Finding Work in AML for Attorneys

Christian Focacci
Founder, AML Source

AML Source - A Career Hub for Anti-Money Laundering & Financial Crime Professionals
Anti-money laundering ("AML") is the
term used in the financial industry to
describe the controls that financial
institutions and other regulated entities
undertake to prevent, detect, and report
money laundering activities.
Money laundering is the process of making illegally-gained
proceeds appear legal, and typically involves three steps:
placement, layering and integration.
2

AML Source - A Career Hub for Anti-Money Laundering & Financial Crime Professionals 3

Bank
Secrecy
Act
Money
Laundering
Control
Act
Anti-Drug
Abuse Act
of 1988
Annunzio-
Wylie Anti-
Money
Laundering
Act
Money
Laundering
Suppression
Act
Money
Laundering
and
Financial
Crimes
Strategy Act
USA
PATRIOT
Act
4
1970 1986 1988 1992 1994 1998 2001

 Established requirements for recordkeeping and reporting by
private individuals, banks and other financial institutions.
 Designed to help identify the source, volume, and movement
of currency and other monetary instruments transported or
transmitted into or out of the United States or deposited in
financial institutions
 Required banks to (1) report cash transactions over $10,000
using the Currency Transaction Report; (2) properly identify
persons conducting transactions; and (3) maintain a paper
trail by keeping appropriate records of financial transactions
5

 Criminalized the financing of terrorism and augmented the existing BSA
framework by strengthening customer identification procedures
 Prohibited financial institutions from engaging in business with foreign shell
banks
 Required financial institutions to have due diligence procedures (and enhanced
due diligence procedures for foreign correspondent and private banking
accounts)
 Improved information sharing between financial institutions and the U.S.
government by requiring government-institution information sharing and
voluntary information sharing among financial institutions
 Expanded the anti-money laundering program requirements to all financial
institutions
 Increased civil and criminal penalties for money laundering
6

Prevention Detection Reporting
KYC, CDD, and EDD
(On-boarding)
Oversight, Policy, and Compliance Officers
AML Technology
AML Alert and Sanction
Monitoring
AML Investigation and SAR
Filing
7
 While banks operating in the same country generally have to
follow the same AML laws and regulations, financial
institutions all structure their AML efforts differently
 Financial institutions must employ large numbers of
employees with varied skill-sets in order to comply with
these laws

KYC, CDD, and EDD (On-boarding)
Professionals conducting Know Your Customer (KYC) and Customer Due Diligence
(CDD) are the first lines of defense against money laundering. Their jobs involve
collecting the required information on new clients and risk rating the
clients based on geography, industry/occupation, product, political status, and
reputational risk.
AML Alert and Sanction Monitoring
Once clients make it though the on-boarding stage, the financial institution will
usually employ an automated transaction monitoring system to detect any
transactions indicative of money laundering or terrorist financing. The alerts
generated by these systems are reviewed by teams of analysts to determine the
nature of the transactions.
AML Investigation and SAR Filing
Depending on the size of the institution, alerts deemed unusual may be further
escalated to investigative teams to review the activity and determine if a suspicious
activity report (SAR) needs to be filed. Larger financial institutions utilize several
investigative AML groups, usually specializing in a specific product or line of
business.
8

Oversight, Policy, and Compliance Officers
Professionals in the above categories focus on making policies for various AML
groups and dealing with situations that are new or don’t fit inside the box. They must
also be forward thinking and aware of upcoming trends in the industry to ensure that
their bank is not exposed to unwanted risk. Whereas on-boarding and investigative
positions are considered more production driven, many of the duties of the
individuals in the above roles are more theoretical in nature.
AML Technology
AML Technology is the behind the scenes group that makes many AML jobs possible.
They can implement, maintain, and fine-tune the databases that store client
information, and the monitoring systems that detect money laundering or block
sanctioned transactions. Due to the advances in technology and the very specific skill
sets needed, this is probably one of the most in demand positions in AML.
9

Whether it is the long hours or high stress, more and more
attorneys are making the transition to the AML field. There
are many factors to consider before making this transition.
 Rapidly growing
industry
 Stable work/life
balance
 Interesting subject
matter with a global
nature
PROS
 You won’t be
practicing law
 Potentially lower
compensation
 Some roles are very
production driven
CONS
10

Focus Your Resume
While you may have achieved many note-worthy accomplishments in your law career, many
of those are most likely not applicable to your new AML position. Trim the fat on your
resume. If your area of practice involved criminal law or white-collar crime, focus on your
expertise there. If you don’t have experience in these areas, highlight your analytical,
investigative, and writing skills. It can also help to have a short, specific, and clear objective
section for why you want your new position.
Network
Try to connect with as many people as you can who are currently working in the AML field. It
usually happens that you get opportunities from some of the most unlikely people, so never
pass up a networking opportunity. LinkedIn is a great avenue to find AML professionals and
networking groups. These groups are free and many have in-person meetings and seminars
periodically. While not free, it may also be a viable option to join a professional association,
such as ACAMS or ACFCS.
Consider Consulting
Applying for consultant or temporary positions is an excellent way to gain exposure and
experience in the AML field. Based on many factors, there can be a lower barrier for entry
into the field if you come in as a consultant. In addition to gaining relevant experience, you
will also gain numerous of networking opportunities.
11

Years of Experience Salary Range
Less than 3 years Up to$75,000
3 - 5 years $75,000 - $100,000
5 - 10 years $100,000 - $125,000
Greater than 10 years $125,000+
12

City #
New York, NY 126
Newark, NJ 14
Chicago, IL 12
Englewood, CO 9
Buffalo, NY 8
Charlotte, NC 8
Columbus, OH 8
Los Angeles, CA 8
San Antonio, TX 8
Tampa, FL 8
Pittsburgh, PA 7
Jersey City 7
13
Statistics from the AML Source Job Report for August 2013

Company #
JPMorgan Chase 79
Citi 46
BNY Mellon 15
Standard Chartered Bank 11
WesternUnion 11
CIT Group 11
HSBC 10
PwC 7
Sovereign Bank 7
Morgan Stanley 6
PNC Bank 6
Bank of America 5
14
Statistics from the AML Source Job Report for August 2013

 Global & high risk
investigation groups
 FATCA compliance
 Regional and
community banks
15

Christian Focacci
Founder
AML Source, LLC
www.amlsource.com
contact@amlsource.com
646-450-0236
16

Finding Work in AML for Attorneys

Recommandé

Recommandé

Contenu connexe

En vedette

En vedette (9)

Dernier

Dernier (20)

Finding Work in AML for Attorneys