By Chris Bruce
Sept. 18 — Median compensation for anti-money laundering (AML) and financial crime specialists rose 8 percent from 2013 to 2014, according to a new survey by the Association of Certified Anti-Money Laundering Specialists (ACAMS).
Specialists focused on investing and brokerage had the highest median total compensation at $85,145, which translates into a 9 percent boost in pay between 2013 and 2014, according to survey results released Sept. 17.
Overall, consultants had the highest growth in base pay, registering a 12 percent increase over the same period.
The survey, based on roughly 4,600 respondents, said battling money laundering, terrorist financing and other crime is becoming a lucrative career choice.
“As financial crimes and the criminals behind them become increasingly more sophisticated and creative in their tactics, it’s crucial that banks and financial institutions hire skilled and highly educated professionals,” ACAMS Executive Vice President John J. Byrne said in a statement.
According to ACAMS, the United Nations Office on Drugs and Crime estimates that money laundering involves as much as $2 trillion each year.
The survey results are based on responses from compliance professionals around the globe.
According to ACAMS, roughly 56 percent of respondents called the U.S. their primary workplace, while the remaining 44 percent are based in large part in Europe, Canada and Asia.
ACAMS-certified specialists reported compensation nearly 42 percent higher than their non-certified colleagues, according to the survey. It said the median total compensation for respondents certified by ACAMS came to $85,000, compared to $60,000 for their non-certified counterparts.
“The education and training these professionals receive through our certification process—and the continuing education they receive post-certification—equips them with the most up-to-date knowledge available for seeking out and stopping financial crimes,” Byrne said. “Clearly, employers agree and are willing to pay a premium for this education.”
To contact the reporter on this story: Chris Bruce in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Seth Stern at email@example.com
The survey is at http://op.bna.com/bar.nsf/r?Open=cbre-a2gg6p.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)