The role of KYC Associate is to provide support to the KYC team as part of the AML Group with its assigned responsibilities. The responsibilities include, but are not limited to, the review of New and Existing Account escalations, ongoing screening, and periodic reviews. The associate will conduct Enhanced Due Diligence (EDD) for New Accounts, prospect, and existing clients that exhibit high risk factors in accordance with the Escalation Process of the firm. The associate will review all AML-related items including Know Your Customer forms (KYC), CIP and anticipated account activity in line with Bank Secrecy Act and regulatory requirements (i.e., FinCEN, FINRA, OFAC, etc.). The associate will provide support with the firmwide ongoing screening reviews, identifying any derogatory information/negative news or risks associated to existing clients or associated parties in the accounts. In occasions, as part of the AML Group, the associate may provide support to the surveillance team with reviews of transactional alerts or transaction-related escalations.
Job Responsibilities/Main Functions
Conduct EDD on new and existing accounts that are escalated to AML or identified during triggered events from a risk-based approach, such as Very High-Risk Jurisdictions, complex structures, political exposed persons (PEPs), Financial Institutions, Negative/Derogatory Information.
Analyze and conduct risk assessments of any risk associated to clients to reach AML determinations as well as identifying mitigating factors.
Review anticipated account activity, taking into consideration typologies and suspicious activity, and understand the purpose and use of brokerage account with relationship to the customer's risks and its source of wealth.
Review CIP documentation, identifying direct and indirect beneficial ownership and control of the entity.
Adheres to firm's policies and procedures.
Associate will provide excellent customer service to financial advisors/Representatives and all other key partners.
Review Ongoing Screening with mandatory actions in World Check for existing clients or associated parties in the accounts.
Assist with special projects as needed (i.e., remediations, periodic reviews).
Job Requirements (Education, Experience, Knowledge, Capabilities, and Skills)
Bachelor's degree in business administration with a concentration in Finance or Management, or related field.
Minimum of three to five (3-5) years of banking/broker dealer experience with emphasis on BSA/AML Compliance.
ACAMS or equivalent.
Bilingual (English/Spanish).
Knowledge of AML regulations, including BSA, FINCEN CDD Rule, and OFAC Sanctions.
Knowledge of FINRA (Financial Industry Regulatory Authority) and SEC regulations.
Ability to understand legal documentation, financial/accounting data, and reports, with specific focus in Latin America corporate documents.