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- Tasks: Join our team as a KYC & Compliance Assistant, ensuring customer compliance and risk assessments.
- Company: A leading banking client focused on high-net-worth customers in London.
- Benefits: Enjoy a full-time role with potential for career growth in a dynamic environment.
- Why this job: Make a real impact in financial compliance while working in a supportive team culture.
- Qualifications: 2+ years in a similar banking role; knowledge of UK AML regulations is essential.
- Other info: This position requires in-office work; no visa sponsorship available.
The predicted salary is between 36000 - 60000 £ per year.
Our Banking client is looking for KYC & Compliance Assistant to join their team on a full-time permanent basis. Ideal candidate must have a minimum 2 years UK experience in a similar role within a retail or private bank serving HNW customers and must be prepared to work 5 days a week in the London office. Our client does not accept PSW Visas and Sponsorship will not be available for this position, therefore 3+ years on visa eligibility to work in UK is essential.
Responsibilities include (but not limited to):
• Review the AML due diligence and Customer Risk Assessments for new account openings. Ensure the business team completes Enhanced Due Diligence (EDD) for all higher-risk customers, including documenting Source of Funds (SoF) and Source of Wealth (SoW). Account openings must not proceed without appropriate senior management approval for PEPs and other designated higher-risk indicators.
• Ensure all customers are screened for sanctions and negative media at onboarding, during KYC reviews, and upon trigger events. Escalate any potential sanction matches or adverse media.
• Review customer account updates completed by the frontline team. Ensure KYC records are up to date and that transaction monitoring is effective. Investigate and escalate any anomalies in accordance with the Bank\’s AML and CFT procedures.
• Ensure that all departments comply with regulatory and policy requirements through periodic controls testing.
• Assist in reviewing payments referred to Compliance. This includes verifying transactions against policies and procedures, validating sources of funds and beneficiaries to ensure compliance with sanctions, embargoes, and Bank-imposed restrictions.
• Ensure timely review of customer accounts that are due based on their AML risk profile. Analyse account activity for transactions outside the expected profile.
• Assist with investigations into Suspicious Activity Reports (SARs) submitted by staff and prepare disclosure reports to the NCA, as required.
• Help manage payment screening queues and conduct weekly scans of the customer database to ensure compliance with OFAC, UN, EU, and UK sanctions and embargoes.
• Oversee KYC updates during trigger events, such as before a dormant account is reactivated or closed.
• Keep senior management informed of developments in relevant laws, regulations, and guidelines that impact the AML risk and control framework.
• Assist in maintaining and reviewing the internal compliance procedures manual especially those related to AML and CFT as well as related staff guidance.
• Identify and perform EDD on higher-risk customers, including PEPs and those linked to high-risk business sectors or countries flagged by the Bank.
• Ensure all customer AML risk scores accurately reflect the Bank s exposure to money laundering.
Experience and Skills:
• Preferably a university degree
• Professional qualification (ICA or CAMS) is an advantage
• Minimum 2 years experience in a similar role within a retail or private bank serving HNW customers
• Solid knowledge of banking products and services
• Good understanding of UK AML and CTF regulations
• Working knowledge of GDPR and the Data Protection Act
• Strong written and verbal communication skills
• Ability to manage KYC updates tactfully with customers
• Strong analytical skills with the ability to articulate risk clearly
• Proficient in Microsoft Excel and database management
For more information on this role please contact Barbara Houghton by sending your CV quoting ref 16876BH.
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KYC & Compliance Assistant employer: Barbara Houghton Associates
Contact Detail:
Barbara Houghton Associates Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land KYC & Compliance Assistant
✨Tip Number 1
Network with professionals in the banking and compliance sectors. Attend industry events or webinars to connect with people who work in KYC and compliance roles. This can help you gain insights into the job market and potentially lead to referrals.
✨Tip Number 2
Stay updated on the latest UK AML and CTF regulations. Follow relevant news sources and join online forums or groups where compliance professionals discuss changes in legislation. This knowledge will not only prepare you for interviews but also demonstrate your commitment to the field.
✨Tip Number 3
Consider obtaining a professional qualification like ICA or CAMS if you haven't already. These certifications are highly regarded in the industry and can set you apart from other candidates, showing your dedication to compliance and KYC practices.
✨Tip Number 4
Prepare for potential interview questions by practising your responses to common scenarios in KYC and compliance. Think about how you would handle specific situations, such as dealing with high-risk customers or managing compliance updates, to showcase your problem-solving skills.
We think you need these skills to ace KYC & Compliance Assistant
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights your relevant experience in KYC and compliance, especially within retail or private banking. Emphasise your 2+ years of UK experience and any specific achievements related to AML due diligence and customer risk assessments.
Craft a Strong Cover Letter: Write a cover letter that directly addresses the responsibilities listed in the job description. Mention your familiarity with AML regulations, your analytical skills, and how you can contribute to the team. Personalise it to show your enthusiasm for the role and the company.
Highlight Relevant Qualifications: If you have a university degree or professional qualifications like ICA or CAMS, make sure these are prominently displayed in your application. This will demonstrate your commitment to the field and enhance your candidacy.
Proofread Your Application: Before submitting, carefully proofread your CV and cover letter for any spelling or grammatical errors. A polished application reflects attention to detail, which is crucial in compliance roles.
How to prepare for a job interview at Barbara Houghton Associates
✨Know Your Regulations
Make sure you have a solid understanding of UK AML and CTF regulations. Brush up on the latest updates and be prepared to discuss how they impact the role. This shows your commitment to compliance and your ability to stay informed.
✨Demonstrate Analytical Skills
Be ready to showcase your analytical skills during the interview. Prepare examples of how you've identified risks or anomalies in previous roles, especially related to KYC processes. This will highlight your capability to articulate risk clearly.
✨Prepare for Scenario Questions
Expect scenario-based questions that test your decision-making skills in compliance situations. Think about past experiences where you had to escalate issues or conduct Enhanced Due Diligence, and be ready to explain your thought process.
✨Showcase Communication Skills
Strong written and verbal communication skills are crucial for this role. Prepare to discuss how you've effectively communicated with customers and colleagues regarding KYC updates or compliance issues. This will demonstrate your ability to manage sensitive information tactfully.
