Compliance & Financial Crime Insights – Q2 2024

• Candidates at the junior end are in short supply and come with a premium attached. The legacy of Covid restrictions reduced training opportunities resulting in less candidate availability. Some clients are reporting that candidates are entering the job market less prepared than was the case a few years ago as a result
• AI has been a crucial tool in the reducing of compliance members of staff. Surveillance & Due Diligence have been two of the areas that have seen the most growth. The more labour-intensive duties can be more heavily automated but the ability to interpret and utilise the data effectively remains crucial
• The regulator has become increasingly more stringent in its registration of SMF16s and SMF17s. In smaller businesses it was previously possible for junior staff members or COOs/CEOs to hold these whereas the FCA has now indicated its’ preference for someone with seniority and independence. Ideally someone who has been previously registered.
• There has been an increased need to have compliance and financial crime staff on the ground across EU locations as a result of Brexit and we have seen senior roles being relocated as a result. When combined with off shoring and near shoring for certain skillsets this has had an impact on many areas.
• Fraud risk and analytics are the biggest growth areas within financial crime recruitment currently with a number of banks bolstering these teams. NatWest is currently considered the leader in this space.

Tom Boulderstone

Head of Compliance & Financial Crime Divisions
tgb@barclaysimpson.com
020 7936 8943

Please reach out if you would like advice on hiring in the compliance or financial crime markets.
Barclay Simpson has 20 years’ experience of hiring into this space and we can offer deep insight into how the market is changing and how to secure the best candidates.