Want to help keep the world’s money safe? You should read this…
Recent high-profile data leaks, such as the FinCEN papers in 2020 and the Pandora documents in 2021, along with the Russian invasion of Ukraine in 2022, have put a serious spotlight on the extent of financial crime. In the UK, compliance is more important than ever, and businesses are looking for professionals to fulfill their role.
We talked to London Governance & Compliance Academy (LGCA)A multi-qualified UK learning provider specializing in governance, risk and compliance, find out why financial crime prevention is a great career choice right now.
What is financial crime?
Financial crime (also known as economic crime) refers to illegal activities carried out for the purpose of fraudulently obtaining financial gain.
The most common types of financial crime in the UK are:
- Fraud and corruption
- money laundering
- terrorist financing
- Cybercrime
- tax evasion
Financial crime can be committed by individuals, criminal organizations or a group of people, and it costs the global economy trillions of dollars every year.
Here are just four reasons to consider a career in financial crime prevention:
1. You can help save billions of pounds every year
While the exact cost of financial crime in the UK is unknown, British Parliament Estimates that this could cost companies, governments and individuals tens or hundreds of billions of pounds a year.
And on a global scale? An estimated $2.4 trillion in proceeds from illegal activities are laundered through the world’s financial markets and banking systems each year, according to World Economic Forum.
The COVID-19 pandemic didn’t help either – with many businesses forced to focus on survival over preventing financial crime, and the acceleration of remote working opens doors to new types of risks.
In other words, if you pursue a career in financial crime prevention, you really have your work cut out for you.
2. The demand for professionals is at an all-time high
Regulatory changes, such as the General Data Protection Regulation (GDPR) and Brexit, have led to the creation of additional jobs centered on reducing cybercrime and protecting confidential information.
Moreover, with new technology comes new risks. The rise of cashless transactions, mobile transactions and biometrics may make our lives easier, but they also bring new challenges to the financial sector.
To ensure that organizations are always one step ahead, they are beginning to adopt innovative new technologies, such as artificial intelligence, to detect crime in real time.
But while employers are showing an increased focus on preventing financial crime, there aren’t enough people with the right skills and qualifications to fill their roles. As a result, there is a growing skills gap in the financial crime sector. And this is where you come in…
3. Your career prospects will be huge (and profitable)
There are a variety of career opportunities in the field of financial crime prevention and compliance, with Junior Compliance Assistants stand to earn £40,000-£50,000 a yearand experienced professionals with the potential to earn more than £100,000.
Because you know what they say, fighting financial crime is actually something Doing pay.
While most compliance roles are in the financial services, banking and insurance sectors, you can also find employment in areas such as healthcare, technology, property, gaming or retail. Basically, wherever there is risk, there is a need for someone to reduce it.
Typical roles in the Financial Crime Prevention sector include:
- Anti-Money Laundering (AML) Officer.
- Money Laundering Reporting Officer (MLRO)
- Financial Crime Officer
- compliance officer
- Head of Compliance Department
- risk manager
- Compliance Assistance or Analyst
- Boarding specialist (KYC/CDD).
While each role will vary in terms of responsibilities, you will generally need to demonstrate skills in critical problem solving, data analysis, project management, and of course, an interest in your chosen industry.
4. You won’t always need a degree to get started
While some employers may look for candidates with a degree in a relevant sector (eg business, economics, law, finance), a university degree is not the only way you can demonstrate your skills in the field of financial crime.
In fact, the growing importance of compliance in business means that industry-specific skills are becoming more valuable than ever. And because the field of compliance moves so quickly, keeping your knowledge up-to-date is key.
Level 3 qualifications certified by the Governance, Risk and Compliance Association like the certificate of complianceGod Certificate in KYC and Customer Due DiligenceGod Certificate of compliance with sanctionsGod Certificate in ESG principles and standardsGod Certificate in Corporate GovernanceAnd the Anti-Money Laundering (AML) certificate are especially respected by employers.
These short courses can be taken online, at your own pace, from wherever you are – meaning you won’t have to sacrifice other commitments, and can easily balance your studies alongside your career.
View all courses
Why study with London Governance & Compliance Academy (LGCA)
LGCA is an accredited UK learning provider specializing in governance, risk, compliance, financial services and cyber security.
They are Accredited Training Partners (ATP) of the Chartered Institute for Securities & Investment (CISI), the Society for Governance, Risk and Compliance, and the International Association of Privacy Professionals (IAPP), among others, offering practical knowledge to help professionals excel in their careers and comply of today’s financial sector.
Here are some additional benefits of studying with LGCA:
- They are the official training partners of AGRC, one of GRC’s fastest growing professional associations.
- They provide affordable training programs designed by subject matter experts with extensive experience in AML, compliance and GRC in general.
- Their learning programs are online and self-paced, allowing you to learn at your own pace and from wherever you are.
- LGCA offers a comprehensive bundled product (with no additional fees) that includes:
- AGRC Study Guide
- A 15-20 hour training program that combines text and video based learning
- A mock test to prepare students for the actual AGRC exam
- Two chances to pass the AGRC test
- One year of free AGRC membership
- Customer Service
Want to learn more about how a certified compliance certification can help you start a career in financial crime prevention? ask now, Or view all compliance courses below.
certificate of compliance
Anti-Money Laundering (AML) Certificate
Certificate in KYC and Customer Due Diligence
Certificate in ESG principles and standards
LGCA It is a highly accredited UK learning provider specializing in governance, risk, compliance, financial services and cyber security.
*https://commonslibrary.parliament.uk/research-briefings/cbp-9013/
