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Huge AML fines have led to compliance hiring boom, say recruiters

Feb 13 2013 Martin Coyle, Compliance Complete

Huge U.S. fines for anti-money laundering failures combined with greater UK regulatory pressure has sent a "shock wave" through the banking industry and has led to a scramble to recruit experienced regulatory staff, recruiters have said. Morgan McKinley has seen a boom in the hire of UK anti-money laundering (AML) staff recently and has suggested that the impact of large U.S. fines imposed for catastrophic failings has had an impact on this side of the Atlantic. Scandals send shock wave through the City Oliver Pineger, a manager in the firm's compliance team, said that the various U.S. money laundering scandals had had a sizeable impact on hiring patterns. "It has sent a bit of a shock wave through the City. What we have seen is that there is a real renewed emphasis on financial crime and anti-money laundering at the moment," he told Compliance Complete. "Traditionally a lot of these [AML] roles had been [hosted] offshore but the increased regulatory pressure, particularly from

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