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AML (Anti Money Laundering)
FINCO Search maintain an excellent network of clients and candidates across the compliance space in London and key financial centres globally. AML is a key part of compliance frameworks across all financial markets firms who deal with investments, client assets/finances or payments.
What is AML?
AML stands for Anti-Money Laundering. Legislation for the prevention of money laundering varies by region and legislative body responsible for its implementation. The key purpose of AML teams is to prevent financial organisations assisting in criminal activity or the proceeds of crime. AML professionals are usually responsible for ensuring that the organisation they work for is compliant with all relevant local and international AML legislation and that teams are aware of any compliance / AML frameworks in place.
Money Laundering is a technique used by organised criminals to conceal their criminal activity by making money appear legitimate through a series of investments and processes. AML processes are critical to identify these as early as possible to prevent money laundering through various financial organisations. AML processes begin with client onboarding and work closely with KYC (Know your client/customer) teams from the outset to identify high risk clients. From there, AML continues through transaction monitoring and identification of sanctions/issues. It is a requirement that any suspicious activity identified is reported to the relevant crime agency responsible for AML / Anti-Money Laundering in the locality.
In the UK, AML and terrorist funding legislation is governed by 5 acts of legislation:
- Terrorism Act (2000)
- Anti-terrorism, Crime and Security Act (2001)
- Proceeds of Crime Act (2002)
- Serious Organised Crime and Police Act (2005)
- Sanctions and Anti-Money Laundering Act (2018)
AML vs MLRO
In the UK, large firms will have a team of AML professionals covering different desks and functions of a business. It is strongly recommended by the FCA (Financial Conduct Authority) that regulated firms have a specific management level AML officer, known as an MLRO (Money Laundering Reporting Officer) who has legal responsibility for ensuring that any money laundering issues are reported. MLRO’s are also known as SMF17 compliance professionals. SMF17 is the FCA Senior Management Function covering money laundering reporting responsibility.
FINCO Search – Headhunter and Recruitment Agency to AML / Anti-Money Laundering professionals globally
FINCO Search is a specialist in compliance mandates across London and financial centres around the world. Our consultants have built an exceptional network of AML professionals of differing seniority, experience, product knowledge and markets and supply our clients with a timely, accurate and cost effective recruitment service within this specialist field of operation.
If you are looking for a role within AML, Anti-Money Laundering or MLRO/SMF17, please view our latest compliance jobs and careers. If you are a client looking to hire an experienced AML candidate, we can help you recruit exceptional AML candidates here.
If you are interested in finding out how we can assist you in finding your next opportunity in the UK or internationally then please call us now on +44 (0)203 927 5080 or register your CV online here and one of our Compliance Consultants will contact you ASAP.
AML / Anti Money Laundering Positions
- Head of Compliance
- AML Analyst
- AML Operations
- AML Business Partner
- AML Officer
- AML Consultancy
- AML Advisory
- Executive Search
These are just a few examples of positions we recruit for, other positions are available. Our team of experienced recruitment consultants can guide and advise both clients and candidates on their next hire in the compliance space with a sound knowledge and targeted network.
To see our latest vacancies, please click here – compliance jobs