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In today's globalised economy, financial crime is a growing threat, costing businesses betwe...
In today's globalised economy, financial crime is a growing threat, costing businesses between $800 million to $2 trillion each year alone through money laundering. With rising threats, firms within the financial space must implement strong financial crime compliance processes and policies to protect their reputation, employees and customers. This process starts by hiring experts within the industry's leading financial crime compliance jobs.
In this guide, we'll outline why compliance is so important in financial services, the various compliance regulations for financial services and some of the top financial crime compliance jobs you should hire for if you want your business to remain compliant. But first, let's establish: what is financial crime and what is financial crime compliance?
Financial crime is a broad term encompassing various illegal activities involving the financial system. Some of the most common types of financial crime include:
Financial crime compliance is processes overseen by governments and regulatory bodies to ensure an organisation meets internal and external standards, policies, laws and regulations that apply to its industry and business. These regulations include preventing, detecting, and deterring financial crimes such as bribery, corruption, money laundering, terrorist financing, and cybercrime.
Compliance in the financial services space is critical for businesses of all sizes and industries, as it helps to protect them from reputational damage, financial losses, and legal liability, as well as protecting a company's financial system from being exploited for criminal purposes.
Financial crime compliance is important in financial services and for your business for many reasons, from helping to protect your customers and clients, investors and your overall financial system from financial crime, cyber-attacks, financial threats and market manipulation.
Additionally, financial compliance is essential for maintaining your business's public trust and reputation in the financial services industry. By following the rules and regulations, your business can demonstrate it is committed to ethical business practices and is working to protect your clients, customers, investors and the financial system. But what are the main compliance regulations for financial services? In the next section, we'll delve into this.
The UK's financial services industry is regulated by a number of bodies, most notably the Financial Conduct Authority (FCA), the Bank of England (BoE) and the Prudential Regulation Authority (PRA).
These bodies work together to ensure that the financial services industry complies with all applicable regulations and provide guidance and support to financial services businesses to help them comply with the rules.
Collectively, these bodies are responsible for ensuring that financial services businesses comply with a wide range of regulations, including:
These are just some of the UK's most important compliance regulations for financial services. Organisations operating in the financial services industry must comply with all applicable regulations to protect their customers, their businesses, and the financial system as a whole.
If you're a financial institution, it's essential that you have a strong financial compliance team to implement financial processes to protect your business from financial crime. Your team should include an array of dedicated financial crime compliance professionals who are responsible for implementing and monitoring your organisation's financial crime compliance policies and procedures.
So, if you’re looking to optimise the financial compliance of your business, here are 5 financial crime compliance jobs you should hire for.
Chief Compliance Officers (CCO) oversee organisational compliance, ensuring a business complies with the necessary laws, regulatory requirements, policies, and procedures. The CCO is a senior management team member and reports to the CEO.
Responsibilities of a Chief Compliance Officer include:
A Financial Crime Compliance Officer (FCCO) ensures that an organisation complies with all applicable financial crime laws and regulations. These regulations include anti-money laundering (AML), counter-terrorist financing (CTF), and sanctions compliance. An FCCO typically reports to the Chief Compliance Officer (CCO) or another senior compliance officer.
Responsibilities of a Financial Crime Compliance Officer include:
An Anti-Bribery and Corruption Officer (ABC Officer) leads and manages the organisation's anti-bribery and corruption (ABC) compliance process. From developing and implementing ABC policies and procedures, conducting risk assessments, and investigating allegations of ABC misconduct, the ABC Officer also advises and guides employees on ABC compliance issues.
Responsibilities of an Anti-Bribery and Corruption Officer include:
Fraud Analysts are responsible for identifying and investigating fraudulent activity within the organisation, including analysing data, conducting research, and developing and implementing fraud prevention strategies. The Fraud Analyst also works with other departments to protect the organisation from fraud.
Responsibilities of a Fraud Analyst include:
Money Laundering Reporting Officers (MLRO) ensure the organisation complies with all applicable anti-money laundering (AML) laws and regulations. Their role involves developing and implementing AML policies and procedures, conducting risk assessments, and investigating suspicious activity reports (SARs). An MLRO also provides advice and guidance to employees on AML compliance issues.
Responsibilities of a Money Laundering Reporting Officer include:
Financial crime compliance is an essential part of doing business in today's world. By implementing a solid financial crime compliance process and hiring the financial crime consultants we've outlined above, your business can better protect itself from financial harm, regulatory fines, and reputational damage.
If you're a business within the legal and financial services sector looking for industry experts to perfect your financial crime compliance strategies and procedures, we can help. Our compliance recruitment specialists have deep financial market knowledge and access to an unbeatable network of global candidates to help your business find the best talent.
Discover how we can support your recruitment needs by getting in touch with a member of our team today.