- Q.1 What is meant by pooled accounts. …
- Q.2 List some parameters for enhanced due diligence. …
- Q.3 What is meant by KYC Policy. …
- Q.4 Describe the Customer Acceptance Policy in AML/KYC. …
- Q.5 Explain the customer identification procedure in AML/KYC. …
- Q.6 How will you identify suspicious transactions.
What type of questions being asked in AML and KYC interview | Top 10 interview questions in KYC CDD
Looking for KYC jobs? Searching for interview questions to prepare well for the interview? KYC (Know your customer) is alternatively called know your client or KYC is the process of a business identifying and verifying the identity of its clients. The term is also used to refer to the bank and anti-money laundering regulations which governs these activities. There are many jobs in KYC some of the most popular jobs are VP KYC operators, manager, client data enterer, associate, project manager, business manager support, relationship manager, KYC team lead, branch manager, banking operations executive, operations manager, robotic process automation, service delivery manager and credit processing associate. Please visit our KYC jobs interview questions and answers page to crack in your first attempt.
Example: “In my last role, I performed a KYC assessment on every new client we accepted. We also performed periodic checks on existing customers to ensure they were still compliant with our company’s policies. These regular assessments helped me learn what types of information are important for performing these checks and how to quickly assess a client’s risk level.”
Employers ask this question to learn more about your qualifications and how you feel you would be a good fit for the role. Before your interview, make sure you read through the job description so that you can refer to specific requirements or skills they are looking for in an applicant. In your answer, try to highlight any experience or skills that match what they’re looking for.
KYC analysts are responsible for identifying and reporting suspicious activity to their employers. This question helps the interviewer determine how you apply your critical thinking skills to help your employer make informed decisions. In your answer, explain what steps you took to identify the fraudulent activity and how it helped your company take action.
KYC analysts often work with clients from all over the world. Employers ask this question to make sure you have experience working with international clients and that you can communicate effectively in a different language. If you don’t have any experience working internationally, explain what steps you would take to learn about foreign cultures and languages.
Example: “When performing a risk assessment, I first look at the customer’s country of origin. If they are from a high-risk country, such as Russia or Nigeria, then I will take extra steps to ensure that their identity is legitimate. Next, I check for any red flags in the transaction itself. For instance, if it is over $10,000, I will make sure there is no evidence of money laundering.”
Interview Questions of Top Designations
AML AND KYC INTERVIEW TIPS! HOW TO PREPARE FOR AN AML & KYC JOB INTERVIEW!
The tips that follow will enable you to prepare effectively for your AML and KYC job interview. Regardless of the position or company you are applying to work for in AML and KYC, these four tips will allow you to get the most out of your preparation time. Read and absorb the tips that follow carefully to maximise your performance on the day of your interview.
AML & KYC INTERVIEW TIP #1
We cannot emphasise enough how important it is to read and study the job description for the AML and KYC role you are applying for before you attend the interview. On the job description, there will be a list of the essential skills and qualities needed to perform competently in the role. Think of previous situations you have been in where you demonstrated each of the essential skills and qualities and talk about them during your interview. By doing so, it will help convince the hiring manager you already have the necessary experience and skillset to get give them a positive return on their investment if they hire you.
AML & KYC INTERVIEW TIP #2
We recommend preparing answers to all 21 questions listed on this page. The interview questions featured are some of the most common ones asked during AML and KYC job interviews. By preparing confident and evidence-based answers it will help to significantly increase your chances of success.
AML & KYC INTERVIEW TIP #3
Before you attend your job interview, revisit basics such as AML and KYC due diligence processes, the policies and procedures that will encompass your role, and how you plan to prioritize your workload. It is often the basic and simple technical questions that catch people out, and as a result, they end up failing their interview.
AML & KYC INTERVIEW TIP #4
At the end of your AML and KYC interview, you will have the chance to ask some questions of your own. Be sure to ask smart questions that put you across as a professional and diligent employee who can add value in the role. Here are three great questions to consider asking:
Q1. Can you tell me more about the team I would be a part of?
Q2. What advice would you give to the successful candidate who wants to excel in this KYC/AML position?
Q3. What are the plans for the company over the next 5-10 years?
DOWNLOAD RICHARD MCMUNN’S 21 AML & KYC INTERVIEW QUESTIONS AND ANSWERS PDF GUIDE BELOW!
FAQ
What is CDD in KYC?
The financial system processes millions of transactions every day so it is vital for your firm to ‘Know Your Customer’. KYC or Customer Due Diligence (CDD) collates information about your customers to assess the extent of any risk they pose to the firm.
What is the difference between CDD and KYC?
Why are KYC and CDD required?
