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A hiring spate by some of the largest banks facing a variety of regulatory pressures has resulted in more than just a glut of compliance officers. It's been a training headache too.
The median salaries of compliance officers tasked with identifying money laundering and other financial crimes rose nearly six percent from 2011 to 2012, according to an industry survey released Thursday.
The ongoing U.S. financial regulatory overhaul and recent compliance penalties have sharply increased the demand for seasoned anti-money laundering professionals at federal agencies and banks, say sources.
Record anti-money laundering penalties in 2010 and sounder financial footing at most financial institutions following an economic downturn is prompting dozens of banks and consulting firms to add more than a thousand compliance positions, say recruiting companies.
Facing layoffs and market turmoil, some former and current anti-money laundering officers are turning to the one place they believe will offer them stable income and job security: the United States government.
The U.S. Treasury's Financial Crimes Enforcement Network has named former Citigroup executive Peter Goodyear as the head of its Bank Secrecy Act data analysis unit.
As more and more financial institutions rocked by the deepening mortgage crisis announce painful job cuts, anti-money laundering compliance officers must take quick action to protect their departments, compliance consultants say.
The federal government should issue a list of politically exposed persons to help banks identify them, according to former Financial Crimes Enforcement Network director William Fox.
The biggest bank in the country is losing one of the biggest names in anti-money laundering. Rick Small, Citigroups Director of Global Anti-Money Laundering, leaves Citi effective Friday and will take over as Global AML Leader for General Electric subsid
William J. Fox, who has led the U.S. Financial Crimes Enforcement Network as director for the last 25 months, announced his resignation today to join Bank of Americas Compliance Risk Management Division.
One of the most visible and respected figures in the United States money laundering control effort since its earliest days in the 1980s is leaving the American Bankers Association, his professional home of 22 years, to join Bank of America.
