As Latin American banks follow their customers to the South Florida region, they are now experiencing a rise in financial crime much like their American counterparts; generating an even greater need for AML and Compliance professionals.
Miami is considered the banking capital for Latin America. South Florida’s location has always been attractive to any Latin American business looking to set up shop stateside. While the US is considered a safe haven for Latin Americans and their financial institutions, the Americas’ anti-money laundering laws and compliance regulations are proving to create major staffing challenges as financial crimes are on the rise for Latin American banks within the US.
The two biggest factors driving the demand for Compliance jobs are money laundering and real-estate. The number of money laundering schemes continues to grow due to increased globalization and ineffective enforcement of compliance regulations. Money laundering via the purchase of high end real estate, which is a relatively new phenomenon, is now a concern for the US Treasury as well. South Florida, Miami in particular, has been a hot bed for this type of criminal activity.
Recently, banks have been getting hit with fines due to the central focus and regulation of this criminal activity. They are now stepping up efforts to enhance internal compliance practices and AML/KYC functions. This is creating a job market with high demand for experienced AML and Compliance professionals to help mitigate risk and fend off any additional financial damages to both banks and the local community.
AML and Compliance professionals in the area are certainly at an advantage. For example, Chief Compliance Officers in the area are making up to 150K to 175K depending on the size of the institution. Typical starting salaries for entry level compliance professionals working for regional Latin American banks in the Miami area are upwards of 40k per year with the majority of all AML and Compliance professionals in this region being bi-lingual in Spanish.
Continued demand in careers for Compliance and Anti Money Laundering will continue to be driven in part because of steadily increasing and evolving government AML and compliance regulation along with ramped up enforcement. The forecast for the job market is strong for Compliance professionals in the South Florida area.
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