analysts.

Risk management software

Knowledge of this type of software helps KYC Analysts more easily identify and assess potential risks for the business in which they work.

Microsoft Office applications

KYC Analysts should be proficient in these applications, mostly Word and Excel, to create reports and maintain account and new client information.

KYC Analyst Salary

According to online resources, the national average salary of a KYC Analyst is $49,679 and a maximum average salary for this occupation is about $67,000. KYC Analysts in New York City have reported salaries as high as $103,000. KYC Analysts in Tampa, Florida, and Jacksonville, Florida, report salaries of $65,000 and $60,000, respectively. Those in this profession who live in or near Columbus, Ohio and Houston, Texas, have reported salaries over $50,000.

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 Web
Accuity 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 Groups
Association 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.

Podcasts
ACAMS

Get tips and strategies for KYC Analysts and related occupations by reviewing the various interviews offered on ACAMS’ podcasts.

IBM Analytics Insights

AML and KYC Analysts will find several podcasts addressing finance topics relating to their field.

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