Banks hike pay for anti-money laundering staff
16 Feb 2015 12:00 am by Mark Dunn
In August 2014, we speculated in our blog that the challenges in AML compliance are unlikely to diminish. So it isn't surprising to read today that the supply of workers has not kept pace with the new demand, leaving banks facing a bottleneck for the best staff.
Globalisation has continued rapidly, driving additional need for up to date information on who is running businesses, what their background is and which other businesses they run.
Quoted in City A.M., Venn Group's Associate Director, Jodie Finn, said "We are going through a period where asset managers and investment banks are still struggling to not only interpret, but also implement the Financial Conduct Authority's client asset rule".
It seems that, for the foreseeable future, the role of the AML consultant will continue as one of the fastest growing City roles and those at the top of their gain can expect to command a significant premium.
As Finn notes, "Of particular interest are project managers and project leads who can expect to command in excess of £800 and £1,000 per day respectively."
With AML standards being raised in multiple countries, such as the EU Fourth Money Laundering Directive which will enter into force in the next two years, it is clear that 2015 will see a larger focus of anti-bribery enforcement actions against organisations around the world and that should further secure the necessity for the AML professional.
- Lifting the corporate veil: EU aims new AML directive at hidden beneficial ownership
- Anti-Money Laundering – the growth profession in the City
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