By Elizabeth Hearst for AMLi
DEMAND for experienced compliance professionals in the US is soaring with attractive salaries and benefits on offer.
One senior recruitment leader describes it as “all hands on deck” as major corporations to attract Compliance Officers.
Much of the demand is driven as the financial sector struggles with increased regulatory scrutiny.
Paul C. McDonald, Senior Executive Director at Robert Half International says corporations are “looking to pay the most they can, and with benefits and in perks the best they can” as they try to attract top talent.
Companies are believed to be fearful of short-staffing amidst increased regulatory obligations.
Meanwhile, McDonald said the squeeze is not just a result of the Covid-19 pandemic. He says the firm has seen “compliance individuals in high demand prior to the pandemic.” This demand is “not a new phenomenon” he told the Wall Street Journal.
He also believes that job-seekers have “been in the driver’s seat for some time”.
Despite the US national employment rate slumping to 5.3% in 2021, the average unemployment rate for compliance officers in the US stood at less than half of that at 2.4%.
Decent salaries are also on offer in the compliance sector, with Chief Compliance Officer roles attracting salaries in the 75% percentile at roughly $202,000, according the employment firm, with entry-level positions commanding a salary in the region of $66,000.
Of course, the search for Compliance Officers in the Cryptocurrency sector is hotting up, as the sector comes under increasing pressure from regulators to bulk up its Compliance departments.
Cryptocurrency exchange Binance is just one of the crypto firms with big hiring plans. In August, its CEO, Changpeng Zhao said recruitment was his number one priority.
Mr Zhao said he was spending “almost all of his time” recruiting individuals for its Compliance and Regulatory departments.
Last October, AML Intelligence launched its ‘Movers and Shakers’ portal, which includes roles in Compliance, AML and AFC. The portal, which is updated daily, lists current openings in Europe, the US and further afield.
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