AML (Anti-Money Laundering) is the best job in intelligence
Analyst, Analyst, Money Laundering Analyst (AML) – all of these securities are securities that banks give to analysts they hire to remain in compliance with US federal laws such as Banking Secrecy Act and US PATRIOT Act.
Banks have a responsibility under these laws to carefully watch all transactions that are “suspicious” and all transactions over $ 10,000 or pay heavy fines. This means that each bank must have at least some of these positions on its payroll and that these positions can be found wherever banks are.
After analysis of the transaction, if it appears to be illegal, it should be reported to appropriate local, state or federal agencies and to all evidence supporting the assessment. Often, they are law enforcement agencies, but sometimes, as in the case of terrorist financing activities, intelligence agencies (US and international) are involved.
The work is, according to the work compliance analysts, I spoke with compiling this post, less on numbers and more on “if candidates can think in an independent / logical / creative way” and “skills of recognition of work Grounds, estimates that these analysts do on a daily basis can help law enforcement agencies, intelligence services and military stop crime, break gangs and fight terrorism.
What advice would you give to a student interested in a career in AML?
From a KYC analyst to a large multinational bank: It sounds obvious, but you’ll have to learn how financial institutions work and if you get into banking as I did, to learn more about the different models Business. This knowledge is not needed right away, but having basic knowledge in nuts and bolts of all this cannot be a bargain … In an interview, a Mercyhurst student might consider speaking highly of Program capacity to become strong analytical writers With strong research skills.
From a compliance analyst to a regional bank: I would say to be careful in the writing and strategic class, because of all the classes of these two helped me cope with the pressure and priority of the articles. In terms of job search, the LMA is an increasingly important area, and all of our students will have to do an interview with a little more knowledge about the AML and the BSA. Our program will speak for itself during the interview process.
From an AML Compliance Officer / Analyst to a large multinational bank: For recent graduates, if they are interested in this field, my best advice is to send as many resumes to as many different banks as possible … Many times, if you apply for a position and the revising person does not think you will be fit, they can refer you to a more appropriate job vacancy. So apply to everything! It is unlikely that a hiring manager who knows what they are doing will reject your education. Focus on social projects and internships analyzing large datasets.
Also, use your social network to reach established graduates. I had a couple of different people to join me in the past and I’m sure they are working (as AML analysts) now. I cannot say that they reach me directly helped me, but maybe they mentioning me helped me validate their education or helped them use the right vocabulary.
From a Senior Associate in AML / Due Diligence to a large commercial bank: Not all AML jobs are created equal. There are various positions to monitor transactions and report suspicious activity, perform due diligence on clients before account opening and positions for AML / KYC policy writing.
I would recommend becoming extremely familiar with Excel and manipulating databases. AML / KYC is completely metric. Senior management and regulators do not want novels about the state of LBC / KYC’s efforts. They are looking for a quick report with key risk indicators based on extrapolated data from any database management system / case is used. Employees who get promotion faster than others have been assigned to special report projects because they know how to collect, analyze, and condition the data in a clean, easy-to-use format.