Every month, Walters People puts a job in the spotlight that is in high demand on the Belgian labour market.
This month we explain the importance of the KYC Analyst role and why the demand is constantly growing.
What are the most important tasks of a KYC Analyst?
Adèle: "The main task of a KYC Analyst is to analyse the financial risks related to various regulations, whether it concerns money laundering, tax fraud or the fight against terrorism. The first step in this process is the collection and analysis of data, which is then forwarded to the Compliance department. In addition, the KYC Analyst will constantly monitor legal developments to ensure that the information is always accurate. Finally, a KYC Analyst is also called in to help improve data collection procedures.”
Why is the demand for KYC Analysts so high?
By verifying the identity of an organisation's customer in order to assess financial risks, the ‘Know Your Customer’ Analyst helps ensure regulatory compliance in the financial world.
"In a context of a complex geopolitical situation and an increase in international financial transactions, the risks are constantly increasing. Certain events in the financial world have prompted banks to strengthen their security in order to maintain their image. Hence, the demand for KYC Analysts is increasing, as the first line of defence in assessing risk and the creditworthiness of customers".
According to JobFeed, this demand is mainly concentrated in Brussels (52%), as majority of banks and financial institutions are located there as well.
What makes someone a good KYC Analyst?
"It is important to note that there is no specific diploma or training for this type of position. KYC Analysts generally have a bachelor's degree in a legal or economic field. What is important, however, is a good command of English and Dutch or French. Finally, certain soft skills are highly sought after, such as rigour, analytical mindset and good interpersonal skills. For example, the KYC Analyst must be able to handle sensitive customer data in a diplomatic way.”
Is a KYC Analyst paid according to level of expertise?
"First of all, it is important to know that salary levels are directly dependent on the economy and the labour market. For the moment, the demand for KYC Analysts is greater than the supply and therefore candidates can easily negotiate their salary upwards. This also depends on the type of company and the level of expertise of the candidate.
In general, a recent graduate can expect a gross monthly salary between EUR 2,300 and EUR 2,800. For a mid-level KYC professional the salary can vary from 2,800 EUR to 3,500 EUR gross per month. Finally, a Senior KYC Analyst can expect a gross monthly salary between 3,500 and 5,000 EUR, depending on the degree of responsibility within the organisation. In many organisations, this salary is accompanied by extra-legal benefits such as a mobile phone, laptop, insurance package and company car.”
What does the future of the KYC Analyst look like?
"Because the field of finance is quite varied, there are several opportunities for KYC professionals to grow. For example, after having developed a certain expertise, a KYC Analyst can become a Team Manager. Another possibility is to transfer to the Compliance division, where he or she can then further specialise in AML for example, focusing on the fight against money laundering. A specialisation in credit and risk analysis is another possibility. A graduate starting in a KYC Analyst position can therefore count on exciting career and growth opportunities within the financial services industry".