Financial crime compliance key hiring areas


Professionals working in finance crime compliance will continue to be in high demand in the second of 2016, as regulatory scrutiny continues to drive hiring.

There has been an increase in hiring, directly correlating with factors such as UK regulators and authorities in the USA strengthening frameworks in financial crime functions following the release of the “Panama papers”.

“Financial crime compliance roles are vital not only to ensure that awareness of the dangers pf financial crime are disseminated throughout the business, but also to ensure financial crime compliance departments understand the day-to-day activities of the business working with the required frameworks,” said Jessica Hodson, Senior Consultant at Robert Walters.

Sanctions and AML advisory remain key areas of hiring

The sanctions area has the highest levels of job volumes with some global investment banks seeking to quadruple the headcount in their UK functions. Despite this, the number of sanctions specialists, particularly at the senior level, remains limited with many candidates moving into broader MLRO positions as their careers develop.

Furthermore, as firms move away from the traditional structures of back office led financial crime compliance to a business partnering model, we have seen AML advisory roles become more dominant.

“AML advisory roles are highly sought after by candidates who view these roles as the ideal progressive step to obtaining a more visible and commercial position,” continued Hodson.

Candidate shortages

With the growth in financial crime compliance positions and notable hiring areas, candidate shortages became evident in the first half of the year, particularly at the Vice President to Executive Director level.

“The shortage of candidates market is an expected was compounded by the EU referendum outcome, where many professionals put their job search on hold ahead due to the uncertain nature of the market”, said Hodson.

With the outcome of the referendum, compliance specialists will be even more in demand, as the regulatory landscape is likely to change.

AML advisory roles are highly sought after by candidates who view these roles as the ideal progressive step to obtaining a more visible and commercial position.

In addition, financial crime compliance training has become a prominent area with many banks keen to get ahead of the curve regarding incoming pressure surrounding training and corporate culture.

As a result, there has been a strong focus on hiring candidates with experience in this field, however, the talent pool is limited and businesses are turning to talent abroad to help combat this shortage. Professionals with experience in this area will see exciting career opportunities in the later half of the year.

“Financial crime compliance training has been an area of focus as embedding financial processes and culture becomes a priority,” said Hodson.

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