What are the Career Opportunities of AML-KYC in India?

Pursuing a career in AML-KYC in India offers great opportunities and growth potential. With technological advances empowering both sides of the ‘coin of integrity’, a host of opportunities are arising in the field of the AML-KYC process in India. However, before we delve into the details like job opportunities, satisfaction, and rewards of the various career options, we would like to start by emphasizing why a career in AML or KYC is of utmost importance. We will also try to explain how you can prepare to fulfil the job requirements before you ace that next interview!

What is at Stake?

While dealing with public money, “Public Confidence” – one of the most valuable assets to Banks and Financial Institutions – is at Risk. One of the reasons for the same is the challenges faced in putting an end to the ill effects of money laundering on the Economic, Political, and Societal systems, both at a national as well as global levels. And unless any preventive measure is put in place, and executed at the right time, in an impeccable manner, these institutions are vulnerable to losing their reputation.

Possible Solutions

As you may be aware already, Banks need to ensure that no account is opened with anonymous or fictitious names. Thus, it goes without saying that no account should be opened when a bank is unable to apply appropriate customer due to diligence measures, which could be either due to non-cooperation by the customer or non-reliability of the documents and information furnished by the customer.

The ultimate objective of AML-KYC processes is to prevent money laundering activities by criminals through illegal use of banks and financial institutions and to counter the acts of some of them in financing terrorism. These processes benefit all – the society, customers, and the institutions – also enabling an understanding of customers in a better way, including their financial dealings, which in turn helps in prudent risk management.

AML-KYC Implementation Process

Following are some of the measures imposed by the RBI on AML and KYC, with different requirements prescribed for the verification of Customer Identification Information for individuals and legal entities:

• Full verification of identity is to be done at least every two years for high-risk customers, every eight years for medium-risk customers and every ten years for low-risk customers
• Positive confirmation (obtaining KYC related updates through e-mail, letter, telephonic conversation, forms, interviews, visits, etc.) is to be completed at least every two years for medium-risk and at least every three years for low-risk individuals and entities
• Risk categorisation of accounts needs to be reviewed every six months

Rules and Regulations

With the RBI’s ongoing efforts to put many more of such strict rules in place and levying monetary penalties on banks and institutions for any lapse in compliance with rules – to ensure a faultless execution of these plans, the AML-KYC market in India is opening up with promising career opportunities.

The Banking and Finance sector – to address increased regulatory pressure and recent money laundering cases that have emerged – is bursting with rewarding career options in AML-KYC that promise a greatly satisfying growth and earning potential.

Some of the pros of working in the AML-KYC process are stability, work/life balance, competitive compensation and benefits, opportunities for growth, and employee satisfaction.

AML-KYC Career Opportunities

AML-KYC is an umbrella term that covers a wide range of roles in compliance. The skills required to perform these tasks successfully may vary widely. There are also many different types of job roles in this area, a partial list of which includes:

Analyst Roles:

In an entry-level analyst role, you may work on research and analysis tasks associated with due diligence. Some of the responsibilities may include:

• Customer Identification, Verification, and Screening
• Ensuring quality standards for the KYC reviews undertaken
• Highlighting suspicious transactions to senior management

Compliance Officer:

If you are looking for a career in compliance, you might as well be prepared to work on risk assessment, project management, development of policy and procedures, etc. Responsibilities may include:

• Customer Due Diligence
• Monitoring Customer Transactions
• Regulatory Reporting
• Implementing Complying Procedures

Transaction Monitoring:

With advancements in technology and the emergence of new areas such as Artificial Intelligence, Automation, Machine Learning, FinTech, Cryptocurrency, etc., gaining prominence, these roles are about:

• Using software and techniques to monitor and report customer transactions for suspicious activity
• Managing, reviewing, and resolving alerts in the investigative processes
• Maintain an up-to-date understanding of industry best technologies and practices

Risk Management:

Roles in risk management involve the development of policies for implementation, to monitor and assess risks within an organization. You will:

• Conduct assessment of onboarding, periodic, and trigger event reviews
• Prepare reports on suspicious transactions and activities
• Ensure that risks are identified and mitigated effectively

A role in AML-KYC can be considered an entry role for many other opportunities in regulated industries, such as:

• A Risk or Compliance Assistant
• Compliance Monitoring Administrator
• Client on-boarding Manager
• Credit Risk Officer
• Governance Teams

Top Companies hiring AML/KYC Professionals

Some of the top companies in India hiring for AML and KYC jobs are KPMG, EY, State Street, Bank of America, Credit Suisse, Deutsche Bank, J.P. Morgan, BNP Paribas, NatWest Group, Morgan Stanley, CRISIL Limited, TCS, Genpact, IBM, IDFC FIRST Bank, Barclays, Delta Capita, DBS Bank.

Top Cities in India with AML-KYC Jobs

This list includes New Delhi, Gurgaon, Mumbai, Jaipur, Pune, Bangalore, Chennai, Hyderabad, Cochin, Kolkata, and Noida.

Job Opportunities and Salaries

All work and low pay turn the best career opportunities into dull prospects for growth. So, does a career in AML-KYC in India pay well? AML-KYC Analyst Salaries in India may vary from 2.5 lacs to 8.4 lacs including cash bonus, commission, tips, and profit-sharing, with the national average salary being around 4 lacs.

Compliance Analysts are paid anywhere between 3 lacs to 10 lacs, with the national average salary of about 6 lacs per year. Compliance Officers may expect salaries upward of 3.2 lacs, with the national average being around 6.7 lacs. The salary trajectory of Compliance Officers who start at 6 lacs per year for an experience of between 2 to 4 years, can move up the ladder to a Lead Compliance Officer role, which may earn up to 17 lacs per year.

All of this information, together with the fact that AML-KYC was introduced in India as lately as in the year 2002, must have a positive impact on any candidate seeking to leave a mark in this field.

What does it take to be an AML-KYC Professional?

Because money laundering is a continuous phenomenon, and new complexities arise continually in a dynamic market, anyone assuming the responsibility to prevent it has to stay relevant. So, do you think you have what it takes to be successful in this profession? Because the road to success is always under construction, working towards the right mix of skills, qualifications, and attitude can help you take big strides towards going a long way in this career path. The following checklist can help to evaluate and improve your candidature:

• A Bachelor’s Degree: Nearly 85% of the professionals in AML-KYC have at least a bachelor’s degree, and the statistics are unlikely to drop low knowing that the Indian job market is highly competitive and the technological advances make it more challenging to remain in the hunt in a dynamic environment.
• An Advanced Degree: It is always good to obtain higher qualifications. A master’s degree specializing in Law, Finance, Economics, or Business Administration would be most relevant for the AML-KYC career path.
• In-depth Knowledge through Research: While the lack of adequate employees and resources to oversee successful implementation of AML-KYC measures increases the cost of compliance, poorly trained resources are at the same time not good enough to manage the complexities involved in the handling of customers. You are your own best asset, so invest today in building your skills! Read and research more on applicable rules and regulations in the AML-KYC domain. Also, ensure that your CV is up to date, and showcases your skills.
• Experience (preferably in a Bank or a Financial Institution): Apply for AML-KYC analyst or compliance positions at any number of financial institutions to increase your chances of landing that first job. In the case of experienced candidates, do highlight in your CV the responsibilities you undertook with the previous job and that are relevant for the required skills asked for in the job applied.
• Work on developing Social Skills, and following High Ethical Standards: Also, some of the other skills that can help you in your career are Leadership, Analytical Thinking, Time Management, Excellent Communication, Collaboration, and Attention to Detail. Multitasking and Prioritization skills are also a must-have in most roles.
• Certification in AML-KYC: Certified professionals are perceived as more meaningful and high profile owing to the exposure they would possess. This is where the role of premium certification platforms such as Vskills becomes useful. With an industry-ready curriculum, practice tests, and a dedicated placement portal, students can develop their insight into the AML-KYC arena and get employed in their dream job with the Certified AML-KYC Compliance Officer program!
• Pursue an internship: As a first experience in the Banking and Finance industry, it is not a bad idea to pursue an internship alongside your qualifications. It can help develop your knowledge of the AML-KYC Principles. Vskills also runs its flagship internship programme where selected interns get to work with the academic council.

Career Paths to Follow

1. KYC Analyst

A KYC Analyst is the one who reviews all the documentation for the new accounts. They basically evaluate high-risk accounts and analyze all the processes and policies. These professionals hold an important position in the firm. If you’re a graduate and starting as a KYC Analyst position then you can count on exciting career and growth opportunities within the financial services industry

Average Salary: INR 3.7 Lakhs per annum

2. Forensics Manager

A Forensic Manager is the one who manages laboratory units within the Forensics and Evidence Division. They are responsible for supervising first line Forensic Supervisors, Criminalist Supervisors and/or individual contributors. Moreover, they also screen, treat, and manage clients and works to investigate and recommend supportive services to them.

Average Salary: INR 3.5 Lakhs per annum

3. Anti Money Laundering Consultant

An AML Consultant is the one who controls money laundering by constructing and implementing anti-money laundering guidelines, issuing notices to bank employees about questionable activity, considering questionable bank transactions, and determining movements in questionable bank conventions. These professionals are in great demand these days. If you’re highly skilled and knowledgable then this is one of the most sought careers.

Average Salary: INR 4.03 Lakhs per annum

4. Compliance Specialist

Entering a compliance job is a rewarding, exciting, satisfying and varied experience. These professionals ensure that the organizations comply with all the relevant laws, regulations, and policies. Moreover, they are also responsible for monitoring and documenting compliance activities, counselling leadership and management on compliance topics, and liaising with government agencies. If you’re looking up for a career in compliance then this is the best career path for you.

Average Salary: INR 4.2 Lakhs per annum

5. Anti Money Laundering Manager

An AML Manager is the one who works to make the investigation process of suspicious activities simpler and more effective. They combine technologically cutting-edge features and a user-friendly, data-rich interface with powerful prevention and detailed tracking tools. Since these professionals work on risk management and reporting suspicious activities, therefore, they’re in huge demand by various MNCs all over the country.

Average Salary: INR 5.1 Lakhs per annum

We would like to highlight that irrespective of the role you choose to work in the AML-KYC process, there are some commonalities such as conducive working environments, and all the roles involve working and competing with motivated individuals to rise up the ranks. It is important to have a growth-oriented mindset, be curious, ask questions, and be purpose-driven.