A financial industry professional who focuses on the prevention and detection of money laundering activity is known as an anti-money laundering specialist. Some are members of professional organizations and have credentials that help them find work. Others may receive their training on the job and rely on their prior work experience when applying for jobs. Banks, as well as law enforcement agencies and government policy implementation agencies, employ anti-money laundering specialists.
This job necessitates a thorough understanding of a country’s money laundering laws. The anti-money laundering specialist is well-versed in all aspects of the law, including individual financial institution responsibilities. These individuals work in banks to train other employees, assist in the development of compliance policies, and cooperate with law enforcement when investigations arise. Their responsibilities range from filing reports on suspicious customer activity to assisting branch banks in training their employees on how to properly file reports in accordance with the law.
The anti-money laundering specialist is also taught how to spot signs of money laundering and respond appropriately. Even if activities are not required to be reported to the government, they can be tracked internally so that the bank can monitor customers of concern and prepare reports for government agencies using customer data. To address changes in the law, the financial industry, and the community, the anti-money laundering specialist assists in defining, setting, and reforming bank policy.
Anti-money laundering specialists at law enforcement agencies examine bank reports, flagging those that are of concern for further investigation. They can also help banks with legal compliance and provide outreach and education to help them learn how to spot money laundering and respond appropriately. This work may also entail training untrained law enforcement officers interested in joining a financial crimes task force. These professionals work at other government agencies to develop sensible, comprehensive anti-money laundering policies.
One issue with financial crimes is that people are notoriously adaptable when it comes to changing their habits and behaviors to avoid being caught. People change tactics as the law changes, making it more difficult to track their activities. To accurately and quickly identify financial activities of concern, anti-money laundering specialists must be able to think like their targets. People are paid to look the other way when financial crimes occur, so the anti-money laundering specialist must be aware of issues like bribery and corruption within a bank or government agency.