Money laundering is one of the worst crimes the global economy has been dealing with for centuries. With the rise of complex techniques used by criminals to launder illegal money, there is a growing need for experts in the field of Anti-Money Laundering (AML).
As new financial platforms continue to emerge, the field of AML has evolved into a complex discipline encompassing multiple industries, from banking to fintech platforms. It is fast becoming a niche, with several job opportunities coming up in the past few years.
It does not matter whether you are a professional or just starting and want to contribute to the fight against financial crime, this guide is for you. Through this blog post, we will aim to offer valuable insights into the dynamic field of AML careers.
Banking and Financial Sector
Deutsche Bank is facing a hefty fine of $186 million from the Federal Reserve due to its alleged involvement in a money laundering scandal. The bank is accused of “unsafe and unsound practices” regarding sanctions compliance and money-laundering controls.
This extreme case of money being laundered by the very people you trust your life savings with is catastrophic. According to AU10TIX, as we navigate the twists and turns of global financial rules in 2024, the need for robust Anti Money Laundering (AML) technology is greater than ever.
Here are a few areas in this sector where you can try and make some difference.
Compliance Officers
These officers come with in-depth knowledge of regulatory frameworks and risk assessment techniques. Their primary responsibility is to ensure that the bank or financial institute adheres to the government or international anti-monetary laundering regulations set in 2020.
If they detect any threat or anomalies in regular patterns, they are bound to furnish a suspicious activity report (SAR) to the relevant authorities. These are the professionals who need to ensure that exhaustive AML training is imparted to all employees.
You will need a bachelor’s degree in finance, law, or a related field to pursue this career option. Moreover, professional certifications such as Certified Anti-Money Laundering Specialist (CAMS) and Certified Fraud Examiner (CFE) are also sought after.
Transaction Monitoring Specialists
Transaction monitoring specialists are the eagle-eyed detectives of the financial world. These experts are responsible for conducting investigations using bank proprietary systems and triggering event reviews.
The goal is to detect patterns that indicate fraudulent or illegal activities, such as terrorist financing. In case of any fraud, the specialists might also be the first set of people to assist in AML investigations.
Now, moving on to the qualifications needed. A bachelor’s degree in finance, accounting, or a related field, with some experience in AML or fraud detection, should get you through.
Software Solutions
Does not the job prospect of developing software that can actually prevent, investigate, and report the illegal handling of money excite you? For most companies, your software will be a crucial component of their AML compliance initiatives.
AML Software Developer
Financially sensitive companies will leverage the expertise of the AML software vendors. In fact, the current trend does celebrate these top 8 AML software vendors, who have taken huge strides in developing cutting-edge software solutions to prevent money laundering.
The time was never better to collaborate with these innovative disruptors in the field of financial security. What makes this profession exciting is that you can use your coding tech stack to design highly efficient and scalable applications.
Moreover, this is an area that will only evolve with time, and thus, has boundless opportunities. Foresee a future for you, curating an application that couples big data analytics with real-time 3D emulators and furnishing realistic and real time holograms.
No one would want to look at boring PDFs or presentations anymore. Also, such robust analytics will recognize patterns, identify anomalies, and promptly alert the authorities.
What you need is proficiency in coding languages and a hunger to expand your knowledge base.
Cryptocurrency
It has taken nearly a decade for blockchain to become an integral part of financial technology (fintech). 2021 was a revolutionary year for cryptocurrency. Blockchain-related fintech start-ups were on an exponential rise, coupled with the Non-Fungible Token (NFT) craze and increased investments.
In this exciting realm of fintech combined with crypto, blockchain analysts are becoming the new trendsetters.
Blockchain Analyst
To leverage this booming career option, you first need to have a good hold over blockchain architecture, cryptography, and smart contracts. A blockchain analyst’s role involves thorough research, evaluation, and analysis of current trends in the cryptocurrency sector. With more experience, you might also get to evaluate challenges within the sector.
As a specialist in this realm, you would be expected to master advanced tools and techniques, from data visualization and machine learning algorithms to statistical analysis.
To thrive in this ever-advancing field, you will need a solid understanding of computer science, mathematics, and data analysis. You can also pursue professional certifications as per the market needs. Two of the most preferred ones are Certified Blockchain Expert (CBE) and Certified Cryptocurrency Investigator (CCI).
In conclusion, the world of AML is replete with career opportunities and the market is just warming up. Security systems are becoming more robust in tackling financial fraud. However, this is also a push for fraudsters and scammers to invest in more complex strategies to overpower the compliance and regulatory frameworks.
This is a never-ending cycle and hence, you will always have some new frontier to look forward to.
