Top 15 AML Analyst Skills to be Effective on the Job

This article focuses on the various skills and qualities one needs to have to succeed in their job as an anti-money laundering analyst.

But before we dive into it, let’s get to know who an anti-money laundering analyst is:

Who is an AML Analyst?

The AML analyst is an expert whose job is to monitor financial transactions to ensure that they conform to the laid down financial rules and regulations of the country.

Anti-money laundering analysts are responsible for detecting the movement of money and other cash transactions in the marketplace and industries to ensure that all monetary transactions conform to the monetary standards set by the government of the country.

In touch with current industrial trends

Understanding how things work in the marketplace and various industries is one of the most important knowledge you should acquire in this job.

This is because, if you are not able to get this relevant knowledge, it is bound to frustrate your efforts.

Market/business trends go a long way in determining some of the government policies, which in the right sense should be geared towards making business easier while reducing to the barest minimum some business malpractices.

So, you have to develop the basic understanding of the latest business trends.

Understanding latest business trends will also help you in your analysis and to trace out some ill ways people carry out their business.

2. Analytical skills

The issue of money laundering is a critical matter that demands a lot of concentration and thinking.

It is something that is not based on prediction though your instincts can still help you out in some cases but that should be sparingly.

Analyzing a money laundering case requires that you put all your facts together from different sources and work on each and every one of them.

One of the reasons to do this is to discover discrepancies and how they came to be.

When you are able to deal with discrepancies and other irregularities, then you are able to draw your conclusions and make judgments as to what next should be done.

However, ensure that your facts and data are well organized.

3. Creative thinking

Creativity will always be one of the standout factors that can contribute positively to your job as an AML analyst.

It is important to be creative in this job because some things you will achieve will definitely boil down to your ability to make use of your brain and instincts.

The first thing you have to work on in this job is your brain. By this we mean the ability to reason things out in spite of challenges.

You don’t have to get stuck to just what you know already, you should try out something new to get something new.

4. Integrity

To be trusted with the job of anti-money laundering requires that you are someone that can be trusted.

In other words, you should be someone that can be relied upon to produce accurate results based on your findings and not sentiments or bias.

Integrity is important for you in this job, because the very day you give up your integrity, your likelihood of remaining in this job becomes very low.

That is why you are encouraged to build up your integrity to a point that no one can point accusing fingers at you.

Also, you need to know the fact that as someone who has been tasked with a job like this, a lot of people are very eager to point out your mistakes in this job.

That is why you should be very careful how you carry and conduct yourself on the job.

5. Decision making

Decisions are bound to be made by you in this job regardless of how important or less important the decisions might seem.

The essence of both your research and your analysis is for you to make certain decisions you deem necessary based on your findings.

Decision making is all part of the problem solving skills you need to get acquainted with.

Being an AML analyst, there are some decisions you will be given the powers to make depending on your employer and what they want to achieve.

The decisions may range from the little insignificant ones to the more difficult and career-defining types.

At every point in time in this job, ensure that your decisions are based on findings and not just based on your instincts.

6. Computer proficiency

It is important to note that money laundering activities are taking a new dimension from what it used to be in the past decades.

This demands that you should be up to date with the relevant technologies and computer operations, especially in the software aspect of it.

Learning some useful software like database, software made for the purpose of hacking, and those for internet operations will help you be more proactive in this job.

It will help you understand how money laundering works in the 21^st century.

Of course you know that it is highly impossible to do this work well if you are not computer literate.

But then the job becomes all the more difficult when you don’t know some software that are directly related to the type of job you are working on.

7. Financial expertise

Financial expertise is very relevant for your success in this job. Financial expertise entails having a good knowledge of money moves in and out of organizations and the marketplace.

Also, it can entail having a good knowledge of some financial accounting principles.

In the course of your job, you will come across some accounting documents and it will be too bad for you to need someone else to do the interpretation for you.

This will limit you so much in the job. So, to avoid this issue, you just have to understand some accounting operations.

When working at an organizational level, it is important that you understand the financial operations of the organization and make your decisions based on your findings.

8. Excellent communication skills

In this job, you are not totally independent as the case may be. You are just like a hired investigator and you have to report your findings and that will be the first essence of communication.

Your communication level should always be on the upward direction.

You should be sound when it comes to both oral and written forms of communication.

In the case of oral communication, this could be done through phone calls and other voice notes you can drop, maybe for some colleagues you are working with.

For the written form of communication, it involves the preparation of reports and other sensitive documents you can prepare that should contain some relevant information that summarizes the various stages of the job you are doing.

9. Excellent knowledge of financial laws

Working as an AML analyst, you should have an excellent understanding of the relevant financial laws in the country or state where you work.

Although these laws may differ by reason of the geographical locations but they are very similar.

First is to understand the laws, that is, the financial laws obtainable in the country and you can also interpret the laws and where they can be applied.

So, before you set out for any operation, be sure you know the rules you are playing by.

Don’t assume and don’t try to act outside the prevailing financial laws, else it can result to law suits against you and whoever you are working for.

Therefore, in order not to violate rights and make a mess of your job, be sure that you have the relevant financial laws at your fingertips.

10. Team work

This job is quite a technical one and requires topnotch expertise both from you and the people you work with or intend working with.

It is a job that requires instincts, intelligence, planning and other necessary skills, which you may not have completely.

So, in order to augment for the skills and abilities you don’t have, the best option is to work with a team of like-minded people who have the same drive as you.

In some cases, you may be allowed to choose your team or be given a team to work with by default.

No matter the type of team you work with, the most important thing is to have that team spirit in you.

With teamwork, you are able to divide the job and make everyone participate in it, thereby keeping all hands on deck in the job.

11. Consistency

When doing a sensitive job as this one, one thing you should know is that consistency is the key thing you need to work on.

This means that you should not give your employer reasons to question the originality and purity of the job you are doing.

Doing this means that you should be able to maintain a high level of quality job almost at all times (using almost because sometimes mistakes or errors can occur).

You are expected to be efficient in whatever you do throughout the time you are on the job.

Consistency also comes in the form of maintaining your integrity at all times.

This means that you shouldn’t be unreliable or give out questionable outputs just to meet up with deadlines.

You should be professional and not lose it whenever you are under pressure.

12. Insight

To understand what insight does, you should also understand the role of foresight and hindsight in this job.

These three are very important in this job, but insight comes out top of the list because of how important it is in this job.

Hindsight reminds you of probably the events of the past that has taken place in your job and some of the lessons you can learn from them, while foresight helps you see the future from the standpoint of today, and that implies insight.

That is the relationship that exists between these three forms of sight.

Insight is more concerned about the state of things today. As much as you can learn from the past and predict the future, yet what happens today is central to whatever you can think of or imagine.

So, to understand and manage this job well, you need insight.

13. Understanding of data sources

In this job, your sources of data matters a lot and determines how effective or how long you can stay relevant in this job.

People that have succeeded in this job are people that have not just multiple data sources but who are able to maximize those data sources.

There are probably about two main data sources, which are the primary and secondary data sources.

The primary data sources take place in the form of observation, interviews and personal researches.

These sources give you first-hand information that you need.

The secondary sources of data could be from online contents, magazines, newspapers, whistleblowing, etc.

Though these sources of information are good, yet they are not as good as the primary sources of information and can be unreliable.

So, it is advised that you work more with primary sources of information.

14. Detail oriented

In the course of your research and analysis, you are likely to come across details that can define the course of your job, without which you might be have fruitless journey in trying to make key decisions in this job.

Paying attentions to these details may well be a good way you can improve your consistency and efficiency.

Don’t be in a rush to dismiss any kind of data or information you get, thinking it doesn’t make sense, just patiently work with each detail.

To be detailed is an important component of your job, which you should not neglect or try to overlook.

Do your best to relate each detail with others and find the importance of each one as it relates to your job.

15. Independence

As much as working with a team is great, it could also pose some problems at some point in your job if you don’t know where to put a limit to what other people can contribute to your job.

It is important that you don’t overly rely on people’s opinion.

This calls for your ability to work solely when the need arises.

It is not a good idea to always involve people in the job as they could really slow you down and also negate what you know.

Therefore, it is up to you to know when and where to work alone.

Also, you should be able to do your work seamlessly without needing someone to supervise you.

AML Analyst Skills for Resume

If you are making a resume or CV for the role of an anti-money laundering analyst, you can make a compelling skills section by applying the skills and qualities highlighted above if you have them.

This will be a proof to employers and hiring managers that you have what is required to be effective in your AML analyst job.

Conclusion

If you are interested in working as an anti-money laundering analyst or are already working in that role, this post has provided the major skills and qualities you need to be effective in your job and career.

Who is an AML Analyst?