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They add that as these risky customers are forced out of large banks, they are turning to smaller regional and community banks ill-equipped to handle the threat, in part because they lack qualified anti-money laundering professionals to even properly assess the risk.
Wachtel said he knows of a very big bank that offered to pay more than 1 million to a potential new director for its anti-money laundering program, a sum that would have been unheard of a few years ago.But as demand picked up, candidates with degrees from reputable law schools started moving into the field, recruiters say.Standard Chartered Plc, which paid 667 million last year on charges it violated.S.Sanctions laws, hired the former top federal prosecutor in Connecticut, David Fein, as the banks general counsel last month.
There are not a lot of high-caliber people left in the marketplace, said legal recruiter Jason Wachtel, who runs the search firm JW Michaels.
L) for its failures to stop hundreds of millions schaapscheerderscommissie loterij of dollars of drug money routed through it from Mexico.
But it was only in recent years after the financial crisis that regulators and prosecutors have intensified a crackdown on the flow of money tied to suspected terrorist activity, drug lords and tax evaders.14 (Thomson Reuters Accelus) The kings of Wall Street used to be the traders and investment bankers who said yes to big deals and big trades, but todays power brokers increasingly are the compliance officers who quite often say no to risky proposals.JPMorgan, for example, hired Pamela Johnson from Citigroup last year to serve as managing director of financial crimes compliance.Enforcement actions have stacked up across the industry, with anti-money laundering settlements, including some sanctions violations, spiking to total.5 billion in 2012, from.6 million in 2011, according to the Association of Certified Anti-Money Laundering Specialists.At a bank or broker-dealer, a compliance employee with a couple years of experience might make between 65,000 and 85,000 plus a bonus; five to 10 to depose translation years of experience generally commands a base salary of up to 150,000 per year; and top professionals can expect.