As regulated financial institutions work to comply with the Bank Secrecy Act and increasing anti-money laundering laws, AML and other audit-based profiles have been on the rise. From identifying gaps and risks in record-keeping and "know your client" systems, to training staff on updated reporting requirements and regulations, AML efforts cross technical with financial expertise, and involve complying with international laws.
Increasing responsibilities of these professionals in recent years have also led to subsequent salary increases. We've noticed this trend in both the rates our consultants are demanding but also in the budget banks and other financial institutions are setting aside for this critical function.
To learn more about AML, read LABUR's Anti-Money Laundering: What You Need to Know blog post and our case study on an AML director recently placed with an international financial services client based in Boston.