KYC Analyst

Experience level: Intermediate
Term: Permanent
Working hours: Full-time
Department: Risk
Location: Basingstoke
Company background

Penningtons Manches Cooper is a leading UK and international law firm which provides high quality legal advice tailored to both businesses and individuals. We address the specific objectives of each client through our flair and technical expertise and offer a personal service founded on a strong team ethic.

Today, we have UK offices in the City of London, Basingstoke, BirminghamCambridge, Guildford, Oxford and Reading while our growing overseas network stretches from Asia to America through our presence in Singapore, Piraeus, Paris, Madrid, Sao Paulo and San Francisco. With 141 partners and over 850 people in total, our main areas of practice are dispute resolution, corporate and commercial, real estate, private client and family.

We have established a strong reputation in a variety of sectors, particularly private wealth, shipping, technology and property. Our lawyers are also recognised for their expertise in life sciences, education, retail, sports and entertainment and international trade. In these areas, we're acknowledged for our unparalleled market insight.

By joining forces with the partners and staff of Thomas Cooper in July 2019, we have added significant depth to our core practice. The move builds on the expansion of our litigation and arbitration offering and has introduced us to the maritime community in which Thomas Cooper has long been a key player.

Our continuing commitment to excellence is backed by a track record which dates back nearly 300 years. We pay great attention to matching your requirements with the right skills, delivered cost effectively and within the appropriate timescale.

Among our clients we count multi-national corporations, public companies, professional partnerships, banks and financial institutions as well as private individuals, owner managed businesses and start-ups. We are conscious that our culture and close working relationships are vital assets and we are determined to maintain these as we increase in size. 

Our broad international focus is supported by well-established links with law firms throughout the world. Penningtons Manches Cooper is a member of Multilaw and the European Law Group, networks with representatives in over 100 countries, and many of our lawyers play leading roles in various international bodies.

Summary of role

The main objectives of the role are to assist the MLRO and Deputy MLRO in ensuring the firm’s compliance with financial crime legislation and its application of sound risk management by:

  • Analysing the firm’s client base to understand its exposure to financial crime risk
  • Reporting to the MLRO and Deputy MLRO with recommendations as to management of that risk
  • Identifying patterns and links between clients and matters
  • Maintaining an understanding of worldwide financial crime risks and how they may affect the firm

Additionally the role may include analysing and reporting on the firm’s exposure to particular work types, jurisdictions and matters posing a higher financial risk to the firm such as those with contingent funding arrangements

The role requires a self-motivated and inquisitive approach, commercial awareness of the necessary balance between risk management and excessive constraint, and a committed approach to bringing quality and continuous improvement to the business.

Main duties and responsibilities

  1. Analysis of clients and matters
    • With the MLRO and Deputy MLRO, devising and keeping under review a sampling policy for clients and matters to be examined
    • Reviewing selected clients and matters on the Peppermint CRM system in order to obtain a full understanding of ownership and control structures, making use of research tools such as Orbis and CRO
    • Analysing CDD information and material obtained on selected clients to ensure red flags have been identified and addressed. As needed, assisting the KYC team with client due diligence research including research as to source of wealth and source of funds
    • Identifying and mapping patterns of ownership and/or relationships with other clients and matters
    • Through the above, helping the firm to understand fully the risks presented by the client base, the work being done and the geographical areas in which it is operating
  2. Financial Crime Risk Management
    • Preparing and maintaining a matrix of financial crime risks faced by the firm
    • Reporting to the MLRO and Deputy MLRO on financial crime risks faced by the firm and making recommendations as to management of those risks
    • Contributing to regular review of the firm’s Anti-Money Laundering and Financial Crime Risk Assessment documents
    • Maintaining awareness of financial crime risk assessments published by the SRA, UK FIU and/or EFCC, EU and FATF or other relevant domestic or international body
    • Working with the internal audit team as appropriate, reviewing progress of selected matters to ensure financial crime risks are being managed
    • Working as necessary with others in the firm such as Team Partners and knowledge lawyers to assist in embedding a culture of financial crime risk management in the firm
    • Scanning the press and other media for information that may affect the firm’s understanding of the financial risks it faces
  3. Management reporting
    • Contributing as requested to the analysis of firm wide risks and the preparation of reports on this to the Risk and Compliance Partner, providing recommendations as required.
    • Assisting other team members as requested in collating information on risks associated with the firm’s business and internal operations
  4. Systems implementation and maintenance
    • Assisting the team in encouraging best practice in the approach to risk, and a culture of proper risk management regulatory compliance and continuous business improvement throughout the firm, balancing compliance with the firm’s financial interests
    • Working with the MLRO, Deputy MLRO and KYC and Financial Crime Lawyer to make regular improvement to the firm’s KYC processes based on experience and on any changes to legislation, regulatory requirements or best practice within the profession
    • Assisting in the drafting of policies, procedures and management board reports as requested in relation to financial crime risk avoidance and with the implementation of new procedures as appropriate.
  5. Other
    • If required by the MLRO or Deputy MLRO, dealing directly with clients in order to improve the firm’s understanding of ownership structures.
    • Taking responsibility for own personal development in order to keep skills and knowledge up to date, including attending any training as and when required and staying abreast of changing legislation.
    • Carrying out any further duties as required by the firm from time to time.
Essential and desirable criteria
  • Applicants should have a good knowledge of anti-money laundering and financial crime legislation gained through a period of working in the regulated sector. Experience in a firm of solicitors is preferred but consideration will be given to a candidate whose experience was gained in an accountancy firm or bank.
  • An inquisitive and analytical mind is required and the applicant should be able through research, analysis, lateral thinking and understanding of detail to identify links between clients and matters that may not otherwise be obvious
  • A strong team player who is persuasive, with highly developed communication and influencing skills and the resilience to cope with those who may need more encouragement than others.
  • Excellent oral and written communication skills are essential, with the ability to vary the approach to suit the target audience, which may include the Management Board, individual staff members, external agencies or clients.
  • Strong commercial awareness with the ability to demonstrate a strategic approach to risk management and a willingness to challenge the status quo and suggest change.
  • Excellent organisational skills.
  • High degree of self-motivation and a self-starting approach with a passion for compliance, risk management and business improvement
  • Academic ability to interpret rules and regulations coupled with a practical and common sense approach to their application in the firm.
  • Strong IT skills.