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Compliance – Banking’s only growth industry?

I was at the ICA Members Assembly this week and, while networking with some great people, it became apparent that many banks are still understaffed in their compliance, AML, IA and Financial Crime areas.  Seemingly, there is a severe shortage of qualified, well trained and experienced staff who have actually worked in financial services and salaries are increasing sharply for those who have these attributes and are willing to move.

This situation won’t improve anytime soon as banks continue to be fined for AML/Sanctions or are under investigation – my personal view is that we are going to see more hiring, more training and more compliance in all walks of life, not just financial services. watch out the real estate, legal, accountancy and high value professions!