Navigating the Anti-Money Laundering Analyst Landscape in Singapore with Step-by-Step Career Guide

Navigating the Anti-Money Laundering Analyst Landscape in Singapore with Step-by-Step Career Guide

25 June 2024

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Excel as Anti-Money Laundering Analyst: A Holistic Career Guide

Features

Table of Contents

  • 1. Anti-Money Laundering Analyst Career Guide: Introduction

  • 2. What is Anti-Money Laundering Analyst?

  • 3. Roles and Responsibilities

  • 4. Prerequisites

  • 5. Essential Skills for Anti-Money Laundering Analyst

  • 6. Industry Outlook

  • 7. Top Courses To Master Anti-Money Laundering Analyst

  • 8. Summary

Excel as Anti-Money Laundering Analyst: A Holistic Career Guide

Anti-Money Laundering Analyst Career Guide: Introduction

The career guide provides a detailed roadmap of Anti-Money Laundering Analyst position, part of the Accounting & Finance industry within Singapore that offers potential career growth.

What is Anti-Money Laundering Analyst?

An anti-money laundering analyst performs accounting-related functions in investigating and analyzing alerts for potential money laundering risks. They implement and establish procedures that investigate normal accounting practices and are constantly aware of procedures that can be viewed as going against those normal practices. Daily assessment of anti-money laundering reports is needed, along with the review of financial and accounting results. The analyst can ensure quality accuracy and compliance with appropriate legal and regulatory requirements. They also guide employees on remediation of issues that arise.

Being able to assist with others in investigations and to correlate information in order to solve laundering issues is needed. Reports need to be done regularly, and communication between financial and accounting-related departments is common. Procedures may need to be changed, and the analyst needs to be able to adjust the way they solve a laundering issue. A high level of communication is required, along with being able to work with other anti-laundering teams to complete all the necessary analytical inquiries. Functions such as reviewing business processes and functions, correcting general mistakes found within them and having the problem-solving skills to improve those procedures for future investigations are needed. Having high energy and being able to work in an ever-changing environment is often necessary.

Education in the accounting, finance, or business arena is needed at college level for most positions, with several years of related experience is desired. The analyst needs to be able to work under minimal supervision and under high pressure.

Roles and Responsibilities

As an Anti-Money Laundering (AML) Analyst in Singapore, your main responsibilities include:

  • Conducting Transaction Monitoring: Reviewing financial transactions to identify any suspicious activity, including potential money laundering, fraud, or other financial crimes.
  • Performing Customer Due Diligence (CDD): Collecting and assessing information about customers to ensure they are legitimate and not involved in financial crime, terrorist financing, or other illegal activities.
  • Investigating Suspicious Activity: Conducting more in-depth investigations into individuals or transactions that appear suspicious, including reviewing external data sources, conducting interviews, and working with law enforcement agencies as necessary.
  • Preparing Reports: Documenting investigations and compiling reports to present findings and make recommendations to senior management or relevant authorities as needed.
  • Developing and Maintaining AML Policies and Procedures: Developing guidelines, policies, and procedures to ensure compliance with regulatory requirements and company standards.
  • Staying up-to-date with Regulatory Changes: Continuously monitoring changes to laws, regulations, and industry standards related to AML to ensure compliance and provide guidance to company employees.

Prerequisites

Prerequisite for a Anti-Money Laundering Analyst

Educational Qualifications

Top Professional Certifications

Work Experience and Internship

Tools Knowledge required

Essential Skills for Anti-Money Laundering Analyst

Essential skills that can help you prosper as Anti-Money Laundering Analyst:

Salary Insights

Early Career

Industry Outlook

The job role of Anti-Money Laundering Analyst in Singapore is expected to experience significant growth in the market. Over the past 10 years, the demand for this position has notably increased due to the rising focus on financial regulations and compliance. With the increasing complexity of financial crimes, the need for skilled AML analysts is expected to further rise in the future. According to recent data points, it is projected that there will be a significant number of employment opportunities available in this field, reflecting the continuous demand for AML analysts in Singapore's financial industry.

Top Courses To Master Anti-Money Laundering Analyst

If you are prepared to advance your learning journey towards becoming an Anti-Money Laundering Analyst, you have arrived at the ideal destination! Outlined below are the leading courses that can facilitate a prosperous vocational journey for you

Summary

An Anti-Money Laundering Analyst performs accounting-related functions to investigate and analyze potential money laundering risks. They establish procedures, review financial reports, ensure compliance, and provide guidance on remediation. Additionally, they collaborate with other teams, adapt to changing environments, and possess problem-solving skills. Education in accounting, finance, or business is usually required along with relevant experience. Alternative job roles in Singapore include Compliance Officer, Risk Analyst, Financial Investigator, and Fraud Analyst. The demand for AML analysts in Singapore is expected to grow due to increasing financial regulations and the complexity of financial crimes.

Features

Table of Contents

  • 1. Anti-Money Laundering Analyst Career Guide: Introduction

  • 2. What is Anti-Money Laundering Analyst?

  • 3. Roles and Responsibilities

  • 4. Prerequisites

  • 5. Essential Skills for Anti-Money Laundering Analyst

  • 6. Industry Outlook

  • 7. Top Courses To Master Anti-Money Laundering Analyst

  • 8. Summary