Skills and Attributes of an AML Professional

Title: Skills and Attributes of an Anti Money Laundering Professional. Have you ever wondered which skills and attributes are useful when working in anti money laundering (AML)? If you currently work in A M L, have you considered how your own skills measure up? Here’s a quick look at some of the skills and attributes that an A M L professional may need. Six boxes, which include the following information: 1. Risk management Identify, assess and mitigate money laundering risk. Have you thought about: • Do you understand the money laundering risk of the business? • Can you explain how the processes you carry out mitigate money laundering risk? • Do you know the emerging money laundering risks impacting the environment (sector, jurisdiction, etc.) in which your firm operates? 2. Interpersonal skills A M L professionals must be confident in communicating with people at all levels in an organisation. Have you thought about: • Are you comfortable with written communication in a number of formats, such as formal communications or escalations to senior managers, informal updates or writing policies and procedures? • Can you comfortably articulate and discuss money laundering concerns with members of the firm across all levels? • Are you comfortable in building relationships with both internal and external stakeholders? 3. Skills for the future The role of technology is starting to change the work of the A M L compliance professional. A I coupled with big data provides access to more transaction patterns than ever before. Electronic C D D options are becoming more viable but products themselves are also evolving. The debate continues as to whether advancing technology will be replacing some jobs. Have you thought about: • Do you understand the impacts of new technology? • Is your organisation launching digital products? How might these be abused by financial criminals? • Is the role of the A M L professional changing and what skills do you need to adapt? 4. Commercial awareness Understand how best to manage risk and achieve the firm’s commercial and strategic objectives. Have you thought about: • Do you understand the products that the firm offers and their vulnerabilities? • Do you understand the customer base and the firm’s target market? • Do you understand who carries out A M L related functions, including where these are carried out by any third parties? 5. Critical thinking and analysis Being perceptive is key to carrying out the role, as is the ability to absorb and analyse information. Have you thought about: • Do you understand the A M L regulations that affect your firm? Are you able to locate these and interpret them correctly? • Are you able to analyse and interpret a situation, assessing all points of view? • Can you pay close attention to detail, for instance when reading regulations or reviewing complex transactions? 6. Personal skills – confidence and decisiveness Senior A M L professionals must have the confidence to make decisions, without duress or undue commercial influence, and to have those decisions challenged. As the role is an independent function, the M L R O must be capable and comfortable of working independently. Have you thought about: • Are you able to confidently communicate your decisions and get colleagues to ‘buy in’ and agree? • Are you able to challenge the business on A M L matters to ensure compliance? • Can you remain calm and positive when asserting your point of view?

The ICA International Diploma in Anti Money Laundering is the industry standard for AML professionals, helping you gain and enhance the skills mentioned above.

Now open for enrolment (study online, anywhere in the world).

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