Accounting Checklist: Tasks to Do Daily, Weekly and Monthly

Table of contents.

finance task example

Small business owners often put off accounting work when they are busy operating and servicing customers, but come audit season they’ll likely spend hours each day trying to identify and resolve accounting or inventory discrepancies .

Creating a daily routine for accounting tasks goes a long way in improving the accuracy and effectiveness of your company’s books. Here are some recommended tasks you should complete each day:

1. Refresh and update your financial data.

Ideally, your accounting software automatically syncs your bank and credit card feeds, and the sales data from your POS system , into your accounting software. If it doesn’t, you’ll need to do this manually. This gives you an up-to-date look at your accounts, showing you the money moving in and out of your business. [Read our review of Oracle NetSuite , our pick for the best accounting software within an enterprise resource planning platform.]

It is essential to do this every day, because it’s easier to spot discrepancies with recent transactions.

2. Reconcile cash and receipts.

Reconciling cash and receipts at the end of each day helps you discover cash shortages or overages quickly, so you can figure out where the money went and identify errors or theft.

This is also essential in establishing controls and accountability in your organization, which breaks down when not tended to every day. [Read related article: All of the Different Types of Accounting ]

3. Review and reconcile transactions.

If your accounting software is connected to your bank and synced daily, there’s no need to wait for your monthly bank statement. Many accounting applications simplify reconciliation by suggesting matches, so all you have to do is review and approve them. Spending a little time on this task each day is easy and eliminates a grueling month-end chore. It’s also a good time to review pending transactions for any errors or abnormalities, so you can investigate potential issues promptly.

4. Record and categorize expenses.

Many accounting software programs have apps that you can use to report expenses and upload receipts , so it’s easy to take care of them immediately. Rather than sort through a stack of receipts at the end of the month, just snap a picture of the receipt and jot a note about the details.

Looking for accounting software? Consider our picks for the best accounting software .

5. Record inventory received.

Entering inventory into your system the same day you receive it keeps your system current, giving you a more accurate look at your stock. If you don’t do this, your staff may lose sales by telling customers you’re out of stock when an item just hasn’t been entered into the system. Also, if your staff sells out of an item, reordering may be delayed if your system isn’t set up to allow negative inventory counts.

Keeping track of inventory on a daily basis also reduces theft or loss of merchandise. It is an important control measure. For more information, check out our guide to the best inventory management software .

Doing some accounting tasks daily will make your recordkeeping easier, make inventory management more efficient and expose costly mistakes sooner.

Editor’s note: Looking for information on accounting software? Use the questionnaire below and our vendor partners will contact you to provide you with the information you need:

Weekly accounting tasks

Here are some weekly accounting tasks to keep records, cash flows and operations of your business running smoothly:

1. Record payments you receive; deposit cash and checks.

If you receive paper checks and cash payments, deposit them weekly to keep your cash flow healthy and your records up to date.

If most of your accounts receivable are electronic payments and you have just a few paper checks, see if your bank accepts mobile deposits and what the daily, weekly and monthly limits are, as this can save you trips to the bank.

2. Invoice your clients.

Billing clients regularly helps them pay you on time. The product or service you provided is still fresh in their minds, and if there’s any discrepancy with the bill it’s easier to talk about it sooner rather than a month later. The longer you wait to bill your client, the more time it will take to get paid.

In a 2019 Forbes article, John Rampton, founder of online payments company Due, stated, “We’ve actually found that when you invoice the same day that the job is completed (as opposed to waiting two-plus weeks for your billing cycle), you are almost 1.5 [times] more likely to get paid.”

It may not always be feasible to invoice clients every day; however, it is essential to ensure invoicing is done at least once a week. [Read related article: Finding Insight Into Accounting Reports ]

3. Review employee timesheets.

Reviewing timesheets proactively – at least once each week – can help you spot any discrepancies and activities that may be counterproductive to your organization.

It will also help keep track of payroll expenses so you can make changes to your labor mix and stay within your own budgets.

There is also the issue of unauthorized overtime pay – if an employee works more than 40 hours a week, you can be held liable to pay for overtime even if you haven’t authorized it. Weekly checks can ensure such surprises are minimized.

By doing some accounting tasks weekly – like depositing checks, invoicing for services or products you’ve provided, and reviewing payroll expenses – you can operate your business more effectively.

Monthly accounting tasks

To preserve records, and maintain the integrity and reliability of your accounts, here are some tasks that need to be performed each month:

1. Pay vendors, or at least schedule bills to be paid.

When you receive bills, review them for errors. It’s also important to know the terms of your vendors. For instance, if your vendors offer early payment discounts, schedule the payments early to take advantage of them. Otherwise, set payment reminders so you can pay your bills on time and avoid late fees.

Ideally, vendors should offer 30 days to settle payments, you can often negotiate longer terms if your company is low on cash.

2. Track budgets and variances.

Creating budgets for various expenses, activities and projects isn’t hard, but sticking to these budgets can be difficult. The best way to reduce variances in budgets is to check for such things each month and then work toward corrective action.

3. Back up your data.

If you’re not using cloud-based accounting software that automatically backs up your data, make sure to back up your financial data manually at least once a month. This will give you peace of mind that you won’t lose your data if you have a hardware failure or file corruption.

One advantage of manually backing up your data is that it also allows you to revert to an earlier version if you deleted something you shouldn’t have. It also allows you to discover errors that would be easier to fix by going back a few days and reentering data, rather than making significant adjustments.

Automatic backups don’t allow you to revert to a previous version, but they do take care of this task for you. [Looking for accounting software? See our Guide to Choosing the Perfect Accounting Software for your Business .]

Annual accounting tasks

annual accounting tasks

These annual checks mainly cater toward regulatory and compliance requirements, along with reporting of performance to shareholders.

1. Prepare your year-end financial statements.

Toward the end of the year, it is imperative to assess the company’s yearly financial performance and its current financial health. This is determined by preparing statements, including the profit and loss statement, cash flow statement and the balance sheet.

These statements are prepared based on the records maintained throughout the year, and their effectiveness depends on the accuracy of those accounts.

Taking stock of your company’s performance and health is essential for further planning and strategizing, so it is necessary to make sure that the data presented is accurate.

2. Complete an audit and year-end tax returns.

Once the financial statements are ready, the law requires them to be audited by an independent external auditor to assess its accuracy and completeness, before presenting an unbiased audit report that will be used by banks, lenders, shareholders and government agencies.

This must be performed each year by certified professionals, and such independent audits add more value to your business than the regulatory requirements alone. Annual audits help test and assess various controls and procedures, and suggest necessary changes to improve efficiency or meet industry standards.

Based on the audit report, your tax liabilities are determined. These have to be filed each year in March or April, and you will need to pay the pending amounts, in addition to the quarterly taxes.

Lori Fairbanks contributed to the writing and research in this article.

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These 30 simple financial tasks will help you save money, quell anxiety and take your mind off the news

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Over the past few weeks, CNBC Make It published 30 simple financial tasks to accomplish at home. These are all meant to be easy-to-accomplish, time-sensitive activities to take your mind off of the news for a moment and, hopefully, put you on sturdier financial footing.

Of course, you don't need to accomplish everything on this list in 30 days. Bookmark this page and come back to it when you have some downtime, or are bored of Animal Crossing and stress-baking .

Here are 30 simple money tasks you can complete today, tomorrow or whenever works for you.

Day 1: Be more intentional with your money

Take some time to write down what you're spending more money on now, what you're spending less on and how you'd ideally like to spend your money. This will help you get a handle on what your priorities are now, and if and how they've changed from more normal circumstances. 

Day 2: Set up a system to track your spending

Set up a system to catalog where your money goes  every day and week. This will give you a sense of how you are acclimating to your new circumstances.

Day 3: Make a list of financial habits you'd like to form

Whatever habits you want to form, it's best to start small . Just as you can't lift 100 pounds without building up your strength, it would be difficult to transition from saving nothing to saving $1,000 each month. Habits take time to form and hitting smaller milestones can be motivating.

Day 4: Finally finish the financial task you've been avoiding

We all have something we know we  should  do but keep putting off, especially when it comes to our finances. Whatever it is, take 10 minutes to finally get it done . You'll benefit from whatever the task is and have one less thing to worry about.

Day 5: Make a plan now for how you will spend your coronavirus stimulus check

For many, what the check will go toward will be obvious: Rent, food or other necessities. But if you don't need it immediately, consider where it could best be used , whether that's in your savings account or donated somewhere else.

Day 6: Sign up for a personal finance newsletter

If you're looking for an inexpensive way to learn more about money at your own pace, financial newsletters offer invaluable insight, often for free . These missives serve as reminders to pay attention to your money in the months and years to come, and they're sent directly to your email inbox. 

Day 7: Figure out if you're wasting money on things you don't need

Reflect on your recent purchases and see if your actual spending aligns with your goals. Start by making a list of your best and worst purchases from the past year.

Day 8: Create an essentials-only budget

If you are worried about losing your job or an uncertain economy, create an "essentials only" budget now . That way, if an emergency situation arises, you'll already be prepared.

Day 9: Check your credit score

If you don't know what your score is, or haven't checked it in a while, take five minutes to do so. This can give you a snapshot of your financial health. There are plenty of ways to do this for free .

Day 10: Write down your interest rates

If you don't know your interest rates, you don't know how much you're really paying for something . You could be missing out on a better deal.

Day 11: Create a personal balance sheet to calculate your net worth

This will give you a better idea of your total financial picture than a budget or expenses spreadsheet because it lists out all of the big picture things you own and owe, not just what you are spending money on day to day.  

Day 12: Protect your money by changing your banking passwords

If you've used the same password for many years, or use the same password for many financial accounts, it's time to change that.

Day 13: Set up daily bank account alerts

Knowing where your money stands , including how much you spend and what your checking account balance is, can prevent possible problems, such as  overdrafting your account  or going over your credit limit. 

Day 14: Donate some of your coronavirus stimulus check if you don't need the money

If you're one of the Americans who  received a coronavirus stimulus check  and don't immediately need the money, there are countless ways you can donate your check to those in need. 

Day 15: Create a 'care budget' to help support yourself and others without being overwhelmed

Created by Rachel Miller, deputy editor of Vice Life, a  care budget is  "a way to think about where your most valuable resources — your time, money, and energy — are going each week." It's a recognition that you can't help everyone and contribute to every cause while still caring for yourself ; you have to be honest about how much you actually have to give others.

Day 16: Use your FSA or HSA funds for over-the-counter medications and feminine care products

Thanks to the  Coronavirus Aid, Relief and Economic Security  (CARES) Act, you can use your FSA or HSA funds to buy over-the-counter medications without a prescription , including Tylenol and other pain relievers, heartburn medications, allergy relief and more, for the first time since 2011. You can also use your funds for feminine care products, including tampons, pads, liners, cups and sponges for the first time.

Day 17: Don't forget to get the refunds you're entitled to

Take time to recoup some of the money you spent on experiences you won't have now because of Covid-19.

Day 18: Find a better bank account

If you're paying bank fees  of any kind, it doesn't have to be that way. There are plenty of options without any monthly service fees at all and more leniency with other types of charges.

Day 19: Take one thing off of your to-do list for the coming week

With so much to deal with — potential job loss, new living situations and a global pandemic — taking one task off of your to-do list doesn't mean you will never accomplish it; it's simply recognizing that there is so much going on that needs constant attention, you may not have the  mental energy  for any other distractions. And that's OK. 

Day 20: Join a money community for financial support

Having some sort of financial community is beneficial for the same reasons  talking about money with your partner or friends  is: You feel supported and less alone. 

Day 21: Prioritize your emergency fund

The most important thing anyone can do to prepare for a recession is to build up their cash reserves , financial experts say. It's not novel advice, but it is important. If you're worried about the future, prioritize sending extra money to your savings rather than investing more (or at all).

Day 22: Turn savings into a game to stash away more money

Gamification, or adding elements from game playing, like challenges, competition and scores, can be helpful for your savings rate because it taps into your emotional responses to money. 

Day 23: Create a money mindfulness practice

Instituting a short, daily financial routine can make money feel less like a source of anxiety. Rather than only checking your accounts when something goes wrong, you're conditioning yourself to do it each day, no matter what. In time, it will become just another normal item on your daily to-do list.

Day 24: Prepare for a spending quarantine

Taking the easy win of saving a little bit of money can help ease some anxiety right now by letting you focus on what you can control.  

Day 25: Give yourself a break on your 2020 money goals

Rather than fretting over goals you set at the beginning of the year , such as hitting a certain number in your savings account or maxing out your retirement contributions, give yourself some grace. Everyone is operating under extraordinary circumstances right now. 

Day 26: Decide which investment account is right for you

With all of the economic uncertainty happening right now, it might seem like a scary time to start investing. But there is no "ideal" time to invest , financial experts say. Dipping your toes in now, if you haven't invested before, can help make investing a habit in good times and bad.

Day 27: Schedule a money talk with your friends

Discussing your finances with people you trust and relate to is one of the best ways to learn more about money and how it works in your life.  Schedule a money talk with a friend , partner or group of people you trust to share your financial goals and anxieties or to ask for advice. 

Day 28: Protect your retirement accounts when you die

Take a few minutes to  add or update the beneficiaries  on your various retirement accounts, including your 401(k), IRAs and insurance policies. This is easy to do and will ensure your assets go to where you want them to when you pass away.

Day 29: Take advantage of your telemedicine options

Your doctor's visit will look a little different than you're used to , but you can still get the help, prescriptions and care that you need via telemedicine.

Day 30: Create a 5-year financial plan

Thinking and planning for the future can be a balm for any anxiety you're feeling right now.  Studies have found  that the pre-trip planning can be the most enjoyable part of a vacation. Applied to your finances, that could mean there is great joy to be had in planning out how you will buy a home one day or how much you'll need to splurge on a bucket list trip in a few years.

Did you complete any of these tasks, or have your own to add to the list? Email reporter Alicia Adamczyk at [email protected] if you'd like to talk about how you're managing your money during the coronavirus shutdowns.

Don't miss:  Working from home? It's a great time to complete these 6 financial tasks you've been putting off

Check out:  The best credit cards of 2020 could earn you over $1,000 in 5 years

How a 31-year-old making $118,000 in Philadelphia spends his money

Moolanomy

Financial Checklist of 25 Important Tasks To Do Each Year

It can be hard to keep track of all the various financial tasks you need to do during a given year. Today I thought I would share a list so you can map it out on whatever calendar application you like to use.  Here are some of the key financial tasks that should be done at least once per year .

Financial Checklist of 25 Important Tasks To Do Each Year 2

Beginning of the Year Activities

1. set financial goals and personal financial plan.

Set up your Personal Financial Plan with SMART goals is one of the most important things you can do to improve your finances.  There are three basic steps you should follow when setting financial goals:

  • Make a List of Your Financial Goals
  • Prioritize Your Goals
  • Calculate How Much You Will Need Accomplish Each Goal
  • Figure Out How You Will Fund Your Goals (Action Items)
  • Track Your Progress

Make a note to review and update your plan every quarter

2. Set Up Your Budget

Re-evaluate your budget and make adjustments . You should look at the full-year budget at the beginning of the year to take into account irregular expenses so that you can plan ahead.

After the initial budget is set up, review it regularly, e.g., weekly or monthly. Think about things you can do to improve your cash flow and make budgeting easier. Here are some ways to increase your income and reduce your expenses:

  • 40+ Passive Income Ideas and Ways to Make Extra Money
  • 40+ Ways to Save Money, Lower Your Bills, and Cut Expenses

3. Increase Your Contribution to Retirement Plans and Savings

The government generally increases the contribution limits on 401(k) and IRAs each year. If you were able to max out your contributions the previous year, or even if you didn’t, it is a good idea to increase your contribution each year.

  • IRA Contribution Limit is $6,000, or $7,000 if you’re age 50 or older (per person)
  • 401(k) Contribution Limit is $19,000, plus $6,000 catch-up contribution if you’re age 50 or older (per person)
  • 529 Plan or Education Savings Account – if you have a child, there are some great tools to help you save for education expenses.

If you don’t have automatic contribution sets up, you will have to do this throughout the year.

During the Year Activities

1. rebalance your portfolio.

Setting your investments on an automatic contribution schedule is fantastic. Ignoring your portfolio too long is dumb.

At least once a year, you should be taking a look at your portfolio and rebalancing your asset allocation . That sounds like a complicated concept, but all it means is to make sure you have the right percentage of money in each asset class according to your financial plan.

For example, if you want 70% of your money in stocks and 30% in bonds, checking your allocation will show how far off you are. If you find yourself at 75% stocks and 25% bonds, you would then rebalance your portfolio by selling the extra 5% of stocks and reinvesting that money into bonds — restoring the 70-30 asset allocation

Why is rebalancing so important?

It’s really simple: it forces you to sell high and buy low . It is easy to “let things ride” when stocks have had a great run, but regularly selling the areas of your portfolio that have grown and buying the areas that have shrunk will enhance your investment returns in the long term.

Tip: You can also rebalance your portfolio whenever there is a substantial increase or decrease in the stock market.

2. Harvest Tax Losses

Harvesting your tax losses is where you sell investments that are worth less than what you paid. You can use the resulting difference to either offset capital gains from profitable investments that you sold, and use up to $3,000 of the loss to offset your income tax owed to the government (you can roll any extra loss above $3,000 to the following years until it is used up).

Another benefit to harvesting tax losses: you don’t have to leave your investment forever.

Let’s say you invested $10,000 in an S&P 500 index fund right at the market’s peak. You could sell the fund when the market drop, take that loss against your income that tax year, and repurchase the shares 31 days later. Just be careful about the wash sale rule — there are very specific rules the IRS has in place to where you can’t repurchase the same or very similar share for a month after you sell.

Tip: You can also harvest tax losses whenever there is a significant decrease in one of your investments.

3. Shop Your Insurance Rates

Just because you got lower rates this year doesn’t mean that rate will be the lowest next year. Premiums tend to go up each year without any reason. Spending a few hours dedicated to shopping for better insurance rates can result in a significant saving of money over the coming years. You can usually group them into two parts:

  • Life, health, dental, and vision – These are often part of your employer’s benefits package, and you can choose your coverage during the Open Enrollment Period. If not, or if you need additional coverage, be sure to put these on your calendar.
  • Home and auto – Here is an article I wrote on how you can significantly save money on your home and auto insurance . While you’re on the phone, you can also ask the insurance agent about your umbrella policy.
  • Umbrella – You should also  consider getting an umbrella insurance policy if your net worth exceeds the liabilities coverage amount on your car and home insurance.

As you shop for better insurance rates, be sure to make adjustments to accommodate any changes in your situation.

4. Shop Around for Better Checking and Savings Accounts

When was the last time you take a look at your banking accounts? Is your money still sitting in accounts that are earning you virtually nothing? Did you know that there are savings and checking accounts that pay over 2% interest for your money? Take a look at these:

  • Best Savings Accounts with Highest Yield
  • Best Checking Accounts with Highest Yield

5. Shop Around for Better Credit Cards

The same goes for credit cards. If you pay off your cards every month, you should absolutely use them to get the rewards. I personally like cashback reward cards and here are some of the best cashback credit cards with a 5% reward .

6. Review Your Home Services

Your home uses many services, such as television, internet, telephone, cell phone, home security, etc. Negotiate for a lower rate or change to a different provider. If you own a business, do the same for your business as well.

Cancel unused or underutilized subscriptions, memberships, and services

7. Check Your Credit Score

There are plenty of free credit score websites where you can check your scores regularly. Do this at least once quarterly. See  How to Get Free Credit Score (No Credit Card Needed) .

8. Check Your Credit Report

The free credit score website Credit Karma also lets you see your TransUnion report. But to see all 3, you have to use AnnualCreditReport.com, which let you get one free report from the three bureaus once a year. Spread this out once every four months so you can check your reports regularly. See How to Get Free Credit Reports .

9. Adjust Your Tax Withholding

Right after you file your taxes, you should adjust your tax withholding . If you owe money to the IRS and State, withhold more money. If you got a big refund check, that is an interest-free loan to the government. You are better off lowering your withholding and get a little more money in each paycheck. Your goal should be getting as close to $0 as possible as far as a tax refund/tax owe goes.

10. Review Your Net Worth

About once a quarter, you should review your net worth to see if you are moving in the right direction. Using a free money management tool like Personal Capital makes it super easy to see your net worth at any given moment. See How to Calculate Your Net Worth .

End of the Year Activities

Some of these activities could be done any time during the year, but doing it at the end of the year allows you to make sure you maximize all the opportunities.

1. Set Holiday Shopping Budget

Sometime around October to November, you should start planning for your holiday spending. This is also a great time to review and update your budget for the rest of the year.

2. Pay Property Taxes for Next Year

If you need a little extra tax deduction, you can pay your next year’s property taxes early. Tax payments can be claimed in the year it is paid.

3. Pay January Mortgage in December

Similar to the pay your property taxes early trick, this allows you to deduct mortgage interest paid against next January in the current tax year.

4. Donate to Charities

Charitable donations are tax-deductible as long as you can produce proof when requested.  Non-cash donations are also tax-deductible, but it’s a little more involved; especially if you donated more than $500 worth. Besides cash, here are some of the things you can donate:

  • Appreciated Assets – For example, you can donate stocks, bonds, etc.. This is a better than cash option because you could deduct the full value of the stocks without paying the capital gains tax.
  • Old Car – Typically, the organization would take it away for free, coordinate the title transfer, and provide a tax-deductible donation receipt. The IRS allows you to deduct the fair market value of your vehicle.
  • Items – You can donate some items at the fair market value. For example, used clothes, furniture, electronics, appliances, etc. are tax-deductible.

See How to Maximize Your Charitable Contributions.

5. Use Up Flexible Spending Account (FSA)

If you have a Flexible Spending Account (FSA) for dependent care, healthcare, or transportation expenses, the funds may be expiring at the end of the year. If they’re not expiring on December 31, they will almost certainly expire by March or April. Start planning on how you’ll be using up the money because if you miss the deadline, the remaining balance is lost. If you cannot use up your FSA, use it as a lesson for next year, and estimate expenses accurately before locking your money away!

6. Plan Your Doctor and Dentist Visits

Each year, you go through the pain of paying the deductible.  If you already fulfill your deductible requirement this year, you should take advantage of your insurance coverage and visit your doctors for last-minute check-up and treatments. Try to schedule the appointments before December 31st. They’ll cost you less now than they will at the beginning of next year when your deductibles reset.

Moreover, your medical expenses exceeding 7.5% of your adjusted gross income (AGI), the excess amount is tax-deductible.

7. Buy Business Equipment and Supplies

If you own a business, you can make your purchases before December 31st and claim these expenses against your business income. For bloggers and other small business owners, take a look at “ 46 Tax Deductions that Bloggers Often Overlook ” at  ProBlogger  for additional ideas.

8. Pay Your Vendors Early

Likewise, pay for any services rendered by your vendors before the end of the year to claim these expenses against your business income this tax year.

9. Max Out Your Retirement Plans and Savings

Do the final check-up on your retirement plans and savings to make sure you’re on track to max out (if you can) your contributions before the deadline. 401(k) contribution deadline is the last business day of the year; for other accounts, you have some time in the following year to make your contributions.

10. Take Your Required Minimum Distribution

If you’re 70.5 years or older, and you haven’t withdrawn from your retirement account(s) this year, you have to take a minimum distribution from your accounts . Be sure to follow the required minimum distribution rule and withdraw money from your IRA and 401(k).

11. Review Your Will and Estate Plan

Has there been any significant life event during the year? If the answer is yes, review your will and estate plan to make sure it still meets your current needs.

12. Review Your Beneficiaries

Listed beneficiaries for your retirement accounts and insurance plans take precedence over your will. So review them carefully so that these funds are distributed as intended.

Your To-Do List

  • Set up a financial calendar — Remembering to do financial tasks that only occur every 6 to 12 months is difficult. Make sure you set up a calendar plan to remind yourself of these tasks.
  • Set up an alert so that you’ll remember what needs to be done.
  • Follow through and take care of the task.

Let me know what you think: have I missed any major annual financial events?

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Pinyo Bhulipongsanon

Pinyo Bhulipongsanon is the owner of Moolanomy Personal Finance and a Realtor® licensed in Virginia and Maryland . Over the past 20 years, Pinyo has enjoyed a diverse career as an investor, entrepreneur, business executive, educator, financial literacy author, and Realtor®.

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Mike

My parents have always taught me to look after my finances and each year I check my credit score to make sure that its ok as you mention in point 11. A friend of mine had his identity stolen and would not have known this until he checked his credit score and saw that someone else had taken out finance in his name.

So if I was to take 1 point from this article it would be to check that every year. I know I do!

Wayne @ Young Family Finance

This is a great resource! It’s nice to have it “checklist style” and all in one place. I like that you list setting financial goals as a yearly to-do; it is important to keep re-analyzing where your goals are at. Excellent post, thanks!

Manette @ Barbara Friedberg Personal Finance

Great tips! When we decided to spend less than our income and live frugally, we cancelled our cable and landline services. Similarly, I also canceled my subscription to parenting and food magazines. We also downgraded our cellphone to lower plans. It reduced our expenses to 12%.

Charlotte @ HIMMB

Thanks for the list. It will come in handy.

FinanceViking

Great list, but it’s hard to do all those things in a single day. I like the idea of setting up a financial calendar.

Jonathan@Friends and Money

Setting clear goals is critical and i personally find that this is very very helpful to help me plan ahead and also to review how I have been doing.

Oscar R

Starting in 2012, I changed my attitude by becoming responsible and not to continue with my habit of “I don’t care”. In January 2012, I started to gather, sort and organize my financial records so that when February 2013 comes, I have all my records ready for preparing my 2012 income tax returns. In June 2012, I created my first website (gohotmoney.com) with a desire to earn money through blogging to pay all my credit card and other debts. I was inspired by Moolanomy’s success and I want to duplicate it in the coming years through my blog. In March …  Read more »

Jenna

Great list. I would add quarterly and yearly home repairs.

Donny @ Personal Income

One financial tasks that I have not paid much attention too in the past was taxes probably because I was just a W2 employer. Now that I am an entrepreneur, I have to pay much closer attention to my taxes and get them handled by a tax professional instead of using something like turbo tax.

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What is a Financial Manager?

Financial managers are responsible for overseeing the financial health of an organization. They are responsible for creating financial reports, developing and implementing financial strategies, and managing investments. Financial managers work in a variety of settings, including corporations, non-profit organizations, and government agencies.

The primary goal of a financial manager is to maximize the value of an organization's investments and ensure that financial resources are used in the most effective way possible. This involves analyzing financial data and market trends, developing financial plans and budgets, and making strategic investment decisions. Financial managers also work closely with other members of an organization's leadership team to ensure that financial goals are aligned with overall organizational goals and objectives. Additionally, financial managers are responsible for managing risk, ensuring compliance with financial regulations and laws, and ensuring that financial statements are accurate and transparent.

What does a Financial Manager do?

A financial manager going over some reports at his desk.

Duties and Responsibilities The duties and responsibilities of a financial manager vary depending on the organization and the specific role, but generally include:

  • Financial Planning and Analysis: Financial managers are responsible for developing and implementing financial plans and strategies that help the organization achieve its goals. This involves analyzing financial data and market trends, developing budgets, and forecasting financial performance.
  • Investment Management: Financial managers are responsible for managing the organization's investments and ensuring that investment decisions are aligned with the organization's goals and objectives. They may also be responsible for managing the organization's relationships with investment firms and other financial institutions.
  • Risk Management: Financial managers are responsible for identifying and managing potential risks that could impact the organization's financial health. This involves developing risk management strategies, monitoring financial performance, and ensuring compliance with regulations and laws related to risk management.
  • Financial Accounting and Reporting: Financial managers are responsible for overseeing financial accounting and reporting, ensuring that financial statements are accurate and comply with accounting standards and regulations.
  • Cash Flow Management: Financial managers are responsible for managing the organization's cash flow and ensuring that there is sufficient liquidity to meet financial obligations. This involves developing cash flow projections, managing debt and financing, and managing relationships with banks and other financial institutions.
  • Compliance and Regulation: Financial managers are responsible for ensuring that the organization complies with financial regulations and laws. This involves staying up-to-date on changes to financial regulations and laws, developing compliance policies and procedures, and monitoring compliance with regulatory requirements.

Types of Financial Managers Financial management is a broad field, and there are several different types of financial managers. Some of the most common types of financial managers include:

  • Chief Financial Officer (CFO) : A Chief Financial Officer (CFO) is a top executive in an organization responsible for overseeing the financial activities, strategies, and risks. They play an important role in financial planning, budgeting, financial reporting, and decision-making, ensuring the company's financial health and sustainability.
  • Controller : Controllers work in a variety of organizations and are responsible for overseeing financial accounting and reporting. They ensure that financial statements are accurate and comply with accounting standards and regulations.
  • Budget Analyst : A budget analyst is responsible for helping organizations manage their finances effectively. They analyze financial data, prepare budget reports, review spending proposals, and ensure that budgets align with the organization's goals and regulations.
  • Treasurer : Treasurers work in corporations and financial institutions and are responsible for managing the organization's cash and liquidity. They oversee cash flow management, manage debt and financing, and manage relationships with banks and other financial institutions.
  • Bank Manager : A bank manager is a senior executive responsible for overseeing the operations, staff, and financial performance of a bank branch. They manage customer relationships, ensure compliance with banking regulations, and make strategic decisions to enhance the branch's profitability and customer satisfaction.
  • Risk Management Specialist : A risk management specialist is a professional dedicated to identifying, assessing, and mitigating potential risks that could impact an organization's financial stability or reputation. They develop and implement strategies to minimize risks, ensure compliance with regulations, and safeguard the organization against adverse events.

Are you suited to be a financial manager?

Financial managers have distinct personalities . They tend to be enterprising individuals, which means they’re adventurous, ambitious, assertive, extroverted, energetic, enthusiastic, confident, and optimistic. They are dominant, persuasive, and motivational. Some of them are also investigative, meaning they’re intellectual, introspective, and inquisitive.

Does this sound like you? Take our free career test to find out if financial manager is one of your top career matches.

What is the workplace of a Financial Manager like?

Financial managers work in a variety of industries, including corporate, government, nonprofit organizations, and financial institutions, such as banks and insurance companies. Within these sectors, their roles and responsibilities may vary, but the fundamental objective remains consistent: managing an organization's financial health and ensuring its long-term economic stability.

In corporate settings, financial managers, often titled Chief Financial Officers (CFOs) or Finance Directors, are essential figures in strategic decision-making. They work closely with executives, providing financial insights and analyses to guide the company's direction. Their responsibilities include financial planning, budgeting, and forecasting, ensuring the company's investments are sound, and managing financial risks. They oversee financial reporting and compliance, ensuring that the company adheres to relevant laws and regulations. Corporate financial managers often collaborate with various departments, aligning financial strategies with operational goals.

In government agencies, financial managers, such as budget analysts, play a vital role in managing public funds efficiently. They are responsible for budget formulation and execution, analyzing financial data to support policy decisions. Government financial managers monitor expenditures, assess revenue streams, and allocate resources to various programs and initiatives. They also ensure compliance with budgetary regulations and assess the financial impact of legislative proposals.

Nonprofit organizations rely on financial managers to maintain their fiscal sustainability. These managers, often called Nonprofit Finance Directors, handle budgeting, financial reporting, and grant management. They work closely with fundraising teams, ensuring the organization's financial resources align with its mission and goals. Nonprofit financial managers also oversee audits and compliance with tax regulations, ensuring transparency and accountability to donors and stakeholders.

In financial institutions, financial managers, such as banking or investment managers, oversee a range of activities. Banking managers focus on areas like retail banking, lending, or risk management. They assess loan applications, manage customer accounts, and develop strategies to attract and retain clients. Investment managers, on the other hand, work in areas such as asset management or pension funds, making strategic investment decisions on behalf of clients or organizations.

Financial managers may also work as consultants or be self-employed, providing financial expertise to businesses or individuals. They might specialize in areas like mergers and acquisitions, risk management, or financial analysis, offering their services to clients seeking expert financial advice.

Regardless of the specific sector, financial managers typically work in office environments. Their roles often involve collaborating with cross-functional teams, analyzing financial data, preparing reports and presentations, and staying abreast of regulatory changes and market trends. Strong analytical skills, attention to detail, and a deep understanding of financial principles are essential for success in this dynamic and critical profession.

Frequently Asked Questions

Money manager vs financial manager.

The terms "money manager" and "financial manager" are related but represent different roles within the finance industry:

Money Manager A money manager manages investment portfolios on behalf of individual clients, institutions, or funds. Money managers make investment decisions, buy and sell securities, and create diversified portfolios to achieve the financial goals of their clients. They often work in investment firms, mutual funds, pension funds, or as independent financial advisors. Money managers can specialize in various types of investments, such as stocks, bonds, real estate, or alternative investments, based on their clients' risk tolerance and investment objectives.

Financial Manager A financial manager, on the other hand, is a broader term that encompasses professionals responsible for the financial health of an organization. Financial managers can work in various sectors, including corporations, government agencies, nonprofits, and financial institutions. They are responsible for overseeing an organization's financial activities, which include financial planning, budgeting, forecasting, financial reporting, risk management, and investment decisions. Financial managers ensure that the organization's financial strategies align with its goals and contribute to its overall success and stability.

In summary, a money manager is a specific type of financial manager who focuses on managing investments, while a financial manager has a broader role, overseeing the overall financial operations of an organization. The roles can overlap in certain contexts, especially within financial institutions where financial managers might also be involved in managing specific investment portfolios. However, they are not necessarily the same career, as their responsibilities and areas of focus can differ significantly.

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Financial Management Related Careers and Degrees

  • Financial Manager
  • Chief Financial Officer (CFO)
  • Budget Analyst
  • Bank Manager
  • Risk Management Specialist
  • International Finance
  • Business Administration
  • Business Management
  • Public Administration

InterviewPrep

30 Financial Services Professional Interview Questions and Answers

Common Financial Services Professional interview questions, how to answer them, and example answers from a certified career coach.

finance task example

If you are aspiring to become a financial services professional, your expertise in managing money and navigating the complex world of finance is key. But before you can begin assisting clients with their financial needs, there’s one important step to clear – acing the interview. This process often involves answering some tough questions aimed at understanding how well you grasp industry concepts, handle client relationships, and cope under pressure.

To help get you prepared for this critical stage, we’ve curated a list of common interview questions for financial services professionals. Alongside each question, we offer insights on what employers might be looking for in your responses, along with sample answers to guide you. Let’s dive in and help you secure that job!

1. Can you describe your experience with financial modeling and forecasting?

This question is asked to gauge your technical proficiency. Financial modeling and forecasting are critical skills for many roles in finance. These skills demonstrate your ability to analyze financial data and use it to predict future outcomes. This is a key aspect of financial planning and decision-making. It shows that you can use your analytical skills to support strategic business initiatives and contribute to the financial health of the company.

Example: “I’ve spent several years developing and utilizing financial models for various purposes such as budgeting, forecasting, and investment decision-making. I have a strong understanding of constructing models that incorporate multiple variables and scenarios to assess potential risks and returns.

My experience includes building dynamic models from scratch, using Excel and other software like Oracle Hyperion and SAP BPC. These tools helped me produce accurate forecasts and insightful analysis.

In terms of forecasting, I’ve been involved in both short-term operational forecasting and long-term strategic planning. My approach is data-driven, relying on historical trends while also taking into account market conditions and business strategy.

Overall, my expertise lies in creating robust models and forecasts that facilitate informed financial decisions.”

2. How do you ensure the accuracy of financial reports?

Accuracy is the cornerstone of any finance-related job – a single mistake can lead to significant losses or even legal issues. Hence, employers are keen to understand if you have a systematic approach to ensuring accuracy. They want to ascertain your attention to detail, your knowledge of financial systems and controls, and your ability to implement them effectively to prevent errors and discrepancies in financial data.

Example: “To ensure the accuracy of financial reports, I employ a multi-step process.

I start with thorough data collection from reliable sources and double-check all figures for any discrepancies. Then, I use accounting software to minimize manual errors during calculations.

Next, I follow Generally Accepted Accounting Principles (GAAP) which provide a framework for consistency and precision in reporting.

Regular audits are also crucial to verify the integrity of information presented in the reports.

Lastly, I believe in continuous learning and staying updated on regulatory changes to maintain the highest standards of accuracy.”

3. Can you provide an example of a complex financial project you’ve managed from start to finish?

The goal here is to understand your ability to navigate intricate financial scenarios and see a project through to completion. It’s all about demonstrating your analytical skills, attention to detail, and project management abilities. They want to see if you can handle the pressure, maintain accuracy, manage time effectively, and deliver results. This question also helps to evaluate your problem-solving skills and your ability to apply financial principles in real-world situations.

Example: “One complex project I managed involved the financial restructuring of a struggling company. My team and I were tasked with analyzing all assets, liabilities, and cash flows to create a comprehensive recovery plan.

We performed an in-depth audit, identified inefficiencies, and proposed cost-cutting measures. We also developed strategies for increasing revenue by identifying new market opportunities.

The process required careful coordination with various stakeholders including creditors, investors, and employees. It was challenging but ultimately successful as we helped the company avoid bankruptcy and return to profitability within two years. This experience honed my skills in financial analysis, strategic planning, and stakeholder management.”

4. How do you stay up-to-date with current financial regulations and legislation?

Keeping abreast of the latest financial regulations and legislation is pivotal in the world of finance. Regulatory compliance is not just a legal requirement but also a measure of credibility and reliability. Therefore, hiring managers ask this question to gauge how committed you are to staying informed and updated. They want to ensure you can navigate the evolving financial landscape and provide sound advice under the umbrella of current regulations.

Example: “Staying updated with current financial regulations and legislation is crucial in my line of work. I regularly read industry publications, attend webinars, and participate in professional networking events to keep abreast of changes.

I also subscribe to newsletters from regulatory bodies like the SEC and FINRA. They provide timely updates on new rules or amendments to existing ones.

Moreover, continuous professional development courses offered by various institutions help deepen my understanding of complex regulations. These resources ensure that I am always informed about the latest developments in the financial sector.”

5. Can you share your approach to risk management and how you’ve applied it in a real-life scenario?

Risk management is a cornerstone of financial services and your approach to it can say a lot about your strategic thinking and decision-making skills. The ability to balance risk and reward is essential in this industry. By asking this question, employers are trying to gauge your understanding of risk management principles and your ability to apply them in real-world situations. They want to know if you can identify, evaluate, and prioritize risks to minimize potential losses.

Example: “My approach to risk management involves a thorough understanding of the financial landscape, careful analysis, and strategic planning. I focus on identifying potential risks, assessing their impact, and developing mitigation strategies.

In one instance, while managing a portfolio for a client, I noticed an overexposure to a particular sector. Recognizing this as a risk, I recommended diversifying investments across different sectors. This strategy not only reduced the risk but also improved the overall performance of the portfolio.

This experience reinforced my belief in proactive risk management – anticipating issues before they arise and taking necessary actions to mitigate them. It’s about striking a balance between risk and reward, ensuring that we maximize returns while keeping risks within acceptable limits.”

6. What strategies do you use to explain complex financial concepts to clients with limited financial literacy?

Money matters can be intimidating, especially when it comes to investments and financial planning. As a financial services professional, you’ll encounter clients who may have little to no understanding of the financial industry. It’s important to demonstrate your ability to break down complex financial concepts into simple, understandable terms. Your approach to educating clients is a vital part of your role, and interviewers want to know that you are capable of doing it effectively.

Example: “Understanding the client’s level of financial literacy is my first step. I then simplify complex concepts using everyday analogies, making them relatable and easier to understand. Visual aids like graphs or charts can also be beneficial in illustrating ideas. It’s important to check for understanding regularly during our discussion, encouraging questions to ensure clarity. Patience and clear communication are key in these situations.”

7. How have you used financial software tools or platforms to improve the efficiency of your work?

This question is asked to assess your level of comfort and proficiency with financial software tools or platforms. In the dynamic business landscape of finance, technology continues to play a significant role. From streamlining processes to enhancing accuracy, software tools are critical in the field of finance. Therefore, hiring managers want to ensure that you are not only familiar with these tools, but can also leverage them to improve efficiency and productivity.

Example: “In my experience, financial software tools are essential for improving efficiency. I’ve used QuickBooks for managing accounts payable and receivable, which streamlined the process significantly by automating invoices and payments.

I also utilized Excel’s advanced features like pivot tables and VLOOKUP to analyze large data sets swiftly. This helped in making informed decisions based on real-time data analysis.

Moreover, using platforms like Bloomberg Terminal provided me with instant access to financial news and market trends, aiding in faster decision-making processes.

By integrating these tools into daily tasks, I was able to enhance productivity, reduce errors, and provide accurate financial reports promptly.”

8. What is your experience in financial auditing? Describe a situation where your auditing skills made a significant impact.

Auditing plays a vital role in ensuring the financial health of a business. It’s the process of examining a company’s financial records to determine if they’re accurate and in accordance with any applicable rules, regulations, and laws. Through this question, hiring managers want to gauge your understanding of the auditing process, your ability to scrutinize financial records, and the impact of your auditing skills on a business. They’re also keen to understand how your actions can contribute to the company’s success.

Example: “I have over seven years of experience in financial auditing, primarily in the banking sector. One impactful situation was during an internal audit for a large bank. I identified discrepancies in their loan approval process which were causing significant losses.

Upon further investigation, it turned out to be due to outdated software that wasn’t flagging high-risk applicants effectively. I presented my findings and recommended immediate upgrades to more advanced systems. The bank implemented these changes, resulting in improved risk assessment and substantial reduction in bad debts. This experience underscored how thorough audits can directly enhance operational efficiency and profitability.”

9. Could you share an example of a time when you had to make a difficult financial recommendation to a client? How did you handle it?

The essence of financial services is about trust and making tough decisions. As a professional in this field, you’ll often have to make critical recommendations that may not always be well-received by your clients. Therefore, hiring managers want to gauge your ability to handle such sensitive situations. They want to know if you can maintain a professional demeanor, communicate effectively, and navigate the delicate balance of upholding your fiduciary duty while also respecting your clients’ emotions and financial goals.

Example: “In one instance, I had a long-term client who was keen on investing in a high-risk venture due to potential high returns. However, considering his financial situation and risk tolerance, it wasn’t the best move.

I explained my concerns about the investment’s volatility and how it could potentially impact his financial stability. I presented alternative options that aligned better with his risk profile and financial goals.

It was challenging as he was initially resistant, but by providing clear, data-driven insights, I was able to guide him towards a more suitable decision. This experience underscored the importance of understanding clients’ needs and making recommendations based on their unique circumstances.”

10. How have you handled a situation where a client disagreed with your financial advice?

Examining this scenario allows hiring managers to gauge your ability to handle conflict and disagreement in a professional manner. Financial advice can often be subjective and clients may not always agree with your recommendations. Your ability to maintain a professional demeanor, effectively communicate your reasoning, and negotiate a mutually satisfactory solution is critical in maintaining client relationships and achieving business objectives.

Example: “In such situations, I always prioritize open communication. I ensure that the client understands the rationale behind my advice by explaining it in a simple and clear manner.

However, if disagreements persist, I respect their perspective and suggest alternative solutions that align more closely with their comfort level.

It’s important to remember that building trust is key in financial advisory relationships. Therefore, even when disagreements arise, maintaining professionalism and understanding the client’s needs are paramount.”

11. Describe your experience with investment strategies and portfolio management.

Money management is the bread and butter of a career in financial services. Potential employers want to know you have the expertise to handle complex investment portfolios and the strategic thinking required to maximize growth and profitability for clients. Your ability to navigate the world of finance and make smart, calculated decisions will be critical in this role.

Example: “I have a solid background in investment strategies and portfolio management. My experience includes analyzing market trends, assessing risks, and identifying profitable investment opportunities.

Through this work, I’ve developed strong skills in asset allocation, diversification, and risk management. I am adept at tailoring portfolios to meet clients’ specific financial goals and risk tolerance.

My approach is data-driven, relying on both quantitative analysis and qualitative research. This ensures that the investments are not only financially sound but also align with the client’s values and long-term objectives.”

12. How would you handle a situation where a client is facing financial distress?

As a financial services professional, your role involves not just managing money, but also guiding clients through their financial journey, which can sometimes be rocky. By asking this question, hiring managers want to see if you’re equipped with the emotional intelligence, empathy, and problem-solving skills to guide clients through their challenges and help them make the best possible financial decisions, even under difficult circumstances.

Example: “In handling a client facing financial distress, I would first ensure to empathize with their situation. This helps build trust and opens up communication.

Next, I’d conduct a thorough analysis of their current financial status. This includes understanding income sources, expenses, debts, and assets.

Based on the analysis, I would then create a customized plan that addresses immediate concerns while also setting long-term goals. This could involve debt consolidation, budgeting advice or investment strategies.

Throughout this process, it’s crucial to communicate clearly and regularly with the client, ensuring they understand each step and feel comfortable with the proposed solutions.”

13. How do you approach the financial planning process for a new client?

Financial planning is a highly personalized process, and no two clients are exactly alike. The interviewer wants to understand how you can adapt your approach to cater to the specific needs, goals, and risk tolerance of each client. Your ability to tailor your planning process based on a client’s unique financial situation demonstrates your problem-solving skills, customer service abilities, and understanding of financial products and services.

Example: “Understanding the client’s financial goals is my first step. I conduct a comprehensive analysis of their current financial situation, including income, expenses, assets and liabilities.

Next, I develop a personalized financial plan that aligns with their short-term and long-term objectives. This could involve strategies for wealth accumulation, debt management, retirement planning or estate planning.

It’s crucial to regularly review and adjust the plan as needed, based on changes in the client’s life circumstances or market conditions. Communication is key throughout this process to ensure the client feels confident and informed about their financial future.”

14. What is your strategy for maintaining client relationships and trust?

In the world of finance, trust and relationship building are paramount. Clients entrust their hard-earned money and future financial security to financial services professionals, which requires a significant amount of trust. Interviewers want to know that you have a clear, effective strategy for building and maintaining that trust, as well as fostering long-term relationships with your clients. They want to see that you understand the importance of communication, transparency, and excellent customer service in your role.

Example: “Maintaining client relationships and trust is a two-pronged approach for me.

The first aspect involves consistent communication, ensuring clients are kept informed about their financial status, market trends, and any potential opportunities or risks. This transparency fosters trust.

The second part revolves around delivering results. Trust is built when clients see that I am capable of managing their finances effectively and achieving their goals. By combining these strategies, I aim to build long-lasting, trusting relationships with my clients.”

15. Can you give an example of a time when you identified a financial opportunity for a client they hadn’t recognized?

This question is designed to assess your financial acumen, problem-solving skills, and client-focused approach. As a financial services professional, you’re expected to not just manage your clients’ wealth, but also identify opportunities for growth or savings that they might not have spotted themselves. Your ability to do so demonstrates your value and can significantly impact client satisfaction and retention.

Example: “In one instance, I was reviewing a client’s portfolio and noticed they had significant holdings in low-interest savings accounts. Considering their risk tolerance and financial goals, it seemed like an inefficient use of capital.

I proposed reallocating some funds into diversified mutual funds which could potentially yield higher returns over the long term. After discussing the risks and benefits, the client agreed to this strategy. This move not only improved their overall asset allocation but also increased their potential for greater earnings.”

16. How do you handle confidentiality and sensitive financial information?

Trust is absolutely paramount when it comes to managing someone else’s finances. When a client hands their financial life over to you, they’re placing a great deal of faith in your integrity and discretion. Hiring managers need to be sure that you understand the gravity of this responsibility, and that you have the ethical fortitude to handle it appropriately.

Example: “I understand the importance of confidentiality, especially in a financial services role. Handling sensitive information requires utmost discretion and adherence to legal regulations such as GDPR.

To ensure data security, I strictly follow company policies and procedures for storing, accessing, and sharing confidential information. I also believe in maintaining transparency with clients about how their data is used while respecting their privacy rights.

In case of any doubts or issues related to confidentiality, I would consult my superiors or the legal team. It’s crucial to maintain trust and integrity in our profession, which can be achieved by safeguarding client’s sensitive financial information.”

17. What has been your most challenging financial analysis task, and how did you tackle it?

As a financial services professional, you’ll encounter complex scenarios that require intricate analysis and problem-solving. This question is designed for hiring managers to gauge your analytical skills, problem-solving abilities, and perseverance when faced with challenging financial tasks. It gives them a peek into your thought process, decision-making abilities, and how you approach complex financial problems.

Example: “One of the most challenging financial analysis tasks I faced was predicting a company’s future cash flows during an uncertain economic climate. The task required me to consider multiple variables, including market volatility and potential regulatory changes.

To tackle this, I used scenario analysis, creating different models based on various possible outcomes. This allowed me to present a range of forecasts instead of a single projection, providing a more comprehensive view of potential financial scenarios.

This approach not only improved my forecasting accuracy but also helped stakeholders make informed decisions about strategic planning and risk management.”

18. How do you ensure compliance with financial laws and regulations in your daily work?

As a financial services professional, you’re expected to operate within the confines of various laws and regulations. It’s essential to show your potential employer that you not only understand these rules but also know how to apply them in your daily work. This is critical to prevent potential legal issues and to maintain the integrity and reputation of the company.

Example: “Compliance with financial laws and regulations is a critical aspect of my work. I stay updated on the latest changes through continuous education, attending seminars, and subscribing to relevant publications.

I also use compliance software that automatically updates with new regulatory requirements. This helps in identifying potential issues early and taking corrective action promptly.

Furthermore, I ensure all documentation and reporting are accurate and timely, reducing the risk of non-compliance. Regular audits are conducted to verify adherence to regulations.

In essence, being proactive, staying informed, and utilizing technology effectively ensures compliance in my daily operations.”

19. Can you describe a time when you had to navigate a complex financial transaction?

The financial world can often be a labyrinth of regulations, paperwork, and nuanced details. Hiring managers need to be confident that you can not only navigate this maze but also do it in a way that’s effective, efficient, and compliant. This question helps them assess your problem-solving abilities, attention to detail, and understanding of financial processes.

Example: “In a previous role, I was tasked with managing the merger of two large companies. This required not only understanding both company’s financial standing but also their tax implications and potential risks involved.

The process included detailed analysis of financial statements, due diligence reports, and consultation with legal teams to ensure compliance. The complexity increased when dealing with different jurisdictions and regulatory bodies.

Despite these challenges, my team and I were able to successfully navigate this transaction by maintaining clear communication lines, staying organized, and being diligent in our research and analysis. The merger went through smoothly, resulting in significant cost savings for both entities.

This experience has equipped me with skills to handle complex financial transactions effectively.”

20. How do you approach financial crisis management?

Financial crises can have serious impacts on both businesses and individuals, and they require swift, decisive action to mitigate. In asking this question, hiring managers are trying to gauge your ability to handle high-stress, high-stakes situations. They want to know if you have the necessary skills and experience to guide clients through financial hardship and come out the other side in a better position.

Example: “In managing a financial crisis, my first step is to conduct an in-depth analysis of the situation. This involves identifying the root cause and understanding its impact on various aspects of the business.

Post-analysis, I develop a strategic plan that includes cost-cutting measures, reallocation of resources, and potential revenue-generating initiatives. The goal here is to stabilize the company’s finances while ensuring minimal disruption to operations.

Communication plays a crucial role during this time. It’s important to keep all stakeholders informed about the situation and the steps being taken to address it.

Lastly, after the crisis has been managed, I focus on implementing preventive measures to avoid recurrence. This could include refining risk management strategies or improving financial forecasting methods.”

21. What is your experience in tax planning and strategy development?

Tax planning and strategic development play pivotal roles in the financial services industry. As such, hiring managers are keen on finding candidates who possess strong experience in these areas. By asking this question, they aim to gauge your understanding of tax laws, your ability to use this knowledge to develop effective tax strategies, and your experience in helping clients minimize their tax liabilities while staying compliant with the law.

Example: “I have substantial experience in tax planning and strategy development. I’ve worked with diverse clients, helping them understand their financial obligations while maximizing savings through effective tax strategies.

My expertise includes analyzing financial situations to identify potential tax implications, providing advice on tax laws changes, and developing personalized tax plans.

In terms of strategy development, I’ve designed tax-efficient structures for businesses and individuals. This involves a deep understanding of local and international tax regulations, as well as the ability to forecast future trends.

This combination of skills allows me to provide comprehensive tax planning services that align with my clients’ financial goals.”

22. Share an instance where you used data analysis to inform a financial decision.

Data, numbers, and analytics are the lifeblood of any financial role. Therefore, interviewers need to understand how you use data analysis in your decision-making process. They are looking for instances that showcase your ability to interpret complex financial data, draw conclusions, and make informed decisions that have a positive impact on the company’s financial health.

Example: “In one instance, our company was considering an investment in a new technology. I used data analysis to evaluate the potential ROI. By analyzing historical financial data and market trends, I projected future revenue streams and costs associated with this investment.

The results indicated that while there would be significant upfront costs, the long-term benefits outweighed these initial expenses. This informed decision led to a successful investment, yielding higher than anticipated returns for the company. It demonstrated how critical data analysis is in making sound financial decisions.”

23. How have you handled ethical dilemmas in your financial career?

Ethics are of paramount importance in the financial sector, which is why potential employers want to know how you approach ethical dilemmas. They need to see that you have a clear understanding of right and wrong, that you can make difficult decisions under pressure, and that you have the integrity to uphold regulatory standards and the company’s reputation at all times.

Example: “In my financial career, I’ve encountered ethical dilemmas such as conflicts of interest and issues related to confidentiality. In such situations, I have always prioritized adhering to the company’s code of ethics and professional conduct.

For instance, there was a situation where I had access to confidential information which, if used inappropriately, could lead to personal gain. However, understanding the importance of trustworthiness in this profession, I refrained from any form of misuse.

In another scenario, when faced with a potential conflict of interest, I immediately disclosed it to my supervisor. We then worked together to ensure that all decisions were made objectively, maintaining the integrity of our work.

These experiences have reinforced my commitment to uphold ethical standards, ensuring transparency and fairness in every decision I make.”

24. Can you describe your process for conducting financial research and market analysis?

The heart and soul of a financial services professional’s role is to conduct thorough and accurate financial research and market analysis. The results of your work help a company make informed decisions, whether that’s about a potential investment, merger, or internal audit. Potential employers want to ensure you have a systematic, analytical, and comprehensive approach to this vital task.

Example: “My approach to financial research and market analysis begins with defining the objectives of the study. Once I have a clear understanding, I gather relevant data from reliable sources such as company reports, industry publications, and economic indicators.

I then use analytical tools like Excel for quantitative analysis and SWOT or PESTLE frameworks for qualitative insights. This helps me identify trends, patterns, and potential risks or opportunities in the market.

Next, I interpret the findings and translate them into actionable recommendations. It’s crucial to present these insights in an easily understandable format, often using visual aids like charts or graphs.

Throughout this process, I maintain a critical mindset, constantly questioning assumptions and cross-verifying information to ensure accuracy and reliability.”

25. How have you used technology to improve financial processes or services?

The financial industry is rapidly evolving, and much of this change is driven by technology. Employers want to know that you’re not just comfortable with using technology, but also adept at leveraging it to improve efficiency, accuracy, and service. This question seeks to explore your technical skills, your creative problem-solving abilities, and your commitment to continuous improvement.

Example: “In leveraging technology to enhance financial processes, I’ve utilized automation tools for tasks such as data entry and reconciliation. This not only increased accuracy but also freed up time for more strategic work.

I’ve also implemented predictive analytics in forecasting, which significantly improved our budgeting process. Through this, we were able to anticipate market trends and make informed decisions.

Moreover, I used blockchain technology to enhance security in transactions, reducing the risk of fraud.

Finally, by integrating AI into customer service, we managed to provide personalized advice to clients, improving their overall experience.”

26. What is your experience in debt management and restructuring?

Financial services professionals are expected to have a strong understanding of debt management and restructuring. This knowledge is key when advising clients on how to manage their financial risks and liabilities. By asking this question, hiring managers want to assess your practical experience, problem-solving abilities, and understanding of financial strategies to help clients improve their financial health.

Example: “I have extensive experience in debt management and restructuring. I’ve worked with companies facing financial distress, developing strategies to restructure their debts and improve their financial health.

My approach involves a thorough analysis of the company’s financial situation, identifying areas where costs can be reduced or revenue increased. It is crucial to negotiate with creditors for favorable terms that align with the client’s capacity to pay.

In terms of debt restructuring, I’ve facilitated negotiations between clients and lenders, helping to secure new repayment schedules or lower interest rates. This has often resulted in significant cost savings and improved cash flow for businesses.

Overall, my goal is always to help clients regain control over their finances, reduce their debt burden and set them on a path towards financial stability.”

27. Can you illustrate a situation where your financial forecasting was significantly off and how you handled it?

Financial forecasting is the backbone of any investment strategy. However, even the most skilled professionals can make errors in their predictions. When this happens, it’s essential to learn from the experience and adjust your approach. This question allows interviewers to assess your ability to handle unpredictable situations, to learn from your mistakes, and to make necessary adjustments in your forecasting strategies. It also gives them an insight into your problem-solving skills and how you handle stress and disappointment.

Example: “In a previous role, I was responsible for forecasting the annual sales revenue of a new product line. Despite extensive research and analysis, the actual sales were significantly lower than projected.

Upon realizing this discrepancy, I immediately conducted a thorough investigation to identify the cause. It turned out that there had been an unexpected shift in market trends which adversely affected our product’s demand.

To manage the situation, I recalibrated the forecast model to incorporate these changes and adjusted our business strategy accordingly. This experience taught me the importance of continuous monitoring and adaptability in financial forecasting.”

28. How do you handle client dissatisfaction or complaints regarding financial advice or services?

The finance industry is a high-stakes field with a lot of responsibility, and it’s inevitable that there will be times when clients are dissatisfied with the outcome of their investments or financial plans. Employers need to be confident that you can handle these situations with grace, professionalism, and a commitment to finding a resolution. They want to know that you can preserve client relationships in the face of adversity and continue to build trust over time.

Example: “When a client expresses dissatisfaction, my first step is to listen attentively. Understanding their concerns fully allows me to address the issue effectively.

I then acknowledge their feelings and apologize for any inconvenience caused. This helps in building trust and shows that I value their feedback.

Next, I analyze the situation to identify where things went wrong and find possible solutions. If it’s due to a misunderstanding, I clarify the information patiently and professionally.

If there was an error on our part, I take responsibility and assure them of corrective measures.

Finally, I follow up with clients to ensure they are satisfied with the resolution. It’s important to turn these situations into opportunities for improving client relationships and service quality.”

29. What is your experience with financial reporting systems and software?

In the financial services industry, proficiency in financial reporting systems and software is paramount. These tools are the bedrock of strategic financial planning and decision-making. By asking this question, recruiters are seeking to determine your level of familiarity and experience with these tools. They want to ensure that you are capable of using them efficiently to perform tasks such as financial analysis, forecasting, budgeting, and generating financial reports.

Example: “I have extensive experience with various financial reporting systems and software. I’ve worked with QuickBooks for accounting tasks, SAP for enterprise resource planning, and Oracle Financials for comprehensive financial management.

My proficiency in these tools has enabled me to generate accurate reports, perform data analysis, and ensure regulatory compliance. I’m also adept at customizing these systems to suit specific business needs.

In terms of software development, I am familiar with SQL and Python, which are useful for database management and automation respectively. This knowledge allows me to troubleshoot issues, streamline processes, and improve overall efficiency.

Continual learning is important to me, so I stay updated on the latest technologies and trends in financial software.”

30. Can you share an instance where your negotiation skills played a crucial role in a financial deal or decision?

Financial services can often involve high-stake negotiations and decisions. Prospective employers want assurance that you are not only familiar with these situations, but that you can navigate them successfully. Your negotiation skills, tact, and ability to influence others can be a critical factor in reaching beneficial outcomes for the business. Sharing specific instances where you’ve demonstrated these skills helps employers gauge your potential effectiveness in their own financial landscape.

Example: “In one instance, I was responsible for negotiating a significant contract with a key supplier. The initial offer was above our budget and could have significantly impacted our financial performance.

I used my analytical skills to evaluate the proposal in detail and identify areas where we could potentially reduce costs. Leveraging this information, I engaged in several rounds of negotiations with the supplier.

Eventually, we agreed on terms that were beneficial for both parties – securing essential services for us at a cost within our budget while ensuring fair compensation for the supplier. This experience underscored the importance of effective negotiation in managing finances and achieving business objectives.”

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  • Resume Examples

50+ Finance Resume Examples - Here's What Works In 2024

To break into finance, you need a strong resume that highlights your experience in the industry. if you need inspiration, look no further — we've provided a ton of downloadable resume samples that you can use as a starting point for your own finance resume..

Established bookkeepers can demonstrate their savvy by including quantitative values and bookkeeper-relevant action words that clue hiring managers into their skillset.

Choose a category to browse Finance resumes

We've put together a number of free Finance resume templates that you can use. Choose a category depending on your field, or just scroll down to see all templates.

Bookkeeper Resumes

The bookkeeping field is wide open for those with a knack for numbers and a desire to help companies keep an accurate perspective of their finances. Learn how to make your bookkeeper resume stand out as we review four templates for bookkeepers from a variety of backgrounds and delve into key tips to keep in mind.

Full Charge Bookkeeper

If you are a full charge bookkeeper, aim to demonstrate your ability to lead and manage others while still having a background in the finer details of bookkeeping work.

Senior Bookkeeper

Senior bookkeepers can exemplify their role by including short, succinct bullet points beginning with strong verbs and incorporating numerical values.

Entry Level Bookkeeper

If you are an entry level bookkeeper, you can write out key courses and include your relevant extracurricular activities to demonstrate your experience.

Bookkeeper Office Manager

Bookkeeper office manager resume sample that highlights the applicant’s career growth and experience.

Investment Banking Resumes

Investment banking can be a lucrative but also very demanding career where only the best of the best succeed. This guide has been created to help you create a resume that will stand out among the sea of impressive resumes recruiters see every day. We will define 5 investment banking positions, show you a strong resume sample for each, and give you pointers to help you elevate your resume and secure that interview.

Investment Banking Associate

An investment banking associate resume sample highlighting the applicant’s certification and relevant skill set.

Investment Banking Managing Director

An investment banking managing director resume sample highlighting the applicant’s sales strengths and communication skills.

Investment Banking Vice President

An investment banking vice president resume sample highlighting the applicant’s presentation skills and professional network.

Investment Banking Executive Assistant

An investment banking executive assistant resume sample highlighting the applicant’s administrative strengths and certifications.

Financial Analyst Resumes

Great financial analysts can help companies thrive. We’ve got six sample resumes here to help you snag a job in 2023 (Google Docs and PDFs attached).

Senior Financial Analyst

Senior financial analyst resume with relevant work history and past promotions

Entry Level/Junior Financial Analyst

Junior financial analyst resume with educational history and internship experience

Investment Analyst

Investment analyst resume with quantifiable achievements and strong action verbs

Portfolio Manager

Portfolio manager resume with hard skills in skills section and strong action verbs

Real Estate Financial Analyst

Real estate financial analyst resume with promotions and relevant work experience

Financial Analyst Intern

A financial analyst intern resume sample that highlights the applicant’s related certifications and experience.

Senior Portfolio Manager

A resume for a Senior Portfolio Manager demonstrating strategic insights and leadership capabilities.

Accountant Resumes

Accountants are key players in the daily operations of most businesses. We cover what you need to know to land an accounting job in 2023 (Google Docs and PDFs attached).

Accounting Clerk

Accounting clerk resume with relevant work experience and strong action verbs

Accounting Manager

Accounting manager resume with promotions and measurable achievements

Senior Accountant / Accounting Executive

Senior accountant and accounting executive resume with hard skills section and bullet points with action verbs

Entry Level Accountant

Entry level accountant resume with educational history, relevant internships, and volunteer projects

Staff Accountant

Staff accountant resume with measurable achievements and clear action verbs

Cost Accountant

Cost accountant resume with promotions and industry-specific action verbs

Payroll Accountant

Payroll accountant resume with hard skills, job title, and relevant keywords added

Accounting Assistant

Accounting assistant resume focused on specific position with educational history

Tax Accountant

finance task example

Accounting Specialist

finance task example

Junior Accountant

A junior accountant resume sample that highlights the applicant’s accounting certifications and accounting skills.

Project Accountant

A project accountant resume sample that highlights the applicant’s accounting skills and project experience.

Public Accountant

 A public accountant resume sample that highlights the applicant’s accounting skills and quantifiable success.

Fund Accountant

 A fund accountant resume sample that highlights the applicant’s history in the financial sector and relevant skills acquired.

Senior Tax Accountant

A senior tax accountant resume sample that highlights the applicant’s certifications and lengthy experience.

Property Accountant

A property accountant resume sample that highlights the applicant’s certifications and property-specific skill set.

Experienced Accountant

An experienced accountant resume sample that highlights the applicant’s numerous accounting skills and quantifiable success.

Construction Accountant

A construction accountant resume sample that highlights the applicant’s accounting skills and construction-related experience.

Fixed Asset Accountant

A fixed asset accountant resume sample that highlights the applicant’s career progression and strong skill set.

Corporate Accountant

A corporate accountant resume sample that highlights the applicant’s accounting skills and corporate experience.

Revenue Accountant

A revenue accountant resume sample that highlights the applicant’s accounting skills and revenue-related experience.

Chief Accounting Officer

A chief accounting officer resume sample that highlights the applicant’s career progression and accounting certifications.

Director of Accounting

A resume for a director of accounting with a BS in accounting, CMA and CPA license, and experience as a finance manager.

Equity Research Resumes

Equity researcher analysts are the advisers of the securities industry. They make sure decision-makers have the best information to make the best decisions. This guide will show you how to craft a resume that will impress recruiters.

Equity Research Analyst

Equity research analyst resume sample that highlights the applicant's value addition and specialisation.

Equity Research Senior Analyst

Senior research analyst resume sample that highlights applicant's specialization and career progression.

Director of Research

A director of research resume sample that highlights the applicant’s career progression and experience.

C-Level and Executive Resumes

No company can run smoothly without top C-level executives. If you’re applying for one of these demanding roles, you’ll need a resume that speaks for itself — and we can help. In this guide, you’ll find resume examples for any C-suite role as well as key industry-specific tips and insights.

Chief Marketing Officer (CMO) - 1

Chief Marketing Officer resume template example tailored to a C-level marketing position with strong action verbs

Chief Marketing Officer (CMO) - 2

Chief Marketing Officer resume template example focused on marketing and emphasizing internal promotions

Chief Information Officer (CIO) - 1

Chief Information Officer resume template example using bullet points to demonstrate soft skills and provide additional context for accomplishments

Chief Information Officer (CIO) - 2

Chief Information Officer resume template example using metrics to illustrate recent achievements

Chief Financial Officer (CFO) - 1

Chief Financial Officer resume template example focused on finance experience and showing career growth through promotions

Chief Financial Officer (CFO) - 2

Chief Financial Officer resume template example with strong action verbs and targeted list of skills

E-Commerce Chief Financial Officer

E-Commerce Chief Financial Officer resume template example listing the exact job title and additional qualifications

Chief Marketing Officer (CMO)

A professional Chief Marketing Officer resume highlighting experience in developing and executing marketing strategies, creating brand awareness, and driving growth for an organization.

Chief Financial Officer (CFO)

CFO resume with emphasis on financial skills and technology expertise

Chief Information Officer (CIO)

CIO resume with strategic planning and cybersecurity expertise

Financial Advisor Resumes

The financial advisor career path can be both stable and rewarding, especially if you have an affinity for numbers and data entry. This guide discusses three financial advisor resume templates and provides tips on writing your resume, along with highlighting strong action verbs and skills to include.

Financial Aid Advisor

Financial aid advisors should have knowledge of student finances and emphasize their data points with numerical values.

Entry Level Financial Advisor

Entry level financial advisors should aim to draw focus to their relevant skills and coursework.

Procurement Resumes

Procurement professionals are vital in an organization and need a balance of skills to thrive. They must be great communicators and negotiators and also sticklers for the budget. This guide will show you how to highlight the skills and qualifications in your resume that recruiters will most certainly be looking for.

E-Procurement Manager

E-procurement manager sample resume that shows IT experience and managerial skills

Procurement Engineer

Procurement engineer sample resume that emphasizes negotiating skills and technical industrial acumen

Senior Director of Procurement

Senior director of procurement sample resume that spotlights managerial, leadership and negotiation skills

Procurement Manager

A procurement manager resume sample that highlights the candidate's procurements certifications and awards.

Procurement Specialist

A procurement specialist resume sample that highlights the candidate's career progression and key achievements.

Procurement Analyst

A procurement analyst resume sample that highlights the candidate's achievements and long-term experience.

Sourcing and Procurement Consultant

A sourcing and procurement consultant resume sample that highlights the candidate’s career progression and extensive tools list.

Auditor Resumes

While getting audited can sound like a terrifying ordeal, auditors’ work is actually vital for the health and long-term success of a company. Auditors will help a company cross their ts and dot their I’s when it comes to their financial documents. They ensure that everything is done correctly and that everything adds up. This guide will highlight auditor titles, give strong resume samples of each, and provide suggestions on how you can craft your own successful auditor resume. Let’s get started.

Senior Auditor

A senior auditor resume sample that highlights applicant's managerial and auditor experience.

Staff Auditor

Staff auditor resume sample that highlights industry specialization.

External Auditor

External auditor resume sample that highlights applicant's specialization and previous clients.

Night Auditor

Night auditor resume sample that highlights multi-tasking experience and communication skills

Government Auditor

Government auditor resume sample that highlights the applicants specialization and tax skills.

Financial Controller Resumes

Financial controllers are sometimes called company historians and are responsible for a company’s financial functions and records. This is a high-ranking position and requires high qualifications, extensive experience, and a high level of trust. This guide will specify the requirements and expectations for specific financial controller positions and give you some tips and resume samples to help you create a stellar financial controller resume.

Business Controller

A recruiter-approved business controller resume sample with 2 tips to help you elevate your resume.

Assistant Controller

A successful assistant controller resume sample with two tips to help you create your own successful resume.

Corporate Controller

A strong corporate controller resume sample that highlights the applicant's organizational and technical skills.

Risk Management Resumes

Risk managers are the bodyguards of a company. It is their job to investigate, identify and analyze potential risks to a company and offer solutions to safeguard against any negative outcomes. Like bodyguards, they must be perceptive, resourceful, and trustworthy. In this guide, we will show you 4 resume samples for 4 risk management positions, and give you some tips to help you create an effective resume of your own.

Risk Analyst

A successful risk analyst resume sample that highlights the applicants technical and analytical skills.

Health Care Risk Manager

A strong health care risk manager resume sample that highlights the applicant's health education and metrics of success.

Financial Risk Manager

A financial risk analyst resume sample that highlights the applicants skill set and industry related experience.

Accounts Payable Resumes

Every business has monetary transactions. They may better understand their development and improve their operations by keeping track of these transactions. To do so, they need an account-payable team! Within this guide, we created downloadable resume templates to show what a successful accounts payable resume can look like. Our tips add a professional touch to resumes, so ensure to use them!

Accounts Payable Supervisor

An accounts payable supervisor resume template shows how you can create your very own resume in the profession.

Accounts Payable Clerk

This resume example shows how to create a successful accounts payable clerk resume.

Accounts Payable Officer

An accounts payable officer resume template example is shown which can be used to inspire your own resume in the career.

Accounts Receivable

A well-structured resume for the role of Accounts Receivable specialist.

Internal Audit Resumes

Internal auditors enhance the company’s productivity by restructuring operations. Yet, one of their most important roles is to make sure the company follows legal compliance. Most organizations are visited by an external auditor once in a while. If they identify issues in the internal controls, the company may face serious legal issues. That’s why the internal auditor’s responsibility is to prevent problems in the internal controls. The demand for auditors is expected to increase by up to seven percent. That’s why building a persuasive and efficient internal audit resume is crucial. This guide will help you do just that. We’ll share some resume examples and give you tips to help you develop your internal audit resume.

Senior Internal Auditor

A senior internal auditor resume template that highlights relevant work history with bullet points.

Purchasing Manager Resumes

Purchasing managers are the head of the purchasing team. They buy goods and materials that the company needs for reselling or developing new products. This is a senior-level job that requires a combination of education and industry experience. They must guide purchasing agents in the process of negotiating with suppliers. According to the Bureau of Labor Statistics, there are over 45,800 purchasing manager job openings every year. If you are interested in getting this role and you have the experience required, we’ve got you covered. This guide will help you create your own purchasing manager resume.

Purchasing Director

A purchasing director resume example that organizes work experience chronologically

Purchasing Specialist

A purchasing specialist resume template that highlights work experience and skills

Strategic Sourcing Director

A strategic sourcing director resume template with strong action verbs to describe work history

Procurement Coordinator

A procurement coordinator resume template that emphasizes work experience and education

Purchasing Coordinator

A purchasing coordinator resume template including a professional description, work experience, and additional information.

Loan Processor Resumes

Loans are an important financial tool that most adults will use in their lifetimes. Loan processors are a vital part of the loan approval process. This guide will identify 4 loan processor positions, provide resume templates for each, and give tips on upgrading your resume and getting that dream loan processor job.

Mortgage Loan Processor

A mortgage loan processor resume sample that highlights the applicant’s lengthy industry experience and certification.

Senior Loan Processor

A senior loan processor resume highlight that highlight’s the applicant’s managerial experience and quantifiable value addition.

Entry-Level Loan Processor

An entry-level loan processor resume sample that highlights the applicant’s relevant school experience and internships.

Finance Director Resumes

A company’s financial health is the most important thing for its survival. It is the finance director's job to know the financial health of a company at all times and to create policies and strategies to keep it healthy and thriving. This guide will help you formulate your winning finance director resume to secure your dream job.

Director of Finance

A director of finance resume sample that highlights the applicant’s specific skill set and impressive experience.

Assistant Director of Finance

An assistant director of finance resume sample that highlights the applicant’s certifications and leadership experience.

Credit Analyst Resumes

A credit analyst works in banks to determine lenders’ reliability, reduce risks, and increase revenue for the organization. This is an excellent career if you are passionate about finances, statistics, and economics. Credit analysis is also a highly in-demand profession these days. According to the Bureau of Labor Statistics (BLS), financial analysts’ demand is expected to increase by up to nine percent, which is higher than most occupations’ job outlook. If you have a background in finances and the required skills to break into credit analysis, this guide is for you. We’ll help you create an industry-relevant resume for your credit analyst career. We’ll share insightful tips and three resume templates

Credit Manager

A credit manager resume template that highlights professional experience

Commercial Credit Analyst

A commercial credit analyst resume template using strong action verbs

Collections Specialist Resumes

Collection specialists may get a bad rap, but they play an important role in assisting companies to recover money owed to them. This guide will show you how to create a winning collection specialist resume.

Debt Collection Specialist

A debt collection specialist resume guide that highlights the applicant’s certifications and key achievements.

Collection Agent

A recruiter-approved collections agent resume sample that highlights the applicant's impact on the bottom line and career growth.

Finance Executive Resumes

Finance executives are at the head of the finance department and keep companies functioning. This resume guide has been developed to help you craft a winning finance executive resume that will get you to the top of the pile with recruiters.

Senior Finance Executive

A senior finance executive resume sample that highlights the applicant’s quantifiable success and experience.

Junior Finance Executive

Junior finance executive resume sample that highlights the applicant’s related experience and relevant certifications.

VP of Finance Resumes

With the world and economy recovering from Covid and bracing for a period of recession, a good vice president of finance who can work to maintain a company’s financial health is what all companies want. This resume guide which has been curated by top recruiters in the finance industry will show you what recruiters look for and give you specific tips to elevate your resume and secure yourself a job.

VP Operations and Finance

A vice president of operations and finance resume sample that highlights the applicant’s dualistic roles and skills.

Senior Vice President Finance

A senior vice president of finance resume sample that highlights the applicant’s executive experience and quantifiable success.

Claims Adjuster Resumes

Insurance is big business, and insurance companies go to great lengths to ensure that their insurance policies do not get taken advantage of by opportunists. Claim adjusters are part of the team that investigates claims to make sure insurance companies settle claims that are fair and warranted. This guide will help professionals create a successful resume in this field. Included are resume samples and useful recruiter tips.

Claims Processor

A claim processor resume sample that highlights the applicant’s career progression and industry experience.

Entry Level Claims Adjuster

An entry-level claims adjuster resume sample that highlights the applicant’s certifications and related experience.

Claims Analyst

A claim analyst resume sample that highlights the applicant’s strong skills section and extensive experience.

Payroll Specialist Resumes

A payroll specialist manages payment operations from start to finish. This includes calculating costs from personnel, deducting taxes, issuing payments, and reporting to upper management. This is an essential role in the accounting and HR departments. If you’re a payroll specialist trying to improve your resume, you’re in the right place. In this guide, we’ll share relevant tips that can help you demonstrate your value in the industry. Also, don’t forget to check our downloadable resume templates for payroll specialists.

Senior Payroll Specialist

A senior payroll specialist resume template including strong action verbs.

Cost Analyst Resumes

A cost analyst helps businesses make more informed decisions on their spending and budgetary plans. They are responsible for auditing a company’s expenses to identify financial issues that could affect production efficiency. If you’d like to start your job hunt as a cost analyst, we’ll help you out. This cost analyst resume guide will give you some handy tips to improve your performance and two downloadable templates.

Senior Cost Analyst

A senior cost analyst resume template that uses achievements to emphasize seniority.

M&A Resumes

Mergers and acquisitions specialists carry out the necessary operations to coordinate a merger or company acquisition. They are responsible for analyzing risks, determining the benefits of that transaction, and negotiating with both parties. To become an M&A specialist or analyst you should have a background in accounting or finances. If you are an M&A specialist in the job hunt, this guide is for you. We’ll help you craft the best resume for your industry.

Mergers & Acquisitions Specialist

A mergers & acquisitions specialist resume template that uses metrics to accentuate achievements.

Action Verbs For Finance Resumes

  • Restructured
  • Implemented

How to use these action verbs?

A strong finance-based resume should show past successes in finance-related jobs, internships, or education. Always use clear resume action verbs to discuss them. You may want to showcase your industry prowess with finance-specific verbs like “modelled”, “analyzed”, or “audited”.

Finance Resume Guide

  • Bookkeeper Resume Templates
  • Investment Banking Resume Templates
  • Financial Analyst Resume Templates
  • Accountant Resume Templates
  • Equity Research Resume Templates
  • C-Level and Executive Resume Templates
  • Financial Advisor Resume Templates
  • Procurement Resume Templates
  • Auditor Resume Templates
  • Financial Controller Resume Templates
  • Risk Management Resume Templates
  • Accounts Payable Resume Templates
  • Internal Audit Resume Templates
  • Purchasing Manager Resume Templates
  • Loan Processor Resume Templates
  • Finance Director Resume Templates
  • Credit Analyst Resume Templates
  • Collections Specialist Resume Templates
  • Finance Executive Resume Templates
  • VP of Finance Resume Templates
  • Claims Adjuster Resume Templates
  • Payroll Specialist Resume Templates
  • Cost Analyst Resume Templates
  • M&A Resume Templates
  • Finance Action Verbs
  • All Resume Examples

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51 behavioral interview questions for roles in finance (+ answers to look for)

Fifty one behavioral interview questions for roles in finance featured image

When hiring for a role in finance, it’s important to consider applicants from all angles. Their skills in accounting, budgeting and forecasting are important—but so too is their ability to work well with others, solve problems, adapt to changes , and approach their work with diligence and integrity. 

Poor communication, for example, can lead to friction within teams and declining productivity. A mismatch between company values and their own can lead to improper, even risky financial behavior. 

Behavioral interview questions allow you to go beyond how well someone handles numbers and figures. They offer insights into an applicant’s past experiences and how they’ve handled difficult or stressful situations. This allows you to better predict how well someone will fit in an open position. 

Below, you’ll find 51 finance behavioral interview questions you can use to determine which applicants possess the interpersonal and other soft skills crucial for success in financial roles.

We also offer tips on how to incorporate these questions into your hiring process, and what to look for in applicants’ answers. 

Table of contents

What are behavioral interview questions, why ask behavioral interview questions during an interview, 51 behavioral interview questions for finance professionals and what to look for in answers, how to roll out behavioral interviews for finance roles, combine these questions with skills testing to hire the best.

Behavioral interview questions are a strategic approach to hiring that allow you to go beyond an applicant’s accounting, forecasting and budgeting skills. These questions ask about a candidate's past experiences, approaches, and actions, which can help predict their performance in the future.

TestGorilla has a list of 51 behavioral interview questions so you can see how they differ from traditional interview questions. In this article, we focus on behavioral interview questions for financial professionals, specifically.

For example, as you interview a financial professional, you might ask the candidate how they handled past financial crises at an organization or what they did when financial goals were misaligned with company values.

The applicant’s answers offer a sense of their ability to adapt to changing financial landscapes, communicate effectively, and demonstrate leadership.

Finance professionals don't work in isolation; their roles often involve collaboration, decision-making, and adaptability. Behavioral interview questions let you examine these qualities by asking applicants about their specific past experiences and choices.

Behavioral interview questions have other benefits , too. They cut past rehearsed answers and help you to evaluate situational judgment and key soft skills in addition to expertise in finance.

Curious to know more? TestGorilla has a guide to behavioral interviews to help you learn the ropes.

Types of behavioral interview questions for financial roles graphic

5 teamwork behavioral questions for finance roles

Teamwork is integral for any finance team , as everyone has to work together to reach financial objectives.

Look for interview responses that showcase a track record of:

Strong communication;

Conflict resolution;

Accountability; and

Willingness to support colleagues.

Conversely, be cautious of candidates who struggle to provide concrete examples of successfully collaborating with others or who exhibit a lack of accountability.

Here are questions you can ask to uncover teamwork traits:

Describe a project where you collaborated with colleagues and different departments for a common financial goal. How did you ensure team members pulled together?

When have you encountered conflict with a team member? How did you resolve the issue?

In high-pressure situations, how do you keep your team motivated and focused?

Discuss a time when you had to delegate tasks. How did you choose to assign responsibilities?

Tell us about a time when you supported a teammate who was facing a challenge. What steps did you take and why?

5 customer service behavioral questions for finance roles

Customer service in the financial sector requires a good understanding of clients' needs and the capacity to build lasting relationships.

Look for candidates who display empathy, patience, and the ability to offer financial guidance in a clear and understandable manner—even to those who don’t understand financial concepts.

On the flip side, beware of candidates who seem indifferent to customer satisfaction or who struggle with understanding client needs.

Here are five questions that can help you uncover customer service abilities:

How do you ensure that you understand a client's financial objectives and can adapt your services to meet their specific needs?

Describe a situation where you had to handle an unhappy client. How did you address their concerns and work to turn the situation around?

Can you share an example of how you've gone the extra mile to deliver exceptional financial services to a client?

How do you build trust with clients while adhering to financial regulations? Can you give examples of how you’ve done this in the past?

Can you describe a time when you’ve had to explain a complex financial concept to someone who didn’t understand it? How were you able to get on the same page?

5 adaptability behavioral questions for finance roles

The finance world is constantly evolving. Those who can adapt to change and are skilled at  innovation are highly valuable.

You will want to ask questions and look for answers that demonstrate:

A growth mindset;

Flexibility; and

Curiosity and a willingness to learn.

Be cautious of candidates who seem resistant to change or uninterested in how the financial landscape is changing.

Here are five adaptability behavioral questions you can use:

How do you stay informed about industry trends and changes in financial regulation?

Can you share an instance of a time when you had to adapt your financial strategies due to market fluctuations, regulation changes, or economic shifts?

What changes are you anticipating in the financial sector with regards to our industry, and how are you preparing?

Share an experience where you successfully introduced new software or technology to your team.

Describe a situation where you were required to change your financial approach midway through a project because of regulatory or market changes. How did you facilitate this change and what was the outcome?

5 time management behavioral questions for finance roles

Tax deadlines and other financial deadlines are crucial. You will want to target applicants who can meet deadlines while maintaining a high quality of work. 

You may want to steer clear of candidates who struggle to explain how they manage their time and who can’t offer examples of ways they’ve met tight deadlines.

Here are five questions to make sure your new hire keeps projects on schedule:

How do you ensure that you can meet multiple financial deadlines without compromising work quality?

Describe a time when you had to handle urgent tasks while managing your regular schedule. How did you get important work done and how did you decide what to focus on?

Can you share an example of how you've used time management techniques or technology to improve your efficiency?

Can you explain a time when an original timeline needed adjustment? How did you decide you needed to adjust and how did you address the issue?

Tell us about how you organize your time now. How has your method of delegating tasks, prioritizing, and focusing changed over the years?

5 communication behavioral questions for finance roles

Financial professionals often need to explain money matters to those outside the finance industry, so that organizations and leaders can make informed decisions. 

Listen for replies that show candidates can communicate with clarity, listen actively, and adapt their communication style to different audiences. Beware of candidates who show a lack of patience in explaining financial matters.

Here are questions to help you evaluate applicants’ communications styles:

How do you make your financial reports and presentations clear and understandable for non-financial stakeholders?

What is the most complex financial concept you’ve had to explain to non-financial stakeholders? How did you approach the task?

Describe an instance when you had to address a misunderstanding about a financial situation. How did you resolve the situation and ensure better communication moving forward?

How have you handled challenging financial conversations with clients?

Tell us about a time when you had to address financial discrepancies. How did you address the issue and avoid misunderstandings?

5 behavioral questions on motivation for finance roles

Understanding a candidate's motivations will help you find the right fit for your company values and culture.

As you ask behavioral questions, stay alert for candidates who demonstrate passion for the field, enjoy seeing things through or taking on challenges, and are success- or growth-oriented.  On the flipside, be cautious of candidates whose motivations seem primarily focused on personal gain.

Here are finance behavioral questions you can ask about motivation and values:

What motivated you to pursue a career in finance?

How would you define your main drivers today, and how are these reflected in your work and career so far?

Can you share a time when you faced burnout or a period of questioning at your job? How did you reconnect with your love of work?

Describe a situation when the motivations of clients and the potential financial gains for your organization clashed. How did you navigate this?

Tell us about a time when you had to make a financial decision that you felt unmotivated to make because you knew it would be unpopular. How did you make this decision? What happened?

5 behavioral questions on business ethics and integrity for finance roles

Employees who handle sensitive financial information and make money-related decisions need to have a strong code of ethics.

Look for candidates who exemplify the following traits in their interview questions:

Trustworthiness;

Transparency;

Awareness of and adherence to regulations and other standards; and

Conversely, look out for applicants whose answers suggest a history of unethical conduct or who could easily give into external pressure or a desire for personal gain.

The following finance behavioral interview questions help you select the right talent:

How do you ensure that your financial decisions comply with all relevant laws and meet high standards of integrity?

Can you share a time when there was a potential conflict of interest in your financial role? What did you do?

Describe a time when you discovered a financial discrepancy. How did you ensure transparency and build trust as you addressed the error?

Tell us about a time you’re proud of—when you showed exemplary integrity in a financial matter.

Describe a situation you encountered when there was a conflict between meeting financial objectives and following ethical practices. How did you handle the decision-making process?

5 behavioral questions on growth potential for finance roles

Personal and professional development keeps financial professionals resilient and well-rounded. When these employees focus on growth, they may feel happier at work and more able to make a contribution—one that goes beyond money knowledge. 

As you ask pre-employment assessment questions, seek out applicants who demonstrate a thirst for knowledge and a willingness to embrace new challenges and constructive criticism.

On the other hand, proceed with caution if applicants are complacent in their professional development or show resistance to feedback.

Here are 5 questions that can help you uncover growth potential:

How do you pursue new knowledge and skills? Can you share an example of how learning has positively impacted your career?

Describe a time when you developed a new skill or competency, even if it wasn't required for your current role.

How do you handle criticism? Can you provide an example of feedback you received that was hard to hear but that helped you improve as a financial professional?

Tell me about a time when you needed to step outside your comfort zone at work. What did you learn?

Discuss your long-term career goals and your plans to achieve them. How do you see your goals aligning with our organization?

5 prioritization behavioral questions for finance roles

In the fast-paced finance industry, prioritization is key to meeting deadlines.

As candidates answer behavioral questions, look for replies that show applicants can:

Manage multiple financial tasks;

Use resources and technology to make good decisions; and

Allocate their time wisely.

You may not want to move further with candidates who seem unable to correctly evaluate the importance of different tasks and what that means for their work.

The following five questions delve deeper into an applicant’s prioritization skills:

How do you determine the priority of tasks and projects?

Can you share an example of a situation where you had to handle conflicting priorities? What was the outcome?

Describe a time when you had to adjust your priorities due to unexpected events. How did you decide what was most important?

How do you balance long-term projects with immediate tasks that require your attention?

Tell me about a time when you had unreasonable demands on your time. What steps did you take to ensure tasks were completed in the correct order?

5 leadership behavioral questions for finance positions

Financial professionals in leadership roles make decisions that can have a big impact on a company’s success. For this reason, strong leadership skills are especially important when hiring for a management position in finance or when seeking out candidates with potential for vertical movement within the company. 

Look for candidates who can communicate clearly, delegate with confidence, and motivate others to do their best work.

On the flip side, if you’re hiring for a leadership role, you might want to think twice about applicants who don’t have a history of guiding teams effectively or who seem hesitant in their decision-making skills.

The following questions help you uncover a financial professional’s leadership abilities:

How do you inspire your team to achieve its objectives together?

Describe a time when you successfully led a team through a challenging project. How did you keep everyone aligned and committed?

Can you share an example of how you’ve chosen to delegate responsibilities in the past?

Tell us about a time when you provided constructive feedback to a team member. How did you support them afterward? 

What leaders do you most admire? How have you used their leadership style in your own work and what has been the outcome? 

What is the most difficult lesson you've had to learn as a leader? How did you learn this lesson and how have you applied it in  your career?

Behavioral interview questions are a powerful tool to help you find financial professionals, but they’re only one part of the equation.

TestGorilla’s multi-measure testing technique allows you to get a fuller picture of all your applicants. It’s easy to create full assessments, thanks to an extensive library of more than 300 scientifically validated tests.

TestGorilla will offer recommendations based on the financial position you’re hiring for, whether it’s an internal auditor or a chief financial officer. Select those that seem most relevant to the role and your company. Then, you can add in any number of behavioral interview questions from this article. You can even ask candidates to reply by video, if you prefer, or by text. 

Tests that would work well for a financial position include:

The Financial Due Diligence test and other finance-specific tests to evaluate financial skills; 

The DISC and Motivation test to evaluate motivation;

The Enneagram , and 16-type personality test to measure personality;  

The Culture Add test to make sure your new financial professional aligns with your company;

and other personality and culture tests .

Combined with behavioral interview questions, these are a great, objective way to measure how a financial professional will fit with your organization. 

Behavioral interview questions offer you insight into a candidate’s abilities, motivations, and values.

As you evaluate candidates' responses, look for authenticity, adaptability, and alignment with your company's culture and values. This ensures your organization will be well-positioned to thrive, with financial talent you can count on.

Are you ready to learn more about how you can evaluate candidates for roles such as financial controllers , financial managers, CFOs, and more, while removing bias and getting more actionable insights that can help you make hiring decisions?

Take TestGorilla’s product tour to check out all the features TestGorilla pre-employment assessments have that can make hiring a breeze. Or sign up for a free demo to see how TestGorilla can help you with your next hire.

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How AI Can Help Financial Advisors

1. identify trends and patterns, 2. data analysis, 3. client service, 4. compliance, 5. portfolio optimization, 6. risk management, 7. personalized client outreach, 8. creating infographics, 9. creating blog content, ai tools for financial advisors, the bottom line.

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How Can AI Help Financial Advisors?

Advisors Can Provide Better Service When They Offload Time-Consuming Tasks

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Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.

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The growth of artificial intelligence (AI) in 2023 is altering how most industries function on a daily basis. And the financial industry is no exception.

According to a 2021 KPMG survey of financial services leaders, 84% said AI is “moderately to fully functional” at their organization. Plus, AI is poised to save banks and financial institutions hundreds of billions of dollars in many different ways.

The tool has become an essential part of technology and workflows within banking, insurance, and financial services, ultimately changing the way products and services are offered. For financial advisors , AI provides deep learning and prediction to improve decision making and streamline operations. Learn how AI can help financial advisors grow and elevate their businesses.

Key Takeaways

  • AI can help financial advisors with a variety of day-to-day tasks, including client service, data analysis, portfolio optimization, risk assessment, and trend prediction.
  • SigFig, Datamaran, and PulseFolio are examples of artificial intelligence tools that advisors can use to assist with financial services.
  • Financial brands like Capital One, Morgan Stanley, and Wealthfront are already using AI in a variety of ways.
  • Governmental AI regulations may be on the horizon for financial services and other industries, as the United States and the European Union are discussing policies, as of November 2023.

Here are nine ways that financial advisors and registered investment advisors (RIAs) can leverage AI-powered tools to save time, offer better services, and streamline operations.

Predictive analysis uses historical data, machine learning , artificial intelligence, and statistical models to forecast future outcomes. Through this process, AI can find patterns and trends that humans may not be able to see. For example, it could identify correlations between securities and market indicators that you could then share with your clients, giving them a leg up in strategy.

AI can also monitor keywords on an ongoing basis to spot trending topics online. This means that advisors can provide more informed and up-to-date investment advice.

AI models can process information exponentially faster than humans and with a precise level of accuracy. By analyzing enormous volumes of data in real time—including data on customer behaviors, earnings transcripts, and trading patterns—AI gives financial advisors useful insights that can propel customer-specific portfolio strategy and planning.

In September 2023, Morgan Stanley officially rolled out its own internal tool that allows financial advisors to retrieve research and documents. It is a resource that advisors can use to dive deeper into proprietary research in response to questions financial advisors have.

Sentiment analysis is another type of useful data analysis. AI and large language models (LLMs) can scan texts such as chats and social media to identify sentiment or prevailing emotional opinion.

AI can help financial firms manage client relationships and provide on-demand, 24-hour service. For example, chatbots on websites, social media, or messaging platforms can answer frequently asked questions and handle routine tasks like appointment scheduling or arranging automatic payments.

As early as 2017, Capital One was using a text-based AI customer assistant called Eno. Eno analyzes data to generate insights and anticipate customer needs, proactively providing client services like fraud alerts and recommendations to manage spending.

In a highly regulated industry, financials advisors should be cautious with large language models (LLMs) like ChatGPT. They need to double-check all advice and answers from the platform for accuracy, and avoid feeding private or proprietary information to the LLM.

However, AI can also make it easier for financial advisors to ensure compliance. AI acts as a security system against regulatory violations by monitoring activities, transactions, and communications 24/7, then flagging any potential issues. As with most cases in which AI is used, though, each of the potential issues should be reviewed by a human for accuracy.

Automated investment platforms like Wealthfront have been using AI for years to aid in building customized investment portfolios and recommendations. Their algorithms use the customer’s risk assessment scores to pick the appropriate mix of cash and exchange-traded funds (ETFs) in a portfolio.

Other AI-powered portfolio optimization tools use unique inputs related to customer needs and goals to create an optimal blend of assets. And with portfolio review tools, you can automatically scan and analyze existing portfolios . Within minutes, the AI will assess the overall strategy, identify strengths and weaknesses, and recommend improvements that an advisor may want to adopt for their client.

Financial advisors can also use AI tools to improve risk management for their clients, helping them more quickly identify areas of risk in a portfolio. With this technology, a financial advisor can more efficiently help their clients align their portfolio with their risk tolerance levels and reduce losses.

By comparing a client’s goals with their risk in their portfolio holdings, AI technology can identify recommended changes more quickly.

For financial services firms that offer products and services to consumers, many AI tools use machine learning and predictive models to assess a borrower. The result is faster decisions about loan and credit applications.

Effective client outreach takes time. AI can help financial advisors provide personalized messages based on individual customer data like past interactions, preferences, demographics, and financial goals. This can save valuable time, increase customer connections , and be especially helpful for smaller firms, where there may not be a marketing department.

As of November 2023, Morgan Stanley is testing an AI-powered assistant that could help draft summaries of client calls, send follow-up emails, and schedule upcoming events, according to a spokesperson from the company.

The popular freemium design tool Canva now includes AI integrations like an online text-to-image generator. Or, Canva’s Magic Design tool lets you input media and data, choose a few style preferences, and watch as it dynamically generates graphics.

Another option is Highcharts GPT, which can create interactive, no-code infographics with simple prompts. This application programming interface (API) lets you create charts in different languages, copy and paste data from Excel and have it visualized, pick your desired chart style, then adjust as necessary.

If you’re not using internal research, you can use an AI research tool like Perplexity AI to find statistics (with sources) to generate your infographic.

When creating graphics, be sure to fact-check the source for veracity, authority, and relevancy. GPT-4 “was trained using publicly available data (such as internet data),” but it’s not clear how recent that data is, according to OpenAI. Also, LLMs are prone to inventing facts, so it’s recommended to always have human review.

When ChatGPT was released to the public in November 2022, people were wowed by the bot’s ability to spit out lengthy texts in seconds, based on a simple prompt. However, some experts suggest using it to brainstorm ideas and help with editing, rather than writing an entire piece from scratch, depending on your goal.

Hypotenuse AI is a useful platform for creating full-length blog posts. You work with the tool to create and edit potential article titles, build an outline, add talking points, see sources, and generate the article. It’s interactive at every step, which can produce better results than simply inputting commands like “write me a blog post about [topic].”

Financial advisors, banks, and RIA firms can use general AI tools to their benefit in areas like operations, marketing, and human resources. Some popular AI-driven marketing platforms include Sales Cloud Einstein , Adobe Marketo Exchange , HubSpot AI , and Acquisio . Generative AI tools for generating content and ideas include Frase , Jasper , Claude , and Writer .

There are also a number of AI tools specific to the financial industry. They include:

  • SigFig aims to help investors design diversified portfolios based on unique needs and goals.
  • Platforms like Truvalue Labs and Datamaran provide insights into a company’s environmental, social, and governance (ESG) performance for better decision making.
  • PulseFolio is an AI-powered crypto portfolio optimizer with built-in risk management features.
  • Ocrolus combines the power of machines and humans for accurate data verification and document processing.

Will AI Replace Financial Advisors?

There are no guarantees for AI in the future of financial advising , but adoption in the industry is on the rise in many financial sectors. According to a KPMG survey of financial services leaders, 84% said AI is “moderately to fully functional” at their organization. And research from NVIDIA found over 75% of companies across all financial sectors were using some kind of accelerated computing (such as deep learning or machine learning).

Is AI Technology Regulated in Financial Industries?

As a rapidly evolving technology, governments around the world are still figuring out how to regulate AI’s use as of 2023. For the time being, there are no specific regulations on AI. However, the United States, the European Union, and other governments are hinting at potential policies, and financial service companies may be among the first affected. To provide usable results, AI still requires human oversight.

What Is the Best AI Tool for Financial Planning?

The best AI tool for financial planning will depend on your goals with the technology. The wide range of AI tools on the market today can perform a variety of tasks that can generate content, help advisors customize solutions, and save time. You’ll want to consider other factors like the tool’s accuracy and user-friendliness, as well as associated costs.

How Can Financial Advisors Use AI to Find New Clients?

To help financial advisors find new clients, AI can make pitching and outreach faster. It can draft email templates and customize them based on specific client data. LLMs can generate ideas for social media content to build authority and make connections online. Advisors could use AI tools like ChatGPT or Pi to brainstorm creative marketing ideas to attract new clients. These tools could also help advisors to predict client needs and goals, and tailor messaging and outreach to meet those needs.

As AI explodes into the mainstream, the technology presents endless potential for innovation—and for disruption. AI can help financial advisors save time, automate operations, and provide better and more personalized services. It can help them create opportunities, manage risk, and prevent fraud. AI also has the potential to enable better transparency and compliance and reduce costs.

With all of these benefits, advisors can focus on more strategic activities, like providing advice. On the other hand, AI has potential legal, ethical, regulatory, and privacy implications. Financial services professionals would be wise to pay attention as the situation develops.

When this article was published on Nov. 13, 2023, information regarding Morgan Stanley and Betterment's AI tools was incorrect. On Nov. 28, 2023, this article was edited to accurately represent how the two companies are utilizing AI tools at the time of publishing.

KPMG. “ Thriving in an AI World .” Page 6.

European Commission. " Shaping Europe’s Digital Future: AI Act ."

The White House: Biden Administration. " Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence ."

Morgan Stanley. “ Morgan Stanley Wealth Management Announces Key Milestone in Innovation Journey with OpenAI .”

National Library of Medicine. " A Review on Sentiment Analysis and Emotion Detection from Text ."

Capital One. “ Bot AI: How Capital One’s Design Team Created SMS Bot Eno .”

Capital One. “ Hi, I’m Eno .”

Canva. “ Free Online AI Image Generator: Choose Your Image Style with Text to Image .”

Canva. “ Magic Studio .”

Highcharts. “ Highcharts GPT .”

Perplexity. “ Perplexity AI .”

OpenAI. “ GPT-4 .”

National Cyber Security Centre. " ChatGPT and Large Language Models: What's the Risk? "

OpenAI. “ Introducing ChatGPT .”

Hypotenuse AI. “ AI Article & Blog Writer .”

NVIDIA. “ State of AI in Financial Services: 2022 Trends .” Page 2.

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School Financial Success

Top ten tips: finance for head teachers

Top ten tips: finance for head teachers

At last we have confirmation of the September 2018 pay award for teachers. It involves uplifts to the minima and maxima at 3.5% for the main pay range, 2% for the upper pay range and 1.5% for the leadership pay range.

The government has claimed it is a fully funded award, but this may not be true. Schools will be expected to fund the first 1%, since Ministers say they would have already planned for this, and a pay grant will be made available for the remainder, to the tune of £187 million in 2018-19 (part year from September) and £321 million in 2019-20.

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The use of a grant (which may or may not be ring fenced) gives the government a choice as to whether this is mainstreamed, i.e. built into core funding, from 2020/21 (it won’t automatically be in the Dedicated Schools Grant baseline). However, we don’t yet know how the pay grant will be distributed. DfE has set the amount that’s available before they know what schools have decided to offer, so there are two potential problems: firstly, a risk that the funding won’t follow the costs exactly, causing winners and losers, and secondly that schools could wait to see how much they get before taking decisions; neither of these is a palatable situation.

We are also waiting for two further pieces of information: details of the 2019/20 increase in employer contributions to the Teachers Pension Scheme, and Ministerial decisions about tweaks to the National Funding Formula for 2019/20. DfE has told LAs that the NFF information would be announced in July, so time is running out – but we did once have an April that lasted 63 days!

However, there was one interesting piece of news last week: Local authorities will still run a local formula to distribute funding between schools in 2020/21. This gives a year’s extension to the ‘Soft NFF’ from the original plans. It’s not surprising; Brexit has crowded out the legislative calendar and it would have been virtually impossible to get the necessary primary legislation through to allow DfE to fund all schools and academies directly. For such an important announcement, it was somewhat astonishing that it was buried inside a pdf document analysing the LA formulae for 2018/19, at https://www.gov.uk/government/publications/schools-block-funding-formulae-2018-to-2019 .

All of this means that there are still considerable uncertainties around the basis on which schools and academies can construct three-year budgets. We’re working on our next book, ‘Forecasting Your School’s Funding’, which will provide a system for scenario planning, i.e. calculating best, middle and worst-case scenarios for the amount of funding you might receive (the missing piece of the multi-year budgeting jigsaw).

You are welcome to join our mailing list via our home page, to hear about our planned timescales for this book, as well as government announcements and news stories about school funding.

Coping with the uncertainty

Experienced school leaders will be used to being kept in the dark by the government. But a recent tweet from someone taking up his first headship in September made us think about what it’s like for those making the leap. Being handed responsibility for possibly several million pounds must be daunting, without having to cope with all this uncertainty.

Finance isn’t everyone’s strongest suit, and even if a talented School Business Leader is waiting to greet them, the head teacher is still the one who has to bear the ultimate responsibility. It can be tricky too for an existing head moving to a new school. We probably all know of a case where a previous incumbent has used up all the reserves, and the new post-holder arrives to find the cupboard is bare.

So, we thought we’d offer our ten top tips for handling finance. They don’t all require your personal action; for some it’s more a matter of checking they’re in place. We’ve written them with new leaders or those moving to a different school in mind, but we hope any head or academy principal with delegated financial responsibility will find them helpful.

Ten top tips: finance for head teachers

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Here are some areas we hope will help you to feel less overwhelmed about finance as you start your leadership journey, or if you are an existing head moving to the next stage in another school. There are so many things that you could spend time thinking about, but these are the areas we recommend you focus on. Keep your involvement at a high level, and where you delegate more detailed tasks, make sure you have a system of light-touch monitoring so that you protect your own position by knowing they’ve been done.

Control what you can, and don’t worry about the uncontrollable

Make a list of the financial elements you can control, and those you can’t control. Try not to worry too much about the latter, such as the government or your LA’s plans for the funding formula in the next three years. You will be able to make assumptions and tweak them to handle the reality at the appropriate time.

Make a list of the aspects of your financial situation that you can control, keeping these at a high level. They might include your priorities, your decision-making process for allocating the available funding between them, and the messages you send to staff about how the money should be spent. Our other nine tips give you plenty of ideas on these issues. Think strategically about how to handle them, letting others manage the details.

Set the right tone

Financial leadership is the key to your school thriving. We provided a quick guide to this in a post last year at https://schoolfinancialsuccess.com/a-quick-slt-guide-to-financial-leadership/ . Part of this is about setting the culture for the use of resources (in the widest sense), and being a role model for the expectations you have of everyone else in the school.

Think about your attitude towards money and how you handle your personal finances. You will be able to draw some parallels with managing the school’s money. Consider the high-level messages you want to send to staff in order to avoid waste, make good spending decisions and get the best outcomes from the resources available. What behaviours will you model to encourage others to follow suit?

Recognise that autonomy comes with responsibility

Whether your funding body is the local authority or the Education Funding Agency, you have legal obligations, which basically are to set a balanced budget over time and follow the relevant rules (the LA Scheme, or the Academies Handbook and your funding agreement).

Make sure that you are familiar with the basics and ensure that relevant staff a) have a thorough working knowledge of all the requirements and b) can provide the necessary assurance and evidence that they are followed.

Express your vision through your budget

Your budget is the means by which you achieve your vision; you can have the best development plan in the world, but if the activities aren’t costed and built into your budget, it’s unlikely that they will happen, given the scarcity of funding nowadays.

You should make sure that your key planning documents (e.g. SDP, curriculum plan and staffing plan) are all linked to the budget. Review them regularly, ensuring the budget continues to reflect your priorities.

Have a high-level medium-term plan

You don’t know how much funding you’ll have in future years, but you can make a set of assumptions and build best, middle and worst-case scenarios. Then ask your finance lead to use these as the basis for three options in a medium-term budget plan.

Debating the assumptions can expose tensions and healthy differences of opinion, but the real value lies in raising awareness among staff and governors of what the range of options is and how you would respond to each scenario. As more information comes through, you can identify the most likely scenario and tweak it for accuracy.

Another benefit is that as events happen, such as staff turnover and expiry of contracts for goods and services, you will know how to respond in line with your plan. This might bring early savings which could help you to avoid compulsory redundancies further down the line.

Communication for financial success

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Make sure your financial reporting systems are clear, timely, accurate and easy for SLT and governors to understand. They provide a barometer for how well the budget is being controlled. It’s important to encourage colleagues and governors to ask challenging questions, and for leaders to answer them fully and honestly. Training in understanding the reports is vital.

Think about who needs to know what in terms of financial information, and when they need to know it. There’s a balance to be struck between secrecy and complete transparency; get it right and staff will feel trusted and will be motivated to help in achieving value for money (see our post at https://schoolfinancialsuccess.com/in-search-of-school-efficiency/ ).

Safeguard yourself with controls

Financial controls are absolutely essential. You only need to read some of the DfE’s reports at https://www.gov.uk/government/collections/academies-financial-management-and-governance-reviews or at https://www.gov.uk/government/collections/academies-financial-notices-to-improve   to see what can go wrong when heads and governors aren’t vigilant enough.

Make sure there are written procedures for key financial processes, and that induction and ongoing training is in place, so no-one can claim they didn’t know what they were. Segregation of duties is key – make sure no single person can operate a complete financial task (e.g. to pay themselves).

Ask questions and consider whether the responses and evidence make sense, using your instinct. If staff know you are interested in the financial dimension of the school’s operations, they will pay more attention to their own behaviours around spending and controlling any budgets they are responsible for.

Use the DfE’s financial benchmarking website (with caution; it can be out of date). Is another similar school achieving more with less money? Talk to them and find out what they are doing differently. How and why is it working?

Unearth hidden talents

Find out your staff’s skills, experience and expertise outside of school: perhaps a past career, or activities outside of school, such as volunteering for local organisations, or practising crafts, music and sport. You might have someone with experience of grant applications on your hands, or people with practical talents that can be used for fundraising events. Use people’s natural creativity to solve problems.

Create champions

Anyone can draft a budget plan, but unless you keep it under control, the best plans can go awry. Take a fresh approach by assigning areas to staff to champion, like supply cover, use of ICT/digital media, consumables, energy usage etc. Ask them to challenge wasteful behaviours and find innovative ways of saving money and getting more out of the available resources.

It’s a challenging time to be responsible for large budgets, and many other things will be competing for your attention. In the current situation, if finance becomes a big problem, everything else is likely to unravel. We hope these top ten tips will help you get things in perspective as you approach your new role. Good luck!

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About Julie Cordiner

I’m a qualified accountant and independent consultant with over 30 years experience specialising in school funding and education finance. I advise schools and local authorities on managing their budgets and achieving value for money in order to support better outcomes and enable children and young people to maximise their potential, something I’m passionate about. Everyone deserves the best possible education and we all need to use taxpayers’ money wisely, to achieve a fair chance for every single pupil.

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Mastering Data Tasks: School Leadership Interviews

School leader interview data tasks.

Data tasks will be included during and deputy, assistant or headteacher recruitment process. They are an essential part of succeeding in school leadership roles. Mastering data tasks is the key to landing these positions and approaching them with confidence will help. Understanding data analysis and interpretation is a crucial skill to have when it comes to leading a school and making informed decisions. With the right skills, you can be confident you have the best chance of securing that dream job. This article forms part of our school leader recruitment series .

Mastering Interview Data Tasks For Deputy and Assistant Headteacher Jobs

Mastering data tasks is essential for school leaders looking to land headteacher positions. In today’s data-driven world, schools are constantly collecting data on student performance, teacher effectiveness, HR, budgets and school site management operations. As a result, school leaders must be proficient in collecting, analysing, and interpreting this data to make informed decisions that improve student outcomes. Understanding the role of data tasks in school leadership interviews is crucial. Developing skills in data analysis and interpretation, keeping up with changes in technology and data management systems, and utilising online resources and professional development programs are all key to mastering data tasks. You must demonstrate competency in working with different types of data. With the right skills, knowledge, and tools, school leaders can leverage data to make informed decisions that drive school improvement projects and student outcomes.

Understanding the Role of Data Tasks in School Leadership Interviews

Understanding the role of data tasks in school leadership jobs is crucial for aspiring educators who wish to land their dream job. Schools and educational institutions are increasingly recognising the importance of using data to make informed decisions. Therefore, school leaders are expected to possess advanced skills in collecting, analysing, and interpreting data. As a Headteacher or Deputy you must be able to make sense of complex data sets and use them to develop evidence-based strategies and interventions that drive student achievement . 

Data should never be used out of context. To be most successful you need to glean as much information from pre-application visits and research into the school and local community as possible. I even look at the school’s social media and YouTube channels. This is often where capable internal candidates can have the edge. They may know poor results in one department are down to a high number of ECTs or high sickness levels. You can never second guess the panel and to get an idea of what the data task may be you will have to look at the school’s progress data and latest Ofsted report . Assistant headteacher interview data tasks are likely to look at attainment data specifically, headteacher data tasks could be on anything from HR to Finances (probably finances).

5 Reasons why interviews for school leadership roles include data analysis tasks:

  • Decision making – They want to assess the candidate’s ability to interpret, understand and use data to make well-evidenced decisions that impact the school.
  • Problem-solving – Providing data sets related to common school issues tests how candidates would analyse challenges, identify causes and strategise solutions.
  • Financial awareness – Tasks involving budgets, spending reports etc. determine the leader’s financial literacy and ability to weigh costs versus benefits.
  • Stakeholder communication – Presenting findings to the panel mirrors justifying plans to staff/parents/governors using data to gain support and buy-in for initiatives.
  • Strategic planning – Successful interpretation shows how the candidate would use measurable outcomes to design and refine long-term organisational strategies and development plans.

School Leadership Headteacher Interview data tasks. Woman with laptop yellow background

Develop Your Skills in Collecting, analysing and Interpreting Data

Developing your skills in collecting, analysing and interpreting data is crucial for anyone aspiring to be a successful school leader. As a headteacher you will be responsible for analysing data related to student performance, attendance, behaviour, safeguarding and the effectiveness of the curriculum. To develop your skills in data analysis, you need to start by familiarising yourself with data collection tools and software. 

You can also attend professional development programs and online courses that teach data analysis skills. All of the NPQ programmes will have an element of using data included within them. The NPQH is heavily focussed on using data to make informed decisions. Keeping up with changes in technology and data management systems is also crucial. Schools use a variety but for the interview task you will be given a generic format or even a printed sheet of data. It will help to talk about the systems you are familiar with and ask how the school finds the current systems.

For the data interview task demonstrate your competency in working with different types of data, by providing examples of data-related projects in your current role. This will showcase your impact to the recruitment panel. An example of using data to plan and evaluate a project – and most importantly the impact that had.

Keeping Up with Changes in Technology and Data Management Systems

School leaders need to keep up with changes in technology and data management systems. To stay ahead of the curve, make use of online resources and professional development programs. This includes attending workshops and conferences like BETT , participating in online courses, and seeking out networking opportunities where you can discuss systems and their Pros and Cons with colleagues rather than the marketing teams of EdTech companies .

Demonstrate Your Competency in Working with Different Types of Data

Here are some examples that could demonstrate competence working with different types of school data, always bear in mind the “so what..?” question in the interview panel’s minds, what did you do with the data?:

  • Analyse trends to identify students at risk of truancy.
  • Implement early intervention strategies and track impact over time.
  • Present findings to senior leadership.
  • Collate summative assessment results from different year groups and subjects.
  • Conduct analysis to determine strengths/weak areas in curriculum delivery.
  • SEN provision and progress, liaising with your SENCO
  • Make evidence-based recommendations to inform the revision of schemes of work.
  • Extract anonymized data on types of incidents, locations, time of day patterns etc.
  • Create infographics/charts to present patterns to staff during an inset day, enabling discussion on Prevention strategies.
  • Analyse data for trends in reasons/student profiles.
  • Note correlation with other data sources to address underlying causes.
  • Propose behaviour policy revisions to senior leadership to potentially reduce rates.
  • Administer student/parent/teacher surveys on wellbeing, bullying, resources etc.
  • Analyse responses using statistical software like excel.
  • Present summarized results highlighting areas requiring attention along with proposed action plan.
  • Track attainment/progress measures over time for individuals and groups.
  • Identify underachieving students for targeted support.
  • Demonstrate impact of interventions through comparison to control group.
  • Identify and address changes in school cohort and potential levels of deprivation.
  • Liaise with catering team on menu changes, costings.
  • Show impact through improved links with Pastoral and academic support systems within the school.

Three Key Points about Answering Data Tasks

  • Look for Trends over time
  • Suggest possible explanations based on your experience or knowledge of the school
  • Question anomolies, stand outs etc – Could this suggest inaccurate recording
  • Communicate your ideas confidently, clearly, and succinctly
  • Look for errors (especially in budgets, have they left of a 0 or a -) They may do this to catch you out.

Successfully completing the interview data tasks is not only important but also essential for successful school leaders. The role of data tasks in school leadership jobs cannot be overstated as it helps leaders to make informed decisions that can drive student achievement and improve overall school performance. School leaders need to develop their skills in collecting, analysing, and interpreting data. More importantly, they need to show they know how to use data to drive school improvement. If you are faced with a school leader interview data task look for patterns, and errors and carefully check totals and percentages. Data exercises give the interview panel insights into critical leadership skills for driving standards, accountability, continuous improvement and delivering outcomes through informed, evidence-based management of the school.

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Bulgaria , Burkina Faso , Cameroon , Democratic Republic of the Congo , Croatia , Haiti , Jamaica , Kenya , Mali , Mozambique , Namibia , Nigeria , Philippines , Senegal , South Africa , South Sudan , Syria , Tanzania , Türkiye , Vietnam , Yemen 

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BARBADOS , GIBRALTAR , UGANDA , UNITED ARAB EMIRATES

Paris, 23 February 2024 -

Jurisdictions under increased monitoring are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “grey list”.

The FATF and FATF-style regional bodies (FSRBs) continue to work with the jurisdictions below as they report on the progress achieved in addressing their strategic deficiencies. The FATF calls on these jurisdictions to complete their action plans expeditiously and within the agreed timeframes. The FATF welcomes their commitment and will closely monitor their progress. The FATF does not call for the application of enhanced due diligence measures to be applied to these jurisdictions. The FATF Standards do not envisage de-risking, or cutting-off entire classes of customers, but call for the application of a risk-based approach. Therefore, the FATF encourages its members and all jurisdictions to take into account the information presented below in their risk analysis.

The FATF identifies additional jurisdictions, on an on-going basis, that have strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. A number of jurisdictions have not yet been reviewed by the FATF or their FSRBs, but will be in due course.

The FATF provides some flexibility to jurisdictions not facing immediate deadlines to report progress on a voluntary basis. The following countries had their progress reviewed by the FATF since October 2023: Barbados, Bulgaria; Burkina Faso, Croatia, Democratic Republic of Congo, Gibraltar, Jamaica, Mali, Mozambique, Nigeria, Philippines, Senegal, South Africa, South Sudan, Tanzania, Türkiye, UAE, and Uganda. For these countries, updated statements are provided below. Cameroon, Haiti, Syria, Vietnam and Yemen chose to defer reporting; thus, the statements issued previously for those jurisdictions are included below, but it may not necessarily reflect the most recent status of the jurisdictions’ AML/CFT regimes. Following review, the FATF now also identifies Kenya and Namibia.

Since October 2023, when Bulgaria made a high-level political commitment to work with the FATF and MONEYVAL to strengthen the effectiveness of its AML/CFT regime, Bulgaria has taken steps towards improving its AML/CFT regime, including by addressing technical compliance deficiencies related to Recommendations 6, 10 and 24. Bulgaria should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1) implementing its national AML/CFT Strategy through adopting a comprehensive action plan; (2) addressing the remaining technical compliance deficiencies; (3) demonstrating initial implementation of risk-based supervision for postal money operators, currency exchange providers and real estate agents and establishing market entry controls for VASPs and postal money operators; (4) ensuring that the beneficial ownership information held in the Register is accurate and up-to-date; (5) completing the implementation of the automated system to ensure more automated prioritisation of STRs; (6) improving investigations and prosecutions of different types of money laundering in line with risks, including high-scale corruption and organised crime; (7) ensuring that confiscation is pursued as a policy objective; (8) ensuring the ability to conduct parallel financial investigations in all terrorism investigations; (9) addressing gaps in the TF and PF targeted financial sanctions (TFS) frameworks; and (10) identifying the subset of non-profit organisations (NPOs) most vulnerable to TF abuse and demonstrating initial implementation of risk-based monitoring to prevent abuse for TF purposes.

bURKINA FASO

Since February 2021, when Burkina Faso made a high-level political commitment to work with the FATF and GIABA to strengthen the effectiveness of its AML/CFT regime, Burkina Faso has taken steps towards improving its AML/CFT regime, including by increasing TF investigations and prosecutions in line with its risk profile. Burkina Faso should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1) strengthening resource capacities of all AML/CFT supervisory authorities and implementing risk based supervision of FIs and DNFBPs; (2) maintaining comprehensive and updated basic and beneficial ownership information of legal persons and strengthening the system of sanctions for violations of transparency obligations; (3) increasing the diversity of suspicious transactions reporting; (4) establishing procedures for effective implementation of declaration of cross-border transportation of currencies and bearer negotiable instruments; and (5) implementing an effective TFS regime related to TF and PF as well as risk-based monitoring and supervision of NPOs.

The FATF notes Burkina Faso’s continued progress across its action plan, however all deadlines have expired and work remains. The FATF urges Burkina Faso to swiftly implement its action plan to address the above-mentioned strategic deficiencies as soon as possible as all deadlines expired in December 2022.

(Statement from June 2023)

In June 2023, Cameroon made a high-level political commitment to work with the FATF and GABAC to strengthen the effectiveness of its AML/CFT regime. Since the adoption of its MER in October 2021, Cameroon has made progress on some of the MER’s recommended actions by increasing the resources of the FIU and building the capacity of investigation authorities and judicial bodies to effectively conduct ML/TF cases. Cameroon will work to implement its FATF action plan by: (1) Aligning AML/CFT national strategies and policies with the findings of the NRA and monitoring their implementation, and demonstrating AML/CFT cooperation and coordination between competent authorities; (2) Ensuring risk-based prioritisation of incoming international cooperation requests in line with risks and responding in an effective manner; (3) Enhancing risk-based supervision of banks and implementing effective risk-based supervision for non-bank FIs and DNFBPs, and conducting appropriate outreach to high-risk FIs and DNFBPs; (4) Maintaining and ensuring timely access by competent authorities to adequate and up to date beneficial ownership information on legal persons, and establishing a sanctions regime for violations of transparency obligations applicable to legal persons; (5) Enhancing secure information exchange between the FIU, reporting entities and competent authorities and demonstrating an increase in dissemination of intelligence reports to support operational needs of competent authorities; (6) Demonstrating that authorities are able to conduct a range of ML investigations, and prosecute ML in line with risks; (7) Implementing policies and procedures for seizing and confiscating proceeds and instrumentalities of crime and managing frozen, seized and confiscated property, and prioritising seizure and confiscation of assets at the border; (8) Demonstrating that TF investigations and prosecutions are pursued in line with risk; and (9) Demonstrating effective implementation of TF and PF TFS regimes and implementing a risk-based approach to NPOs without disrupting legitimate NPO activities. 

DEMOCRATIC REPUBLIC OF THE CONGO

Since October 2022, when the DRC made a high-level political commitment to work with the FATF and GABAC to strengthen the effectiveness of its AML/CFT regime, the DRC has taken steps towards improving its AML/CFT regime, including by finalising their three-year AML/CFT National Strategy. The DRC should continue to work to implement its FATF action plan to address its strategic deficiencies, including by: (1) disseminating the NRA on ML and TF to all key stakeholders; (2) developing and implementing a risk-based supervision plan; (3) building the capacity of the FIU to conduct operational and strategic analysis; (4) strengthening the capabilities of authorities involved in the investigation and prosecution of ML and TF; and (5) demonstrating effective implementation of TF and PF-related TFS. 

Since June 2023, when Croatia made a high-level political commitment to work with the FATF and MONEYVAL to strengthen the effectiveness of its AML/CFT regime, Croatia has taken steps towards improving its AML/CFT regime, including by completing its national risk assessment. Croatia should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1) Increasing FIU human resources and improving analytical capabilities; (2) Continuing to improve law enforcement authorities (LEAs) detection, investigation and prosecution of different types of ML, including ML involving a foreign predicate offences and the misuse of legal persons; (3) Demonstrating a sustained increase in the application of provisional measures in securing direct/indirect proceeds, as well as foreign proceeds subject to confiscation; (4) Demonstrating the ability to systematically detect and where relevant investigate TF in line with its risk profile; (5) Establishing a national framework for the implementation of UN TFS measures and providing guidance and conducting outreach and training to the reporting entities; and (6) Identifying the subset of NPOs most vulnerable to TF abuse and providing targeted outreach to NPOs and to the donor community on potential vulnerabilities of NPOs to TF abuse.

(Statement from October 2023)

Since June 2021, when Haiti made a high-level political commitment to work with the FATF and CFATF to strengthen the effectiveness of its AML/CFT regime, Haiti has taken steps towards improving its AML/CFT regime, including by facilitating information sharing with relevant foreign counterparts and addressing technical deficiencies in its ML offence, TF offence, and AML/CFT preventive measures. The FATF recognises the political commitment expressed at a high level and the efforts demonstrated by Haiti to advance its commitments in the midst of the challenging social, economic and security situation within the country. Haiti should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1) completing its ML/TF risk assessment process and disseminating the findings; (2) implementing risk-based AML/CFT supervision for all financial institutions and DNFBPs deemed to constitute a higher ML/TF risk; (3) ensuring basic and beneficial ownership information are maintained and accessible in a timely manner; (4) ensuring a better use of financial intelligence and other relevant information by competent authorities for combatting ML and TF; (5) demonstrating authorities are identifying, investigating and prosecuting ML cases in a manner consistent with Haiti’s risk profile; (6) demonstrating an increase of identification, tracing and recovery of proceeds of crimes; (7) addressing the technical deficiencies in its targeted financial sanctions regime; and (8) conducting appropriate risk-based monitoring of NPOs vulnerable to TF abuse without disrupting or discouraging legitimate NPO activities.

The FATF notes Haiti’s continued progress across its action plan, however all deadlines have now expired and work remains. The FATF encourages Haiti to continue to implement its action plan to address the above-mentioned strategic deficiencies.

In February 2020, Jamaica made a high-level political commitment to work with the FATF and CFATF to strengthen the effectiveness of its AML/CFT regime. At its February 2024 Plenary, the FATF made the initial determination that Jamaica has substantially completed its action plan and warrants an on-site assessment to verify that the implementation of the AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation in the future.

Jamaica has made key reforms, including: (1) developing a more comprehensive understanding of its ML/TF risk; (2) including all FIs and DNFBPs in the AML/CFT regime and implementing adequate risk based supervision in all sectors; (3) taking appropriate measures to prevent legal persons and arrangements from being misused for criminal purposes, and ensuring that accurate and up to date basic and beneficial ownership information is available on a timely basis; (4) taking proper measures to increase ML investigations and prosecutions, in line with the country’s risk profile, and increase the use of financial intelligence information in ML investigations; (5) implementing targeted financial sanctions for terrorist financing without delay; and (6) implementing a risk based approach for supervision of its NPO sector to prevent abuse for TF purposes.

In February 2024, Kenya made a high-level political commitment to work with the FATF and ESAAMLG to strengthen the effectiveness of its AML/CFT regime. Since the adoption of its MER in September 2022, Kenya has made progress on some of the MER’s recommended actions including by making amendments to its AML/CFT legislation to bring its framework in closer compliance with the FATF recommendations and establishing a case management system to better manage its international cooperation requests. Kenya will work to implement its FATF action plan by: (1) completing a TF risk assessment and presenting the results of the NRA and other risk assessments in a consistent manner to competent authorities and the private sector and updating the national AML/CFT strategies; (2) improving risk-based AML/CFT supervision of FIs and DNFBPs and adopting a legal framework for the licensing and supervision of VASPs; (3) enhancing the understanding of preventive measures by FIs and DNFBPs, including to increase STR filing and implement TFS without delay; (4) designating an authority for the regulation of trusts and collection of accurate and up-to-date beneficial ownership information and implementing remedial actions for breaches of compliance with transparency requirements for legal persons and arrangements; (5) improving the use and quality of financial intelligence products; (6) increasing ML and TF investigations and prosecutions in line with risks; (7) bringing the TFS framework in compliance with R.6 and R.7 and ensure its effective implementation; and (8) revising the framework for NPO regulation and oversight to ensure that mitigating measures are risk-based and do not disrupt or discourage legitimate NPO activity.  

Since October 2021, when Mali made a high-level political commitment to work with the FATF and GIABA to strengthen the effectiveness of its AML/CFT regime, Mali has taken steps towards improving its AML/CFT regime, including by disseminating the results of its assessment of ML/TF risks associated with legal persons, conducting parallel financial investigations for terrorism cases and using other criminal justice measures when TF conviction is not possible, and strengthening its legal framework for targeted financial sanctions. Mali should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1) demonstrating timely access to accurate beneficial ownership information; (2) identifying and investigating TF activities in line with the country’s risk profile; (3) implementing TFS related to TF and PF; and (4) implementing a risk-based approach for the monitoring of the NPO sector to prevent abuse for TF purposes.

The FATF notes Mali’s continued progress across its action plan, however all deadlines have now expired and work remains. The FATF encourages Mali to continue to implement its action plan to address the above-mentioned strategic deficiencies as soon as possible.

Since October 2022, when Mozambique made a high-level political commitment to work with the FATF and ESAAMLG to strengthen the effectiveness of its AML/CFT regime, Mozambique has taken steps towards improving its AML/CFT regime, including by ensuring cooperation and coordination amongst relevant authorities to implement risk-based AML/CFT strategies, conducting training for all LEAs on mutual legal assistance, and conducting a comprehensive TF Risk Assessment. Mozambique should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1) providing adequate financial and human resources to supervisors, developing and implementing a risk-based supervision plan; (2) providing adequate resources to the authorities to commence the collection of adequate, accurate and up-to-date beneficial ownership information of legal persons; (3) increasing the human resources of the FIU as well as increasing financial intelligence sent to authorities; (4) demonstrating LEAs capability to effectively investigate ML/TF cases using financial intelligence; (5) beginning implementation of a comprehensive national CFT strategy; (6) increasing awareness on TF and PF-related TFS; and (7) carrying out the TF risk assessment for NPOs in line with the FATF Standards and using it as a basis to develop an outreach plan.

In February 2024, Namibia made a high-level political commitment to work with the FATF and ESAAMLG to strengthen the effectiveness of its AML/CFT regime. Since the adoption of its MER in September 2022, Namibia has made progress on its MER’s recommended actions to ensure a common understanding of ML/TF/PF risk across key stakeholders as well as improve international cooperation. Namibia will work to implement its FATF action plan by: (1) strengthening its AML/CFT risk based supervision through enhancing the human and resource capacities, conducting offsite and onsite inspections informed by supervisory risk assessment tools and applying effective, proportionate and dissuasive sanctions for breaches of AML/CFT obligations; (2) enhancing preventive measures through inspections and outreach to ensure that FIs and DNFBPs apply enhanced due diligence measures as well as TFS obligations related to TF and PF without delay; (3) increasing the filing of beneficial ownership information of legal persons and arrangements, and applying remedial actions and/or effective, proportionate and dissuasive sanctions against breaches of compliance with BO obligations; (4) providing the FIU with adequate human and financial resources, as well as trainings, to improve operational and strategic analysis; (5) improving the cooperation between the FIU and LEAs to enhance the use and integration of financial intelligence in investigations; (6) enhancing the operational capabilities of authorities involved in ML and TF investigations and prosecutions by providing them with adequate resources and targeted trainings; (7) demonstrating the LEAs’ capabilities to effectively investigate and prosecute ML/TF cases; and (8) approving the amended National Counter Terrorism Strategy.

Since February 2023, when Nigeria made a high-level political commitment to work with the FATF and GIABA to strengthen the effectiveness of its AML/CFT regime, Nigeria has taken steps towards improving its AML/CFT regime, including by updating its national AML/CFT strategy and other relevant national strategies, establishing a mechanism to maintain comprehensive data on asset confiscation and conducting risk-based and targeted outreach to NPOs at risk of TF abuse. Nigeria should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1) disseminating its residual ML/TF risk assessment; (2) enhancing formal and informal international cooperation in line with ML/TF risks; (3) improving AML/CFT risk-based supervision of FIs and DNFBPs and enhancing implementation of preventive measures for high-risk sectors; (4) ensuring that competent authorities have timely access to accurate and up-to-date beneficial ownership (BO) information on legal persons and applying sanctions for breaches of BO obligations; (5) demonstrating an increase in the dissemination of financial intelligence by the FIU and its use by LEAs; (6) demonstrating a sustained increase in ML investigations and prosecutions in line with ML risks; (7) proactively detecting violations of currency declaration obligations and apply appropriate sanctions; (8) demonstrating sustained increase in investigations and prosecutions of different types of TF activities in line with risk and enhancing interagency cooperation on TF investigations; and (9) implementing risk-based monitoring for the subset of NPOs at risk of TF abuse without disrupting or discouraging legitimate NPO activities.

philippines

Since June 2021, when the Philippines made a high-level political commitment to work with the FATF and APG to strengthen the effectiveness of its AML/CFT regime, the Philippines has taken steps towards improving its AML/CFT regime, including by identifying and investigating TF cases. The Philippines should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1) demonstrating that effective risk-based supervision of DNFBPs is occurring; (2) demonstrating that supervisors are using AML/CFT controls to mitigate risks associated with casino junkets; (3) enhancing and streamlining LEA access to BO information and taking steps to ensure that BO information is accurate and up-to-date; (4) demonstrating an increase in ML investigations and prosecutions in line with risk; and (5) demonstrating an increase in the prosecution of TF cases.

The FATF urges the Philippines to swiftly implement its action plan to address the above-mentioned strategic deficiencies as soon as possible as all deadlines expired in January 2023.

Since February 2021, when Senegal made a high-level political commitment to work with the FATF and GIABA to strengthen the effectiveness of its AML/CFT regime, Senegal has taken steps towards improving its AML/CFT regime, including by improving the detection of AML/CFT violations of FIs and DNFBPs, establishing an effective mechanism to maintain accurate and updated beneficial ownership information on legal persons, identifying and investigating TF activities, strengthening its targeted financial sanction regime, including by conducting outreach to FIs and DNFBPs on their obligations. Senegal should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1) improving compliance of high-risk FIs and DNFBPs with their STR reporting obligation; and (2) implementing risk-based monitoring of NPOs at risk of TF abuse.

The FATF notes Senegal’s continued progress across its action plan, however all deadlines have expired and work remains. The FATF urges Senegal to swiftly implement its action plan to address the above-mentioned strategic deficiencies as soon as possible as all deadlines expired in September 2022.

south africa

Since February 2023, when South Africa made a high-level political commitment to work with the FATF and ESAAMLG to strengthen the effectiveness of its AML/CFT regime, South Africa has taken steps towards improving its AML/CFT regime including by addressing technical deficiencies in its targeted financial sanction regime related to terrorism financing, increasing the use of financial intelligence from FIC to support ML/TF investigations and increasing the resources of AML/CFT supervisors. South Africa should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1) demonstrating a sustained increase in outbound mutual legal assistance (MLA) requests that help facilitate ML/TF investigations and confiscations of different types of assets in line with its risk profile; (2) improving risk-based supervision of DNFBPs and demonstrating that all AML/CFT supervisors apply effective, proportionate, and effective sanctions for noncompliance; (3) ensuring that competent authorities have timely access to accurate and up-to-date BO information on legal persons and arrangements and applying sanctions for breaches of violation by legal persons to BO obligations; (5) demonstrate a sustained increase in investigations and prosecutions of serious and complex money laundering and the full range of TF activities in line with its risk profile; (6) enhancing its identification, seizure and confiscation of proceeds and instrumentalities of a wider range of predicate crimes, in line with its risk profile; (7) updating its TF Risk Assessment to inform the implementation of a comprehensive national counter financing of terrorism strategy; and (8) ensuring the effective implementation of targeted financial sanctions and demonstrating an effective mechanism to identify individuals and entities that meet the criteria for domestic designation.

south sudan

Since June 2021, when South Sudan made a high-level political commitment to work with the FATF and ESAAMLG to strengthen the effectiveness of its AML/CFT regime, South Sudan has taken steps towards improving its AML/CFT regime, including by completing its ML/TF National Risk Assessment (NRA). South Sudan should continue to work to implement its action plan, including by: (1) completing its comprehensive review of the AML/CFT Act (2012), with the support of international partners, including technical assistance, to comply with the FATF Standards; (2) fully implementing the 1988 Vienna Convention, the 2000 Palermo Convention, and the 1999 Terrorist Financing Convention; (3) ensuring that competent authorities are suitably structured and capacitated to implement a risk-based approach to AML/CFT supervision for financial institutions; (4) developing a comprehensive legal framework to collect and verify the accuracy of beneficial ownership information for legal persons; (5) operationalising a fully functioning and independent FIU; (6) establishing and implementing the legal and institutional framework to implement targeted financial sanctions in compliance with United Nations Security Council Resolutions on terrorism and WMD proliferation financing; and (7) commencing implementation of targeted risk-based supervision/monitoring of NPOs at risk of TF abuse.

The FATF notes South Sudan’s limited progress across its action plan with all deadlines now expired and work remaining. The FATF again encourages South Sudan to continue to implement its action plan to address the above-mentioned strategic deficiencies as soon as possible and demonstrate strong political and institutional commitment to strengthen the effectiveness of its AML/CFT regime, particularly in supporting the lead AML/CFT agency in coordinating national AML/CFT efforts.

(Statement from February 2023)

Since February 2010, when Syria made a high-level political commitment to work with the FATF and MENAFATF to address its strategic AML/CFT deficiencies, Syria has made progress to improve its AML/CFT regime. In June 2014, the FATF determined that Syria had substantially addressed its action plan at a technical level, including by criminalising terrorist financing and establishing procedures for freezing terrorist assets. While the FATF determined that Syria has completed its agreed action plan, due to the security situation, the FATF has been unable to conduct an on-site visit to confirm whether the process of implementing the required reforms and actions has begun and is being sustained. The FATF will continue to monitor the situation, and will conduct an on-site visit at the earliest possible date.

Since October 2022, when Tanzania made a high-level political commitment to work with the FATF and ESAAMLG to strengthen the effectiveness of its AML/CFT regime, Tanzania has taken steps towards improving its AML/CFT regime, including by building the capacity of its LEAs to investigate and prosecute different types of ML cases through recruitment and training of new and existing staff, as well as addressing TFS technical deficiencies. Tanzania should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1) improving risk-based supervision of FIs and DNFBPs, including by conducting inspections on a risk-sensitive basis and applying effective, proportionate, and dissuasive sanctions for non-compliance; (2) demonstrating authorities’ capability to effectively conduct a range of investigations and prosecutions of ML in line with the country’s risk profile; (3) demonstrating that LEAs are taking measures to identify, trace, seize, and confiscate proceeds and instrumentalities of crime; (4) conducting a comprehensive TF Risk Assessment and beginning to implement a comprehensive national CFT strategy as well as demonstrating capability to conduct TF investigations and pursue prosecutions in line with the country’s risk profile; (5) increasing awareness of the private sector and competent authorities on TF and PF-related TFS; and (6) carrying out the TF risk assessment for NPOs in line with the FATF Standards and using it as a basis to develop an outreach plan.

In October 2021, Türkiye made high-level political commitment to work with the FATF to strengthen the effectiveness of its AML/CFT regime. At its February 2024 Plenary, the FATF made the initial determination that Türkiye has substantially completed its action plan and warrants an on-site assessment to verify the implementation of the AML/CFT reforms has begun and is being sustained, that the, and that the necessary political commitment remains in place to sustain implementation in the future.

Türkiye has made key reforms, including: (1) enhancing its approach to risk-based AML/CFT supervision; (2) taking steps to ensure sanctions for AML/CFT breaches and beneficial ownership requirements are dissuasive; (3) enhancing resources for its FIU and the use of financial intelligence produced; (4) undertaking more complex ML investigations and prosecutions in line with risks; (5) improving its asset recovery system; (6) prioritising TF investigations, prosecutions and confiscations related to UN-designated groups; (7) enhancing its implementation of targeted financial sanctions for terrorism financing; and (8) enhancing outreach to a broad range of NPOs and taking steps to ensure that supervision of NPOs is risk-based and does not disrupt or discourage legitimate NPO activity, such as fundraising.

In June 2023, Vietnam made a high-level political commitment to work with the FATF and APG to strengthen the effectiveness of its AML/CFT regime. Since the adoption of its MER in November 2021, Vietnam has made progress on some of the MER’s recommended actions by joining the Asset Recovery Interagency Network Asia Pacific (ARIN-AP) and adopting a national action plan on AML/CFT/CPF. Vietnam will work to implement its FATF action plan by: (1) Increasing risk understanding, domestic co-ordination and co-operation to combat ML/TF; (2) Enhancing international co-operation; (3) Implementing effective risk-based supervision for FIs and DNFBPs; (4) Taking action to regulate virtual assets and virtual asset service providers; (5) Addressing technical compliance deficiencies, including with respect to the ML offence, targeted financial sanctions, customer due diligence and suspicious transaction reporting; (6) Conducing outreach activities with the private sector; (7) Establishing a regime that provides competent authorities with adequate, accurate and up-to-date information on beneficial ownership; (8) Ensuring the independence of the FIU and enhancing the quality and quantity of financial intelligence analysis and disseminations; (9) Prioritizing parallel financial investigations and demonstrating an increase in the number of ML investigations and prosecutions undertaken; (10) demonstrating that there is monitoring of FIs and DNFBPs for compliance with PF TFS obligations and that there is co-operation and co-ordination between authorities to prevent PF TFS from being evaded.

(Statement from Feburary 2023)

Since February 2010, when Yemen made a high-level political commitment to work with the FATF and MENAFATF to address its strategic AML/CFT deficiencies, Yemen has made progress to improve its AML/CFT regime. In June 2014, the FATF determined that Yemen had substantially addressed its action plan at a technical level, including by: (1) adequately criminalising money laundering and terrorist financing; (2) establishing procedures to identify and freeze terrorist assets; (3) improving its customer due diligence and suspicious transaction reporting requirements; (4) issuing guidance; (5) developing the monitoring and supervisory capacity of the financial sector supervisory authorities and the financial intelligence unit; and (6) establishing a fully operational and effectively functioning financial intelligence unit. While the FATF determined that Yemen has completed its agreed action plan, due to the security situation, the FATF has been unable to conduct an on-site visit to confirm whether the process of implementing the required reforms and actions has begun and is being sustained. The FATF will continue to monitor the situation, and conduct an on-site visit at the earliest possible date.

Jurisdictions No Longer Subject to Increased Monitoring by the FATF                                                                                                                                                                                                                                                                 

The FATF welcomes Barbados’ significant progress in improving its AML/CFT regime. Barbados strengthened the effectiveness of its AML/CFT regime to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in February 2020, including (1) demonstrating it effectively applies risk-based supervision for FIs and DNFBPs; (2) taking appropriate measures to prevent legal persons and arrangements from being misused for criminal purposes, and ensuring that accurate updated beneficial ownership information is available on a timely basis; (3) increasing the capacity of the FIU to improve the quality of its financial information to further assist LEAs in investigating ML or TF; (4) demonstrating that money laundering investigations and prosecutions are in line with the country’s risk profile and reducing the backlog in the adjudication of criminal cases, in particular ML cases involving confiscation, and demonstrating the application of sanctions when appropriate; and (5) further pursuing confiscation in ML, including by seeking assistance from foreign counterparts. Barbados is therefore no longer subject to the FATF’s increased monitoring process.

Barbados should continue to work with CFATF to sustain its improvements in its AML/CFT system. 

The FATF welcomes Gibraltar’s significant progress in improving its AML/CFT regime. Gibraltar strengthened the effectiveness of its AML/CFT regime to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in June 2022 including by (1) applying effective, proportionate, and dissuasive sanctions for AML/CFT breaches in non-bank financial institutions and DNFBPs sectors; and (2) pursuing final confiscation judgments commensurate with the risk and context of Gibraltar. Gibraltar is therefore no longer subject to the FATF’s increased monitoring process.

Gibraltar should continue to work with MONEYVAL to sustain its improvements in its AML/CFT system. 

The FATF welcomes Uganda’s significant progress in improving its AML/CFT regime. Uganda strengthened the effectiveness of its AML/CFT regime to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in February 2020 including by: (1) adopting a national AML/CFT strategy; (2) enhancing the use of MLA and maintaining statistics; (3) developing risk-based supervision of the financial and DNFBP sectors; (4) assessing the ML/TF risks related to legal persons and ensuring that competent authorities have timely access to accurate basic and beneficial ownership information; (5) pursuing ML investigations and prosecutions, applying ML charges consistent with the country’s risk profile and establishing procedures to trace and seize proceeds of crimes; (6) demonstrating an ability to conduct TF investigation and prosecution; (7) addressing the technical deficiencies in the legal framework to implement PF-related TFS; (8) developing an outreach and risk-based oversight plan to protect its NPO sector from potential TF abuse. Uganda is therefore no longer subject to the FATF’s increased monitoring process.

Uganda should continue to work with ESAAMLG to sustain improvements in its AML/CFT system, including by ensuring its oversight of NPOs is risk-based and in line with the FATF Standards rather than classifying all NPOs as obliged entities. Uganda is strongly encouraged to continue cooperating with ESAAMLG on this issue.

UNITED ARAB EMIRATES

The FATF welcomes the UAE’s significant progress in improving its AML/CFT regime. The UAE strengthened the effectiveness of its AML/CFT regime to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in February 2022 including by: (1) increasing outbound MLA requests to facilitate ML/TF investigations; (2) improving understanding of ML/TF risks of DNFBP supervisors, applying effective and proportionate sanctions for AML/CFT noncompliance involving FIs and DNFBPs, and increasing STR filing for those sectors; (3) developing a better understanding of risk of abuse of legal persons and implementing risk-based mitigating measures to prevent their abuse; (4) providing additional resources to the FIU to increase its capacity to provide financial intelligence to LEA and making greater use of financial intelligence, including from foreign counterparts, to pursue high-risk ML threats; (5) increasing investigations and prosecution of ML; (6) ensuring effective implementation of TFS through sanctioning noncompliance among reporting entities and demonstrating a better understanding of UN sanctions evasion among the private sector. The UAE is therefore no longer subject to the FATF’s increased monitoring process.

The UAE should continue to work with MENAFATF to sustain its improvements in its AML/CFT system.

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Royal Mail hackers LockBit hobbled by global law enforcement

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Tim Bradshaw in London

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Law enforcement agencies including the FBI and the UK’s National Crime Agency have dealt a crippling blow to LockBit, one of the world’s most prolific cyber crime gangs, whose victims include Royal Mail and Boeing.

The international agencies behind “Operation Cronos” said on Tuesday that the ransomware group — many of whose members are based in Russia — had been “locked out” of its own systems. Several of the group’s central members have been arrested, indicted or identified and its core technology seized, including hacking tools and its “dark web” homepage.

Graeme Biggar, NCA director-general, said law enforcement officers had “successfully infiltrated and fundamentally disrupted LockBit”.

“LockBit has caused enormous harm and cost. No longer,” Biggar told a media conference in London, flanked by officials from the FBI, US Department of Justice and Europol. “As of today, LockBit is effectively redundant. LockBit has been locked out.”

Separately, the US Treasury department on Tuesday said that it was placing sanctions on two affiliates of LockBit, citing the hack in November of the US-based financial services arm of Industrial and Commercial Bank of China, China’s largest bank, as part of the rationale.

“This action is the first in an ongoing collaborative effort with the US Department of Justice, Federal Bureau of Investigation, and our international partners targeting LockBit,” the Treasury said.

LockBit had claimed responsibility for the hack, which shut down ICBC FS and disrupted trading in the $27tn US government bond market.

Over the past four years, LockBit has been involved in thousands of other ransomware attacks on victims around the world, from high-profile corporate targets to hospitals and schools.

The hacking group’s technology , which locks organisations out of their own IT systems, has been used by a global network of hackers to inflict billions of dollars’ worth of damage against victims, through about $120mn in ransom payments and millions more in recovery costs, according to officials.

Five defendants have been charged in the US, officials said, including two Russian nationals. Two of the five are in custody. Another two alleged members of the gang were arrested in Ukraine and Poland on Tuesday, with law enforcement officials promising more to come.

“We will be closing in on those individuals,” said Biggar, adding that agencies had frozen about 200 cryptocurrency accounts and seized a “wealth of data” to fuel the investigation. “We’ve got a very clear understanding of the LockBit operation.”

That included seizing about 11,000 domains and servers around the world, as well as gaining access to almost 1,000 potential decryption tools that could help more than 2,000 known victims regain access to their data.

Security researchers said earlier on Tuesday that LockBit’s website on hidden parts of the internet — the dark web — had been taken down and replaced by a message stating it was “now under control of law enforcement”. Officials said the move was designed to humiliate and undermine the fearsome reputation of the group’s hackers, even as hundreds of its members, affiliates and developers remained at large.

“There is a large concentration of these individuals in Russia,” said NCA’s Biggar, who added that, while there was “clearly some tolerance of cyber criminality” there, the investigation had “not seen direct support from the Russian state”.

From its Russian roots, LockBit has collaborated with an international criminal syndicate through a “ransomware as a service” model. The group rents out its malware to a loose network of hackers, who use it to paralyse a wide range of targets, from international finance groups and law firms to schools and medical facilities. LockBit typically takes a commission of as much as 20 per cent of any ransom paid by victims.

LockBit’s attack in early 2023 on Royal Mail , the UK’s postal service, thrust the group into the spotlight, while November’s attack on the ICBC sent shockwaves through the financial world. That same month, gigabytes of data allegedly stolen from Boeing were leaked online after the aerospace group refused to pay a ransom.

The group has become so notorious that some hackers even got tattoos of its logo, part of a promotional stunt for which LockBit offered a $1,000 payment.

Chester Wisniewski, global field chief technology officer at cyber security company Sophos, said that LockBit, which is believed to have first emerged in 2019, had risen to become the “most prolific ransomware group” in the past two years.

“The frequency of their attacks, combined with having no limits to what type of infrastructure they cripple, has also made them the most destructive in recent years,” he said. “Anything that disrupts their operations and sows distrust amongst their affiliates and suppliers is a huge win for law enforcement.”

However, Wisniewski added that “much of their infrastructure is still online”, suggesting there was still work to do to bring the hackers under the full control of law enforcement.

Additional reporting by Kate Duguid, Suzi Ring, Mehul Srivastava and John Paul Rathbone

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