AML industry regulations create need for highly analytical professionals for financial crime compliance.
According to an article by Brian Monroe for the Association of Certified Financial Crime Specialists (ACFCS), the already hot AML industry is experiencing a surge of companies in need of AML Model Risk Validation Specialists who have the technological knowledge and experience to ensure their AML programs and validation models are up to par.
Banks are trying to hire individuals tied to transaction monitoring and customer risk assessment to comprise more independent AML validation teams. Without the correct models and programs in place, banks run the risk of being found in non-compliance by their regulators.
Not only do these models need to be in place, but they need to be generating the correct outputs of data.
The article quotes Citigroup Co-President, Jamie Forese, as stating that compliance costs could soar as high as $10 billion annually for financial institutions. This includes significant investments in individuals with this expert AML knowledge. Financial institutions are looking for ways to stay ahead of the regulators and avoid compliance infractions, and they are willing to invest in individuals to help reach this goal.