Speaker 1: Hello there, my name is Richard McMunn from the interview training website, PassMyInterview.com. And in this tutorial, I will teach you how to pass an AML and KYC interview. If you are applying for any anti-money laundering and know your customer job role with any organization, make sure you stay tuned, because I promise to help you be successful at your interview. And to achieve that goal, this is what I will cover during this tutorial. Number one, I will give you a list of AML and KYC interview questions I strongly recommend you prepare for. Number two, I will give you some essential tips for answering each of the interview questions. Then number three, I will give you brilliant, unique, top-scoring example answers to all of the interview questions to help you be the standout candidate. And then finally, number four, I will tell you where you can DOWNLOAD THE ANSWERS and further resources to help you succeed. And just very quickly, if you are new to the channel, please do make sure you HIT THAT SUBSCRIBE BUTTON. Literally, thousands of you are passing your job interviews and I can only help you if you are subscribed to the channel. And please give the video a LIKE. Thank you very much for your support. By liking the video, it tells me that you find these questions and answers useful. Thank you very much. Let's start off with the first interview question. And that is, tell me about yourself? This question is going to come up right at the start of your AML and KYC job interview. This is the organization's chance to assess the type of person you are and the skills and experience you possess that will add value to their organization. Make sure you give a confident and positive answer that helps to build a connection with the interviewer. Here's a brilliant example answer to help you. Tell me about yourself? Here we go. I am a diligent, organized and professional employee who has the skills and qualities to match the job description. Over the years, I have built up extensive experience of conducting AML and KYC reviews within various financial organizations. I have outstanding research and communication skills, and I have the ability to prioritize a large workload. In my previous role, I was praised by my manager for my ability to seamlessly work with all levels of staff and management to achieve the organization's financial objectives. Working in AML and KYC positions requires the ability to collaborate with others, to make sound judgments based on facts and evidence, to demonstrate a strong sense of urgency in your work, and to always maintain high levels of professionalism and integrity. If you hire me in this AML and KYC position, I will adhere to all regulatory and compliance protocols and ensure my knowledge of the financial industry is always updated and relevant so that you continually see a positive return on your investment. That is a powerful answer to that first AML and KYC interview question. Tell me about yourself? Now, you can either pause the video if you want to, and take a note of the questions and answers as we work through them together. Or if you want to wait, I will soon tell you where you can instantly download my full set of 21 AML and KYC interview questions and top-scoring answers, including the ones we are covering today during this tutorial. Here's the next interview question I recommend you prepare for. And that is, what do you know about KYC? Now, this is just one of several technical questions that will be asked during your interview. Make sure you revisit the basics of anti-money laundering and know your customer before you attend your interview. If you come across as a knowledgeable and competent employee, you are far more likely to get hired. Here's another brilliant answer to help you. What do you know about KYC? Know your customer or know your client is where a financial organization takes proactive steps to verify the identity and suitability of an individual or company that will form part of a business relationship. The KYC process involves assessing the risks that are involved with maintaining a business relationship with the customer or client and ensuring their suitability is in line with the bank or financial organization's anti-money laundering policies and procedures. There are generally four steps to KYC procedures. The first step is the initial customer acceptance process, where you identify the customer and verify their identity. The second step is where an organization would assess the risk the customer or client poses to the financial organization. The third step is where the organization will monitor customer and client transactions and carry out ongoing due diligence procedures. Finally, step four involves accurate and regular record-keeping and monitoring of the customer or client moving forward. That's another great answer that's going to help you prepare fully for your AML and KYC job interview. Now, don't go anywhere because I still have more questions and answers to give you. But when you're ready, you can CLICK THAT LINK in the top right-hand corner of the video. Head through to my website, PassMyInterview.com, and you can instantly download my full set of 21 AML and KYC interview questions and top-scoring example answers, including the ones we are covering together today. But here's the next question for you. What's the difference between AML and KYC? This question comes up often during AML and KYC job interviews. Make sure you revisit the basics before you attend your interview. Here's my example answer. What's the difference between AML and KYC? Here we go. Ultimately, KYC forms part of AML and they should always be carried out in conjunction with each other during the same process. KYC is the identity verification and risk management aspect of a client-business relationship, whereas AML is generally seen as a wider process involving transaction monitoring, enhanced due diligence procedures, sanctions and politically exposed person screening. That's another great answer that will help you be the standout candidate. Here's the next question. What are the different stages of money laundering? This is a difficult one. This is a tough AML and KYC interview question to answer, so it is imperative you have your response already prepared. My advice is to give a DETAILED ANSWER that provides examples of how someone could potentially launder money. Because if you understand the three stages of money laundering, it means you can easily identify them in your work. Here's another great answer to help you. What are the different stages of money laundering? Here we go. The three stages of money laundering are placement, layering and integration. Placement is where the criminal proceeds are moved into a legitimate source. The tactics often used include generating false invoices, putting money directly into a cash-based business or setting up offshore business accounts. The second stage of money laundering is called layering. This is where the funds are broken down into smaller transactions so as to ensure they fall under the threshold of anti-money laundering processes. Tactics often used during the layering stage include trading in international stocks and markets, buying foreign money orders, trading in various foreign or cryptocurrencies or purchasing and selling luxury goods and assets. The third and final stage of the money laundering process is called integration. This is where the funds are integrated into a legitimate bank account. Again, this is generally carried out through a series of smaller transactions so as to not set off any alarms. For example, if a luxury asset has been sold during the layering stage, it can then be sold and the proceeds paid into a legitimate bank account. That's a really good answer. It shows that you thoroughly understand the different stages in money laundering. Here's the next interview question I recommend you prepare for. What steps would you follow when conducting customer due diligence? This is another AML and KYC interview question that I strongly recommend you prepare for. In your answer, talk about the different steps you would follow to conduct thorough due diligence of a customer or client. Here's my example answer to assist you. What steps would you follow when conducting customer due diligence? Here we go. There are six initial steps I would follow when conducting KYC due diligence checks on a customer or client. Step one is to verify their full name and their residential address, if it's an individual or the business address for legal entities. Step two would involve obtaining verifiable photographic identification. Step three is where I would ascertain whether there is a UBO. A UBO is the person who has significant control in a business. If there is a UBO, I would need to confirm their identity and gain an understanding of their relationship with the customer. Step four of the process is to determine the exact purpose of the intended relationship. This would involve an assessment of their planned transactions and where their funds have originated from. Step five is to confirm the customer or client's own AML policies. To give you an example, if it was a government agency who was the customer, they would probably have their own anti-money laundering policies and procedures in place. And if the customer has suitable and robust AML policies, this would help to reduce the risk profile. Finally, step six of the process is to assess any lists the customer may be included on that could increase the risk. These include sanction lists, blacklists and politically exposed persons lists. That's another really good answer that puts you across as a competent employee who knows how to carry out thorough due diligence processes on customers. Here's the next question. What are your strengths? Now, the easiest way to answer this next common AML and KYC interview question is to match your strengths with those listed on the job description. Now, the job description is essentially the blueprint for the role you are applying for. So, be sure to read it before you attend your interview. Here's another great example answer. What are your strengths? My strengths include my analytical, attention to detail, fast pace of working and collaboration skills. I have a naturally inquisitive mind and I am methodical in my approach to task completion. Other strengths include my ability to read, learn, understand and adhere to strict policies and procedures. Finally, I enjoy working with and alongside other people to achieve a common objective. I understand in any AML and KYC position, there is a need to work seamlessly with different departments, stakeholders and managers. That's a great answer that shows that you have the strengths to match the job description. Here's the next question I recommend you prepare for. This is a difficult one. What's your biggest weakness? Now, this question comes up all the time during AML and KYC job interviews. It is a very difficult question to answer because you need so many strengths to be effective in an AML and KYC role. Be very careful which weakness you give. Here's the perfect example answer. What's your biggest weakness? Here we go. My biggest weakness is the fact I am not yet very good at giving talks to large groups of people. I tend to get quite nervous public speaking, despite preparing well in advance. This is a weakness that won't impact my ability to perform to a high standard in this AML and KYC position. However, if there is the opportunity in this role to give talks or presentations to teams of people, then I would like to give it a try and improve my abilities in this area. That's a clever answer and it will do you no harm during your interview. The next thing to do is make sure you CLICK THAT LINK right now in the top right-hand corner of the video. Head through to my website, PassMyInterview.com, and you can download instantly my full set of 21 AML and KYC interview questions and top-scoring example answers, including the ones we have worked through together today. It's a fantastic resource. It's going to help put you ahead of the competition at your forthcoming AML and KYC interview. Make sure at the very least you go through to that website. CLICK THE LINK in the top right-hand corner of the video, because on the page I have given you 4 more additional tips, some great tips that will help you prepare effectively for your interview. Make sure you check those out. Finally, don't forget to HIT THE SUBSCRIBE BUTTON. Thousands of you are passing your job interviews and I can only help you if you are subscribed. By subscribing, you will be the first person to be alerted as soon as I upload suitable content that will help you progress throughout your career. Please give the video a LIKE and don't forget to CONNECT WITH ME on LinkedIn.com. I've put my LinkedIn.com link in the description below the video, and it is always great and an honor to connect with like-minded professionals such as yourself. Thank you so much for watching and I wish you all the best for passing your interview. Have a great day.