European Banks finding trouble to fill in key AML jobs

Technology has proven to be a great way to reduce labour cost and to automatise process.

In many industries, this is considered as a treat to workers which need more and more skills to secure a role.

In the financial industry, and in specific in the Compliance field, this is not the case, as financial institutions fight over the existing profiles and find more and more difficult to find human capital for departments fighting money laundering.

Artificial intelligence is being used in many reputable financial institution, none the less, the use of massive amounts of data is creating the need for human analysis opening several roles for skilled proffessionals.

Compliance headcount has grown both in the US and EU in more than the double since 2013 reaching 3% of an average bank head count (as per bomber reported information).

The grow comes as compliance rules gain scope and complexity while financial institutions perform more thorough analysis on business relationships.

The risk appetite decreases as fines skyrocketed making institutions changing cycles of review and tighten the measures applicable to each customer.

Banks spend in general $300 million staffing compliance AML departments, with privations stating that financial institutions are to hire 10000 more people in the next 2 years.

In addition, salaries for compliance officers are reporting a 20% raise since 2016 according to Korn Ferry’s data.

Nonetheless the effective and clear need of technology, the real challenge of financial institutions is in recruiting and maintaining qualified and capable staff to avoid massive fines and to fight against money laundering effectivelly.



Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.

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