KYC AML Guide: the Clock shows the average reeding time of the blog06 min Read


KYC AML Guide: the Clock shows the average reeding time of the blogFebruary 14, 2024

5 Key Skills to Look for When Hiring Compliance Professionals

An experienced compliance professional is essential for businesses to prevent cyber-attacks, detect fraud, and avoid lost revenue. A compliance professional must not only be an expert in their field but also capable of effectively managing a team of compliance professionals. According to IBM's Cost of a Data Breach Report 2023, noncompliance with regulatory breaches costs approximately $220,000. As you approach this important step of hiring a compliance professional, here are five skills to look for to find the right candidate.

Belal Mahmoud

KYC Product Consultant

5 Key Skills for Hiring Compliance Professionals

Are you facing challenges in finding the right compliance professional for your needs? If so, here are the 5 skills that can help you while hiring compliance professionals.

This chart shows the 5 key skills that compliance professionals should possess to effectively manage KYC compliance.
5 Key Skills for Hiring Compliance Professionals

1. Industry Experience

The special position of compliance officer necessitates prior industry experience in compliance auditing and analysis. The compliance officer should have a bachelor’s degree in finance, law, criminal justice, or a related field. He/She ought to ideally have an approved compliance management certification, such as a Certified Anti-Money Laundering Specialist (CAMS). Another thing needed in compliance professionals is good skills in compliance software. The candidate should also have the skills to support technology initiatives. As per Statista, cybercrime and data breaches were identified as the biggest threat to businesses globally for 2023 by 34%.  Communication between the compliance team and the cybersecurity department for better risk management can be improved by knowing standard cybersecurity tools, data analytics, and automation.

2. Risk Assessment

An important part of the entire compliance process is risk assessment. A compliance professional must be aware of the risks associated with money laundering. Officials or professionals involved in AML/CFT policy focus on reducing risks in any way possible or feasible. The Compliance Officers should consider all factors that directly or indirectly contribute to the risk assessment as outlined in their company’s anti-money laundering policies and procedures. The compliance officer can make better, data-driven business decisions by considering all these risk factors. It also helps measure business impact or consequences. As per PwC’s Global Risk Survey 2023 in the last 12 months, 40% of business and risk leaders boosted their risk-management approaches for regulatory compliance.

3.  A Head for Technology

As a compliance professional, you need to understand how technology can be used to capture and manage data to support timely decision-making. This skill is very important for compliance professionals working in FinTech, where many companies require a strong compliance presence to protect their data, identify risks, and deal with money laundering. According to Accenture’s compliance risk study 2022,  the new generation of compliance officers should be intelligent, analytical, and able to quickly provide insights and meet the new challenges of the information age.

4. Integrity

Integrity is important in any job. Compliance professionals should be trustworthy. They must be confident and flexible when faced with difficult situations and dealing with audit reports. The KYC regulation can only be implemented and function effectively if the compliance professional preparing the audit reports has strong ethics and integrity. While performing their duties, they should avoid being biased and divided.

5. Clear and Effective Communication

Regardless of your role in the company, you must communicate clearly and effectively to work effectively and efficiently. The financial sector has a lot of uncertainty and involves many risks. That is why it is very important to communicate the details to those involved. Even the smallest information if not properly disclosed or omitted can have irrefutable consequences for the business organization and the economy.

Compliance jargon and endless acronyms (AML, KYC, BSA, SEC, FINRA, CFTC, NFA, OFAC, 206(4)-7, etc.) can be confusing for internal stakeholders. The compliance officer can effectively explain the compliance team’s objectives to other internal teams, such as product and engineering teams, without using compliance. In addition, clear and effective communication is important because he has to deal with almost all his employees, conduct business, and report suspicious transactions to the FIUs to ensure compliance with the AML/CFT regulations.

Hiring a Compliance professional: KYC AML Guide’s CaaS Marketplace

Hiring a compliance professional can be a major benefit to any business. However, by considering compliance as a tick-the-box exercise companies can face significant fines. With the above skills in mind, companies can go into the hiring process with a clear idea of what they are looking for in a compliance officer. According to Navex Global’s 2023 Definitive Risk & Compliance Benchmark Report, 72% of compliance and risk professionals that hiring a third-party due diligence program reduces financial, legal, and reputational risks.

Are you looking for compliance experts? Meet Ilmar Reinaas, a trained AML compliance expert, and Belal Mahmoud, an experienced KYC product manager, from the CaaS Marketplace service offered by KYC AML Guide. With their unique skills and certifications, they guarantee accuracy in KYC AML. Simplify the onboarding process and follow KYC AML guidelines to get the best in compliance.


KYC AML Guide: the Facebook share KYC AML Guide: the Linkedin share KYC AML Guide: the Twitter share
Belal Mahmoud
KYC AML Guide: the Linkedin share

Belal possess over 8 years experience in the KYC Identity Verification industry. He has consulted KYC solutions for over 20 new economy companies at DIFC and ADGM while ensuring a seamless technical integration and helped in jurisdictional compliance audits.