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. The overhaul, known colloquially as the Dodd-Frank law, will draw some regulators to the U.S. Consumer Financial Protection Bureau (CFPB), a new independent agency scheduled to launch next month. The U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) will absorb the Office of Thrift Supervision, under the law. The merger of the two federal regulatory agencies, in particular, is fueling the increased demand, according to a Bank Secrecy Act (BSA)...
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.
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.