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20 February 2015

AML professionals "in demand at banks"

Content team

There is a high level of demand for anti-money laundering (AML) professionals at the UK's banks.

This is according to new research from recruitment company Venn Group, which found a shortage of skilled individuals in this area is forcing financial organisations to offer lucrative wages to those that are available.

It revealed some AML contractors are being paid in excess of £1,000 per day as a result of this imbalance between supply and demand.

Venn’s Jodie Finn told City AM: "We are going through a period where asset managers and investment banks are still struggling to not only interpret, but also implement the Financial Conduct Authority’s client asset rule."

"Of particular interest are project managers and project leads who can expect to command in excess of £800 and £1,000 per day respectively," she added.

In a Wall Street Journal survey carried out in December, AML rules were highlighted as the second most pressing regulatory concern of 2015 by compliance professionals. It was second only to the increased spread of regulatory action outside of the US.

The past week has seen authorities in both Canada and Ireland make changes to rules surrounding AML. According to the Jurist, the Supreme Court of Canada has struck down the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, which requires lawyers to collect and report any suspicious financial activity involving their clients.

Meanwhile, the Central Bank of Ireland has published a report focusing on AML, countering the financing of terrorism and financial sanctions compliance among banks in the nation. Among the main findings of the publication was that current risk assessments lack thorough analysis of key threats.

Content team, Bureau van Dijk

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