Anti-Money Laundering Analyst

An anti-money laundering analyst performs accounting-related functions in investigating and analyzing alerts for potential money laundering risks. They implement and establish procedures that investigate normal accounting practices and are constantly aware of procedures that can be viewed of going against those normal practices. Daily assessment of anti-money laundering reports is needed, along with the review of financial and accounting results. The analyst has the capability to ensure quality accuracy and compliance with appropriate legal and regulatory requirements. They also provide guidance to employees on remediation of issues that arise.

Being able to assist with others in investigations and to correlate information in order to solve laundering issues is needed. Reports need to be done regularly and communication between financial and accounting-related departments is common. Procedures may need to be changed and the analyst needs to be able to adjust the way they solve a laundering issue. A high level of communication is required along with being able to work with other anti-laundering teams to complete all the necessary analytical inquiries. Functions such as reviewing business processes and functions, correcting general mistakes found within them and having the problem-solving skills to improve those procedures for future investigations are needed. Having high energy and being able to work in an ever-changing environment is often necessary.

Education in the accounting, finance, or business arena is needed at college level for most positions, with several years of related experience is desired. The analyst needs to be able to work under minimal supervision and under high pressure.

As an Anti-Money Laundering Analyst with 0-3 years of experience in Singapore, your main responsibilities include:

• Conducting investigations into potential money laundering activity, which involves reviewing transactions, identifying red flags, and escalating suspicious activity to management for further action.
• Reviewing and analyzing customer due diligence information, to ensure that all the necessary documents have been collected and that the source of funds is legitimate.
• Keeping up-to-date with regulatory requirements related to AML, such as reviewing new policies and procedures, and implementing changes accordingly.
• Assisting in the preparation of reports for regulatory agencies and management, which involves collecting data, analyzing trends, and making recommendations to improve the AML program.

For an Anti-Money Laundering Analyst job role, the following qualifications are required:

• In-depth knowledge of anti-money laundering laws, regulations, and best practices to identify and mitigate potential risks.
• Strong analytical skills to analyze complex financial transactions, detect suspicious activities, and conduct investigations.
• Proficiency in using AML software and tools to enhance monitoring and detection capabilities.
• Excellent communication and report writing skills to effectively communicate findings and recommendations to stakeholders, including senior management and regulatory authorities.

The role of an Anti-Money Laundering Analyst in Singapore is crucial for ensuring compliance and detecting financial crimes. For professionals with 0-3 years of experience in this field, there are several alternative roles worth considering:

• Compliance Assistant: A position that supports the compliance team in reviewing and implementing anti-money laundering policies and procedures.
• Risk Investigator: A role focused on conducting investigations into suspicious financial activities, analyzing transaction patterns, and identifying potential risks for the organization.
• Fraud Prevention Specialist: A position that involves developing and implementing strategies to prevent fraud, including conducting risk assessments and implementing fraud detection systems.
• KYC Analyst: A role focused on conducting Know Your Customer KYC due diligence checks, verifying customer identities, and assessing potential risks associated with new and existing clients.

The job role of Anti-Money Laundering Analyst in Singapore is expected to experience significant growth in the market. Over the past 10 years, the demand for this position has notably increased due to the rising focus on financial regulations and compliance. With the increasing complexity of financial crimes, the need for skilled AML analysts is expected to further rise in the future. According to recent data points, it is projected that there will be a significant number of employment opportunities available in this field, reflecting the continuous demand for AML analysts in Singapore's financial industry.