If you're looking into a career as an AML compliance officer, the current industry outlook is mixed.
On one hand, the number of open positions, and the salaries for those positions, are both up. Companies the world over are taking due diligence seriously, and a big part of that is having a highly qualified team in place to monitor transactions and make sure that everything runs smoothly.
"Hiring has gone up across the board … from senior level to junior level and everything in between," Jack Kelly of Compliance Search Group in New York told Reuters. Describing AML compliance as an "evergreen space", he noted that there is always a need to have dedicated staff on hand for this purpose, especially when facing litigation.
On the other hand, such positions are not without their hurdles. Working in a modern financial institution means having a facile understanding of regulations from the world over, and the legislation is consistently being updated.
One recent development that's been lessening the burden on AML officers is the widespread proliferation of compliance software. These technologically-based solutions offer a number of benefits to potential hires. Perhaps most importantly, they decrease the risk of legal reprisal: considering the number of individual officers who have been found liable for lapses, this assurance is difficult to overstate. In addition, the usage of software can streamline the compliance process and make the role significantly less burdened by menial tasks. This, in turn, affords compliance officers the time and resources to devote to more interesting projects that can bolster long-term revenues.
