Who are Compliance Professionals and What is Their Role in KYC and AML?
A Compliance professional is an individual who ensures that a company is adhering to and fulfilling the external regulatory requirements as well as the internal policies and bylaws. Compliance professionals are responsible for the mitigation of risks associated with non-compliance in any form. Mainly, Compliance professionals manage the regulatory risks at different levels within the organization and work closely with the management and employees.
Types of Compliance Professionals
Different recruiting platforms have classified compliance careers into different categories under different job roles. We have listed down the most relevant types of Compliance Professionals as per the KYC (Know Your Customer) and AML (Anti-Money Laundering) below:
|KYC/AML Compliance Analyst
|Ongoing Monitoring Officer
|Regulatory Compliance Specialist
|Data Privacy Compliance Officer
Role of Compliance Professionals in KYC/AML
Compliance Professionals fulfill the following 4 core duties in KYC and AML.
- Customer Due Diligence: Through a risk-based approach, Compliance professionals carry out customer due diligence procedures in the KYC Identity Verification procedure and ensure the end goal of AML compliance is achieved. If the associated risk level is increased, Enhanced Due Diligence is carried out.
- Transaction Monitoring: All customer transactions are monitored at different levels of suspicion they raise. In case the minimum threshold is exceeded, Compliance professionals have to report it to the authorities.
- Reporting: Properly documented reporting is necessary for carrying out legal action against criminals. Compliance professionals are obligated to submit timely and quality reports to law enforcement authorities such as FIU (Financial Intelligence Unit).
- Policy Making: Compliance professionals are also responsible for developing and implementing policies, procedures, and controls to prevent money laundering and ensure compliance with AML/KYC regulations.
Why is it Important to Hire Compliance Professionals?
Compliance requirements need a professional hand to manage the associated risks. It is far more complicated than it looks to handle compliance-related issues, especially in KYC and AML. Here are a few reasons why compliance professionals are needed by organizations:
- Mitigation of the Regulatory Risks
- Protecting the Reputation of fintech and KYC Vendors
- Prevention of financial losses in the form of regulatory penalties & fines, fraud, and money laundering.
- Supporting Organizational Sustainability & Growth
- Enhancing Risk Management & promoting the culture of Due Diligence
- Meeting Stakeholders’ Expectations
How to Find the Right Compliance Talent?
As a fintech business or KYC Vendor, recognize the crucial role of a compliance professional in your strategy. However, the challenge lies in acquiring the right talent for your specific needs within the ever-evolving regulatory compliance landscape. Many individuals present themselves as proficient in compliance, yet the discipline encompasses a wide array of specialties and skills. Therefore, it is imperative that the ideal candidate not only possesses industry-level compliance knowledge but also aligns closely with your organization’s unique requirements.
KYC AML Guide’s CaaS Marketplace: The Only Freelancing Platform for Compliance Professionals
Imagine hiring a compliance specialist from a wide variety listed at Upwork. You will witness several candidates listed who are not qualified as compliance professionals. There’s a high chance that you may hire the underqualified individual or even go for a person who serves an entirely different niche of compliance. To resolve this issue, KYC AML Guide has pinpointed the recruitment process and has made the acquisition of compliance professional services easier than ever. CaaS Marketplace is a central hub where we watchfully and quickly connect you to the right compliance specialists.
Experience the power of seamless hiring through a trusted professional platform. Here’s how simple it is:
- Find your Relevant Compliance Expert
- Finalize your Hiring
- Onboard your Candidate within 24 hours
These 3 simple steps are backed by comprehensive and detailed human resourcing where we ensure that every compliance official we list is authentic, experienced, and serves the most specific category. We also maintain that the candidate possesses a high level of commitment to the work your organization assigns and is capable of going the extra mile to perform and excel. In short, we serve both ends by being laser-focused on KYC AML compliance.