KYC Analyst

KYC Analyst | Madrid

Who we are

We are Monex, a specialist in commercial foreign exchange. We offer a range of FX services aimed at corporate and institutional clients to manage foreign exchange exposure and international payments. Our team of experts provides personalized and proactive service, helping clients execute thoughtful FX strategies tailored to their specific business needs.

As part of the Monex SAB de CV financial group, we support over 70,200 clients worldwide, offering local expertise in various regions including the UK, Luxembourg, Canada, and Singapore. Our goal is to empower clients to make better-informed business decisions in a fast-moving and volatile market.

Department Overview

The Compliance Department is responsible for ensuring the firm operates in compliance with its regulatory obligations and has systems and controls for the prevention of financial crime.

Accordingly, the department is split into these three functions. Firstly, regulatory compliance provides relevant advice to the business and undertakes arms-length monitoring, acting in the capacity of a second line of defence unit. Secondly, the financial crime team undertakes the due diligence process for all client on-boarding and screening, monitors payments, and carries out periodic screening and KYC reviews and thirdly, the Senior Legal Advisor who provides legal leadership across the business by providing proactive, in depth, business focussed advice and analysing legal risk.

The Department seeks to educate the wider business about legal, regulatory and financial crime risks and requirements. The Department recognises the firm has grown rapidly and therefore system and controls may have to be developed concurrently with the business. While tactical solutions are deployed, the goal of the Department is to develop and implement scalable solutions that are not dependent on manual intervention.

Day-to-day tasks are derived from risk assessments with more robust processes and procedures built around the highest risk activities. Documenting procedures is key to ensure individuals are not exposed to subjective decision making. Financial crime prevention systems and controls must reflect the focus and challenge of the authorities and the high number of anti-money laundering and counter terrorist financing external audits that the business faces.

While the Department seeks to understand the perspective of the business units who make up the first line of defence, the Department’s overriding responsibility is to ensure the firm avoids cultural failings and meets its regulatory obligations to avoid enforcement action, fines and reputational damage to the firm and/or its employees and greater legal and regulatory scrutiny.

Job Overview

The Compliance Analyst maintains legal and regulatory compliance by researching and communicating requirements; stays up to date on AML regulations; resolves concerns and other issues that may arise and obtain approvals from senior members of the team, where necessary. To perform AML/Due diligence checks on all clients, using a risk scoring matrix to identify and mitigate high risk factors. To collect, analyze and summarize information and prepare informative reports.

The Compliance Analyst must on-board clients whilst adhering to the internal policies and procedures set out by Monex whilst identifying any potential risks to the business by following the escalation process stated in these policies.

The role acts to support the Compliance Dept in all areas of on-boarding, AML/FC as well as advising system developments and policy changes where applicable.

Key Responsibilities & Accountabilities:

Financial Crime / AML Globally

• Compliance Analyst for all Financial crime and AML related matters for the MEMSV;

• Support the Deputy Head of Compliance in all areas of Financial crime and AML;

• To liaise with front office staff where applicable and to encourage an understanding of both individual and corporate client risk;

• Investigate all positive alerts incl. PEP, sanctions and adverse media and

following the escalation process if a positive match is identified;

• Identifying potential conflicts issues and escalating them to line manager;

• Dealing with CDD requirements;

• Carrying out risk assessments at client on boarding and when CDD records are updated. This includes screening of legal entities, controllers, UBOs to identify

any positive PEP/Sanction/adverse media matches;

•  Carrying out research on the source of wealth and funds of new clients;

•  Produce detailed reports with recommendations based on these findings;

•  Contribute to the continuing development, preparation and maintenance of the compliance and financial crime policies and procedures, where necessary;

•  Respond to compliance questions and requests from other departments.

Compliance Culture

• Establish good working relationships with front office and all other departments so that Compliance is seen as an effective second line of defence providing a professional internal guidance and advisory service.

Compliance Training

• Assisting AML training to support staff and new joiners;

•  Ensure CPD/personal development is maintained.

Professional Qualifications:

• ICA Certificate or equivalent in AML/Financial Crime (or equivalent) or a willingness to obtain this;

• Current membership of relevant professional body (desirable)

• Current CPD Log - 12 hours per calendar year.

Languages:

• High standard of oral & written English is mandatory
• Native Spanish speaker.