A career in anti-money laundering (AML) may be a good fit for people who enjoy researching detailed information and solving mysteries. Anti-money laundering positions are available in banks and financial institutions. There are also anti-money laundering consulting firms that employ skilled investigators. AML compliance officer, AML investigations officer, and AML financial intelligence manager are some of the job titles for anti-money laundering investigators.
Anti-money laundering specialists are usually forensic accountants who have received special training in anti-money laundering techniques and regulations. This specialist uses information from a variety of sources, including government sources, to track the flow of money through the financial institution’s accounts. One of the duties of a specialist is to train other employees to look out for suspicious activity. Anti-money laundering experts use all of the bank’s systems as well as outside resources like anti-money laundering consulting firms.
Some anti-money laundering jobs require a high level of expertise. Development of anti-money laundering software and systems to assist people in their anti-money laundering jobs is one of these specialty jobs. Anti-money laundering software developers typically require experience and training in both software development and anti-money laundering regulations and techniques.
A manager of an anti-money laundering department may be found in larger corporations. This manager frequently travels to different facilities to train the on-site staff. Because banking has increasingly become a global activity, it is common for this person and other anti-money laundering specialists to be bilingual, such as in English and Mandarin Chinese.
People with a law degree and anti-money laundering experience may be able to find work in the court system. A prosecutor who specializes in anti-money laundering laws and cases or a lawyer who defends people against prosecution are two options. Consulting is another legal profession that does not typically require a law degree. A consultant with several years of experience in anti-money laundering jobs is frequently required.
Anti-money laundering consulting firms employ anti-money laundering experts to assist businesses in developing a plan or system to detect money laundering. Typically, they train their clients’ employees as well as managers to monitor employee effectiveness. Anti-money laundering consultants typically have more experience and education than most anti-money laundering specialists. Anti-money laundering professionals who specialize in risk assessment are sometimes hired consulting firms to determine a firm’s vulnerability.
Anti-money laundering positions exist in almost every country, though some countries go different names. In Canada, for example, the term anti-money laundering is commonly referred to as an anti-terrorist financing program. Each region or country has its own set of rules and regulations that an anti-money laundering expert must be familiar with. The Patriot Act, the Bank Secrecy Act (BSA), and the US Treasury’s anti-money laundering guidelines are just a few of the laws that people working in anti-money laundering jobs should be aware of in the United States. A working knowledge of the suspicious activity reporting requirements and know-your-customer investigative techniques are also important requirements.