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 Papers in 2021, alongside the Russian invasion of Ukraine in 2022, have put a serious spotlight on the scale of financial crime. In the UK, compliance is now more important than ever, and businesses are on the lookout for professionals to fill their roles.
We spoke to London Governance & Compliance Academy (LGCA), a multi-accredited UK learning provider specialising in governance, risk, and compliance, to 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 that are carried out in order to fraudulently obtain financial gain.
The most common types of financial crime in the UK are:
- Fraud and corruption
- Money laundering
- Terrorist financing
- Cyber crime
- Tax evasion
Financial crime can be committed by individuals, criminal organisations, or a group of people, and it costs the global economy trillions of dollars each year.
Here are just four reasons to consider a career in financial crime prevention:
1. You could help save billions of pounds every year
While the exact price of financial crime in the UK is unknown, the UK parliament estimates that it could be costing companies, governments and individuals tens or hundreds of billions of pounds per year.
And on a global scale? An estimated $2.4 trillion in proceeds from illegal activities will be laundered through the world’s financial markets and banking systems each year, according to the World Economic Forum.
The COVID-19 pandemic hasn’t helped either – with many businesses being forced to focus on survival above financial crime prevention, and the acceleration of remote working opening the doors to new types of risks.
In other words, if you pursue a career in financial crime prevention, you’ll really have your work cut out for you.
2. Demand for professionals is at an all-time high
Regulatory changes, such as General Data Protection Regulation (GDPR) and Brexit, has led to the creation of additional jobs which are centred around the mitigation of cybercrime and the protection of confidential information.
What’s more, with new technology comes new risks. The rise of cashless transactions, mobile transactions, and biometrics may be making our lives easier, but they’re also bringing new challenges to the financial sector.
To ensure organisations are always one step ahead, they’re beginning to adopt innovative new technologies, such as artificial intelligence, to detect crime in real-time.
But while employers are demonstrating an increased focus on financial crime prevention, 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 that’s where you come in…
3. Your career prospects will be vast (and lucrative)
There are a range of career opportunities in the field of financial crime prevention and compliance, with junior compliance assistants standing to earn £40,000-50,000 per year, and experienced professionals having the potential to earn more than £100,000.
Because you know what they say, fighting financial crime is something that actually does pay.
While most compliance roles are found in the financial services, banking, and insurance sectors, you could also find employment in fields like healthcare, technology, property, gaming, or retail. Basically, wherever there’s risk, there’s a need for someone to mitigate it.
Typical roles in the financial crime prevention sector include:
- Anti Money Laundering (AML) Officer
- Money Laundering Report Officer (MLRO)
- Financial Crime Officer
- Compliance Officer
- Head of Compliance
- Risk Manager
- Compliance Assistance or Analyst
- Onboarding (KYC/CDD) Specialist
While each role will vary in terms of responsibilities, you’ll usually need to demonstrate skills in critical problem solving, data analysis, project management, and of course, have an interest in your chosen industry.
4. You won’t always need a degree to get started
Whilst some employers may look for candidates with a degree in a relevant sector (e.g. business, economics, law, finance), a university degree isn’t 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 qualifications are becoming more valuable than ever before. And because the compliance sector is so fast moving, keeping your knowledge up to date is key.
Level 3 qualifications that are accredited by the Association of Governance, Risk and Compliance such as the Certificate in Compliance, the Certificate in KYC and Customer Due Diligence, the Certificate in Sanctions Compliance, the Certificate in ESG Principles and Standards, the Certificate in Corporate Governance, and the Certificate in Anti Money Laundering (AML) are particularly respected by employers.
These short courses can be studied online, at your own pace, from wherever you are – meaning you won’t need to sacrifice other commitments, and can easily balance your studies alongside your career.
Why study with London Governance & Compliance Academy (LGCA)
LGCA is a multi-accredited UK learning provider specialising in governance, risk, compliance, financial services and cyber security.
They’re an accredited training partner (ATP) of the Chartered Institute for Securities & Investment (CISI), the Association of 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 meet the demands of today’s financial sector.
Here are a few more benefits of studying with LGCA:
- They’re the official training partner of AGRC, one of the fastest growing GRC professional associations.
- They provide affordable training programmes designed by subject matter experts with ample experience in the fields of AML, compliance, and GRC in general.
- Their learning programmes are online and self-paced, allowing you to study at your own pace and from wherever you are.
- LGCA offers a comprehensive bundled product (with no extra fees) that includes:
- AGRC study handbook
- 15-20 hour training programme that combines text and video-based learning
- A mock exam to prepare students for the actual AGRC exam
- Two chances to pass the AGRC exam
- One year of free membership to AGRC
- Customer service support
Want to learn more about how an accredited compliance qualification could help you start a career in financial crime prevention? Enquire now, or view all compliance courses below.
Certificate in Anti Money Laundering (AML)
Certificate in KYC and Customer Due Diligence
Certificate in ESG Principles and Standards
LGCA is a multi-accredited UK learning provider specialising in governance, risk, compliance, financial services and cyber security.
*https://commonslibrary.parliament.uk/research-briefings/cbp-9013/
