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AML Compliance Market

How does the market look for mid to senior level professiona sheepish01/14/18
There is some noise on Capitol Hill with lawmakers criticizi turde01/14/18
I work at JPMorgan and it let go of a managing director in t tttpride2501/15/18
It sucks to think you have built a career and a middle class sheepish01/15/18
What kind of options are there for an AML analyst at a major compliancewanker06/12/18
I should clarify, I mean options aside from AML/ fraud compl compliancewanker06/12/18
sheepish (Jan 14, 2018 - 4:20 pm)

How does the market look for mid to senior level professionals? A friend of mine got laid off in the NY area, looks like because his position was being moved to a lower cost location. I have also been seeing articles about AI and a slow down in hiring for compliance in general. Is ot worth moving or diversifying the skillset or am I overstating the issue?

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turde (Jan 14, 2018 - 5:09 pm)

There is some noise on Capitol Hill with lawmakers criticizing regulators for being too nitpicking on banks for AML. Not sure if it will lead to job losses. I attended a conference presentation a few weeks ago. The speaker was an exec from a large (I.e $800 billion) bank. His bank was developing an AI that will simultaneously pull signature cards, perform negative news searches, review account histories, etc. it would only need a handful of analysts to QA the outputs. No guarantee of success but if the machine learning tool works, a lot of jobs will be lost.

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tttpride25 (Jan 15, 2018 - 3:14 pm)

I work at JPMorgan and it let go of a managing director in the past 3-6 months in the AML/Fraud/Compliance department I work in.

One thing to think about is banks are exponentially automating their processes. We have programmers and that is basically their whole job. In 2016 they automated around 200 processes and it 2017 it was closer to 2,000, so these changes are happening very rapidly.

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sheepish (Jan 15, 2018 - 6:04 pm)

It sucks to think you have built a career and a middle class life and then you are made obsolete in the blink of an eye. I recall trying to explain to him what was happening in the legal services market a while ago and he was not quite understanding that dislocations in the job market happen fast, and if people do not take the plunge and retarin quickly then they may be stuck in a rut for life. I think he will end on his feet, hope he does it quickly, with a kid on the way and all.

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compliancewanker (Jun 12, 2018 - 8:15 pm)

What kind of options are there for an AML analyst at a major financial institution, with approximately three years experience?

The nature of this work is pretty tedious and I wonder what kind of options exist for someone with this background.

In addition to the tedium, it doesn't help that automation is helping to eliminate more and more jobs.

Any ideas?

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compliancewanker (Jun 12, 2018 - 8:19 pm)

I should clarify, I mean options aside from AML/ fraud compliance. Thanks.

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