AML Recruitment in Fintech

Posted by Jeff Pelliccio on Aug 3, 2017 9:00:00 AM

In ICS insights

Recently, our very own Sanjeev Menon, Zach Plotkin, and John Liberatore have written an article that can be found on the ACAMS Today website. This is a great recognition for all involved and it also speaks to our expertise in the field. Legal and Compliance has always been one of our strong suits and we would be amiss to not acknowledge this win. 

The article is thoughtful, insightful, and maybe a tad controversial for some stuck in the past. Fintech is the future and it doesn't stop there. With all of the technological advancements we've seen in the past few years, it is not foolish to see a future that incorporates more of that tech into the finance world. In fact, Fintech will be moving into a sector that has been lax in its regulations, but not anymore. Competitive advantage will be most crucial to succeeding in this startup atmosphere. The brunt of these companies are in the emerging payments and alternative remittance space. Of course, with any business, money laundering, financial crimes, and terrorist financing are all major risks and may continue to grow. There are still several questions hanging in the air about who should regulate, what should be regulated, and how do you take the already existing regulatory framework and shape it into something more comprehensive?

Some might see AML teams as just maintaining the integrity of the legacy system, but they are doing much more. These professionals are playing a significant role in the creation of the next generation of financial services firms. The recruitment process will be the main factor in choosing these future leaders. The next question would be how is recruiting for Fintech different than other legacy roles. 

The short answer is culture and the company's compliance culture and philosophy. Culture is key at Fintech companies, even more so than teachable skills. They must be able to learn fast, have common sense, be passionate, and fail quickly. They have to be able to see the bigger picture and take an idea and turn it into a solution as a team. Compliance comes into play when dealing with attacking financial crimes and dealing with maintaining regulatory compliance through technology. To be exact, Compliance 2.0 is a way of life in the Fintech circles. To have that understanding of technology and business, as well as where they intersect, is paramount to a Fintech AML professional's career. 

Anti-financial crimes experts are increasing in demand and this is occurring across the whole financial services industry. There is a new employment market for AML, sanctions, and compliance professionals at all levels. Fintech companies ask the tough questions that disrupt industries. This is an attractive feature for financial professionals looking to do something different. This talent migration will cause employers to take notice and prepare for what companies are looking for in talent now and in the future. Subject-matter expertise will become less crucial as the ability to adapt becomes more valuable. In an instant, our education system could be eradicated due to demand. Especially with all of this change, risk of failure will go hand in hand. That is why in the end, the best AML professionals are risk-sensitive and aware, as are Fintech companies. 

Knowing where the talent is heading and acknowledging the future skills demanded, a company can thrive and dominate a market. Disrupting the market can put your company on the map and ensure a better future for many financial professionals to come. If you need more insight on this matter, check out the full article on the ACAMS website and also, contact ICS for a professional opinion on where you need to be staffing to get where you need to go. We have experience with staffing compliance teams in emerging markets and we have the best recruiters who understand the future of compliance and how best to plan in the present. Recruiting should be an on going verb, and not a static noun. 

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