Anti-money laundering (AML) is the broad category of the laws, rules and procedures aimed at deterring money laundering, while customer due diligence (CDD) describes the scrutiny financial institutions (and others) are required to perform to thwart, identify and report violations. Know your client (KYC) rules apply customer due diligence to the task of screening and verifying prospective clients.
What experience do you have Regarding Aml Analyst?
The employer would want to know that not only you can do the job but you can make the difference and bring significant contribution – Simple as that.
No doubt that this is your time to perform and present yourself – You have to introduce/sell yourself to the interviewer. Prepare your answer based on your qualification, professional experience and what you’ve already achieved in your previous jobs. This is your time to express why you think that your professional abilities fit into the job and its requirements.
Top 10 employment experience you’d want to review:
☛ Companies you worked for with dates
☛ The positions you’ve held
☛ Key projects and responsibilities
☛ Achievements
☛ Coursework & continues education
☛ Expertise
☛ Tools you used (software, hardware)
☛ Knowledge of languages
☛ Engagement with customers and key industry leaders
☛ Team work you were involved (and your contribution)
Why do you want to work for AML rightsource?
It is a growing company and offers experience in Anti money laudnering
Who Enforces The Anti-money Laundering Regulations?
The AML regulations are enforced by a range of regulatory bodies. Guidelines are set by the JMLSG (Joint Money Laundering Steering Group) and enforced by the FCA/PRA (Financial Conduct Authority/ Prudential Regulation Authority), the SRA (Solicitors Regulation Authority in England), OFT (Office of Fair Trading), HMRC (HM Revenue & Customs), ICAEW (Institute of Chartered Accountants in England & Wales, plus other Accountancy bodies), RICS (Royal Institute of Chartered Surveyors) and more.
Why Do I Need To Perform Anti-money Laundering Checks?
The Anti-Money Laundering regulations are governed by 4 Acts: The Proceeds of Crime Act, The Serious Organised Crime and Police Act, The Terrorist Act and the Money Laundering Regulations. . Failure to report suspicious activity can carry a criminal sentence and lead to substantial fines from the relevant regulatory body.
FAQ
What was the most difficult AML case that you have handled?
Last year, the management of the company where I was working was stumped about an apparent loss in a client’s account, which seemed to hail from nowhere. I was asked to intervene, and I must admit that it took me 3 weeks to determine that the case was about ghost entries –an associated account was eating up profits, and the initial account holder had no clue about it.
What skills do you possess which make you an excellent person to hire at an AML position?
During the 10 years that I have spent in an AML capacity, I have learned a lot about anti-money laundering work. The skills set that I have developed over these years includes strong analytic and communication skills, the ability to foresee problems in clients’ accounts, the capability of taking immediate action to counter any prospective issues, knowledge of compliance metrics, ability to conduct periodic reviews of high-risk entities, and demonstrated expertise in making recommendations for improving the effectiveness of risk management policies and procedures.
What people are saying about Citi AMl Analyst Interview Questions
- Soft skilled and Basic level of AML knowledge was more about the personality skills and process of AML in USA banking systems. A small test to check your grammar skills on the keyboard
- Virtual interview with 3 interviewers. mostly general questions with occasional AML-related questions. make sure you know what this job is about and be confident even if you don’t know the answer.
- After receiving the first call, it will be 2 weeks to 1 month before getting an email for your assessment. There will be an assessment and interview on the same day. Assessment will be purely on detecting red flags in customer’s account and others related to AML. Interview consist of discussion on the assessment and a lot of behavioural questions such as teamwork, stress management etc. The interview went on for almost an hour with two interviewers asking you a lot of questions.
