If you are looking for KYC jobs, you have come to the right place. There are many positions relating to KYC jobs, but the most popular one is KYC analyst. What do you know about this position? If you have no idea what it is, read on and we will provide an overview of this KYC job in this article.
The importance of the KYC analyst position
The main reason why KYC analyst stands out among a wide variety of KYC jobs and the demand for this position keeps growing is because it’s important.
So what does a KYC analyst do? The most important task of this position includes analyzing the financial risks related to many different regulations. It can be related to money laundering, tax fraud, terrorism, or any illegal activities.
A KYC analyst needs to collect and analyze data, which is then forwarded to the Compliance department. Then during this process, a person in this position needs to constantly monitor legal developments to ensure the accuracy of the information. In addition, KYC Analyst is also in charge of helping improve data collection procedures.
There are a few factors that contribute to the high demand for KYC Analysts. The key factor is that a KYC analyst helps ensure regulatory compliance in the financial world. How do they do that? Because they can verify the customers’ identity of an organization in order to assess financial risks.
As you can see, we are living in a world where there are a lot of complex geopolitical situations and there is an increase in international financial transactions. That’s how the risks are constantly increasing.
There have been a lot of events in the financial world that have made banks strengthen their security. That’s the only way for them to retain credits and maintain their image. That’s why the world needs more KYC Analysts as they help create the first line of defense in assessing risk and determine whether the customers are worth the credit.
From here, you can figure out that this demand is mainly high in areas where banks and financial institutions are located. So if you are interested in this position, do research on where these banks and institutions are.
What are the qualifications of a good KYC Analyst?
Unlike other positions, a KYC analyst doesn’t need to have a specific diploma or training. As long as you have a degree of bachelor in either a legal or economic field, you can apply for this KYC Analyst position.
However, you also need to be able to speak good English, French, or Dutch. In addition, having some certain soft skills is also an additional point. For example, if you are rigorous, or you have an analytical mindset and good interpersonal skills, you will stand out. One of the requirements for a KYC analyst is the ability to handle sensitive customer data in a diplomatic way.
How much does a KYC Analyst get paid?
It’s the same with any job, the salary levels depend on the economy and the labor market. For example, when there is a higher demand for KYC Analysts than the supply in your country, you can easily negotiate their salary upwards. Your salary is also based on the type of company as well as your level of expertise.
In general, if you are a recent graduate, you can expect a gross monthly salary from EUR 2,300 to EUR 2,800. If you are a mid-level KYC professional, your salary can start with 2,800 EUR and go up to 3,500 EUR gross per month.
If you have a lot of experience in this field and apply for a Senior KYC Analyst, you can expect a gross monthly salary of 3,500 EUR at the beginning. If you have more responsibility within the organizations, you can even negotiate up to 5,000 EUR. Not to mention, different companies offer extra-legal benefits for employees, such as a mobile phone, laptop, insurance package, and company car.
What is the future of the KYC Analyst?
In the financial field, you can find many different opportunities for KYC professionals to grow. First of all, you can be a Team Manager with a certain development. Or if you are into AML, you can transfer to the Compliance division and specialize in this area. For those who don’t know, AML refers to the fight against money laundering.
It’s also possible for you to specialize in credit and risk analysis. As you can see, a graduate starting in a KYC Analyst position can have a great career path and growth opportunities in this industry.
So, have you figured out what you need to do in order to get KYC jobs or pursue a career in the financial services industry? There is one thing that is certain, you will find a lot of opportunities and have a great future if you decide to choose a KYC job.