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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.
A growing number of compliance professionals expect that someone at a bank, even a compliance officer, will be prosecuted for violating the Bank Secrecy Act in the not-too-distant future.
Costs associated with the 2010 U.S. financial regulatory overhaul have prompted some large banks to repurpose their anti-money laundering compliance staff and delay transaction monitoring upgrades, say industry professionals.
Examiners from the nation's regulator of large banks will have more time to look for anti-money laundering violations now that a new agency has assumed some responsibility for enforcing consumer protection rules.
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.
After more than a year of shrinking, the anti-money laundering job market is showing signs of growth again, with large financial institutions looking to refill top slots in compliance departments.
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.
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.
