KYC & Compliance Assistant

Barbara Houghton Associates; London; On-site; GBP 35,000 - 55,000; Full time

Job summary

A leading banking client seeks a KYC & Compliance Assistant to support their operations in London. The role demands at least 2 years of relevant banking experience, a strong knowledge of AML regulations, and exceptional analytical skills. The assistant will manage compliance tasks, ensuring that customer accounts and transactions meet regulatory standards, while working in a full-time capacity at the London office.

Qualifications

• Minimum 2 years experience in similar role within retail or private banking.
• Solid knowledge of banking products and services required.
• Good understanding of GDPR and the Data Protection Act.

Responsibilities

• Review AML due diligence and Customer Risk Assessments.
• Ensure compliance with regulatory requirements through controls testing.
• Assist in maintaining internal compliance procedures.

Skills

Analytical Skills

Communication Skills

Knowledge of UK AML and CTF regulations

Proficient in Microsoft Excel

Education

University Degree

Professional Qualification (ICA or CAMS)

Job description

Our Banking client is looking for KYC & Compliance Assistant to join their team on a full-time permanent basis. Ideal candidate must have a minimum 2 years UK experience in a similar role within a retail or private bank serving HNW customers and must be prepared to work 5 days a week in the London office. Our client does not accept PSW Visas and Sponsorship will not be available for this position, therefore 3+ years on visa eligibility to work in UK is essential.

Responsibilities include (but not limited to):
• Review the AML due diligence and Customer Risk Assessments for new account openings. Ensure the business team completes Enhanced Due Diligence (EDD) for all higher-risk customers, including documenting Source of Funds (SoF) and Source of Wealth (SoW). Account openings must not proceed without appropriate senior management approval for PEPs and other designated higher-risk indicators.
• Ensure all customers are screened for sanctions and negative media at onboarding, during KYC reviews, and upon trigger events. Escalate any potential sanction matches or adverse media.
• Review customer account updates completed by the frontline team. Ensure KYC records are up to date and that transaction monitoring is effective. Investigate and escalate any anomalies in accordance with the Bank's AML and CFT procedures.
• Ensure that all departments comply with regulatory and policy requirements through periodic controls testing.
• Assist in reviewing payments referred to Compliance. This includes verifying transactions against policies and procedures, validating sources of funds and beneficiaries to ensure compliance with sanctions, embargoes, and Bank-imposed restrictions.
• Ensure timely review of customer accounts that are due based on their AML risk profile. Analyse account activity for transactions outside the expected profile.
• Assist with investigations into Suspicious Activity Reports (SARs) submitted by staff and prepare disclosure reports to the NCA, as required.
• Help manage payment screening queues and conduct weekly scans of the customer database to ensure compliance with OFAC, UN, EU, and UK sanctions and embargoes.
• Oversee KYC updates during trigger events, such as before a dormant account is reactivated or closed.
• Keep senior management informed of developments in relevant laws, regulations, and guidelines that impact the AML risk and control framework.
• Assist in maintaining and reviewing the internal compliance procedures manual especially those related to AML and CFT as well as related staff guidance.
• Identify and perform EDD on higher-risk customers, including PEPs and those linked to high-risk business sectors or countries flagged by the Bank.
• Ensure all customer AML risk scores accurately reflect the Bank s exposure to money laundering.

Experience and Skills:
• Preferably a university degree
• Professional qualification (ICA or CAMS) is an advantage
• Minimum 2 years experience in a similar role within a retail or private bank serving HNW customers
• Solid knowledge of banking products and services
• Good understanding of UK AML and CTF regulations
• Working knowledge of GDPR and the Data Protection Act
• Strong written and verbal communication skills
• Ability to manage KYC updates tactfully with customers
• Strong analytical skills with the ability to articulate risk clearly
• Proficient in Microsoft Excel and database management

For more information on this role please contact Barbara Houghton by sending your CV quoting ref 16876BH.