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. The hiring wave by banks and non-banks subject to anti-money laundering (AML), sanctions and other compliance regulations, includes senior program managers, know your customer specialists and professionals who can perform transactional look backs, said Ralph Dahm, president of Wheaton, Ill.-based IT Audit Search, a compliance recruiting firm. "The compliance job market is really starting to gain momentum and there is a noticeable uptick...
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.
Compliance officers who have relocated to different cities or even taken a better paying position at a bank down the street often learn quickly that the one-size approach to compliance does not fit every financial institution.
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.
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.