AML professionals see pay hit by economic crisis - survey
12 November 2008 | 6651 views | 0
Anti-money laundering and counter-terrorist financing professionals around the world have seen their salaries decrease in 2008, according to a survey from the Association of Certified Anti-Money Laundering Specialists (Acams).
The survey of 2135 staff at retail and wholesale banks, brokers, accounting firms, law enforcement agencies and regulators, among others, on six continents was conducted for Acams by the Dihedral Group.
It reveals that despite extensive regulatory and legal requirements to combat money laundering and terrorist financing, the sector is feeling the economic crisis across nearly all departments, job levels, and regions of the world.
Entry level salaries decreased a massive 22% this year compared to 2007, whilst those at the top were down 11%, although experienced professionals at the high end still reported earnings well over $300,000.
"Professionals in all financial sectors are feeling the effects of the current economic downturn, and anti-money laundering and counter-terrorist financing is no different," says Gregory Calpakis, Cams, executive director, Acams. "What we've seen in the past year is departmental downsizing, hiring freezes, and slashed budgets."
One bright spot saw mid-level resource managers salaries and overall compensation packages go up, specifically in the investment banking, money services and retail banking industries in North America, the Caribbean, and Oceania.
Earlier this year a global survey by recruitment outfit Risk Talent Associates found that risk professionals working in the capital markets industry saw their total compensation increase by an average of seven per cent in 2007 despite the fall out from the global credit crunch.