KYC Analyst

In the process of establishing a new business relationship, knowing the customer is of key importance to ING. This is necessary to minimize the possibility of ING becoming a party to money laundering or terrorist financing activities. Customer Due Diligence process, or CDD, basically means carrying out background checks: collecting and monitoring all relevant documents concerning the identity of the customer, as well as gaining insight into their business, ownership structure and financial transactions. Both new and existing customers and business partners are subject to CDD.

Reputational risk for ING is at stake. Improper execution of ING Financial Economic Crime (FEC) requirements may lead to serious damage by means of bad press and, more importantly, lawsuits started by other banks or legal actions by regulatory authorities. ING therefore attaches paramount importance to upholding its reputation by observing national and international FEC requirements. The CDD Analyst in this respect often deals with confidential information and has to find a balance between business interests and often gray areas in legal requirements.