Financial Job InformationClick on a finance job to learn more about it. What is Compliance?
Compliance expertise, while it has always been important, is more vital now than ever given current and pending financial-related regulations and legislation. In general, compliance is defined as adhering to or complying with a rule, regulation, policy, standard or law. Regulatory compliance involves corporations, e.g. banks, ensuring that their employees are aware of, and act to comply with pertinent regulations and laws. Because the number of regulations is increasing, and business transparency is becoming more of a priority, financial institutions are continually trying to consolidate and optimize their compliance controls. In this way, the bank or financial entity can be in line with governance requirements without squandering unnecessary resources on repetitious efforts or inefficiencies. Additionally, there are federal and state penalties for not adhering to proper compliance regulation. One of the most important pieces of legislation relating to compliance is the Sarbanes-Oxley Act which increased the emphasis on individual responsibility for upper management figures for the veracity of financial statements and reports. Important compliance regulations and documents include:
What skills and education are required for a Compliance Job?
Candidates enter the world of finance from a fairly broad range of backgrounds, but the majority have some common skills and education. KYC (Know Your Customer) Analyst / AML (Anti-Money Laundering):
Know your customer (KYC) is a regulation for financial institutions mandated by the Bank Secrecy Act (BSA) and USA PATRIOT Act, dictating that they must identify and collect pertinent information about their clients. Anti-money laundering (AML) is a term mainly used to describe the controls that require financial entities to report and/or prevent money laundering activities. Anti-money laundering guidelines became prominent globally after 9/11 and the enactment of the USA PATRIOT Act. Many Compliance Analysts will be required to be familiar with AML, KYC, BSA and other relevant compliance regulations. If the Compliance position involves transaction monitoring, the candidate will likely need knowledge of automated transaction monitoring systems such as GIFTS and MANTAS. Click here to view a Compliance Analyst job description example. How to Get a Compliance Job?
Job titles for compliance roles include: Compliance Officer, AML / KYC Compliance Analyst, Senior Compliance Officer, Client Due Diligence Specialist, AML Surveillance Analyst. There is no perfect set of steps to follow to get a compliance job, but there are certain things one can do to increase the chances of obtaining a position in the compliance sector. If you orient your education and work around finance, compliance, and regulation (as indicated above) you will have a much better chance at landing a compliance position. Also make sure to be knowledgeable about the pertinent laws, regulations and mandates like AML, KYC, BSA, etc. Wall Street Services can also help you get a compliance job. We work with some of the most respected names in finance who know our impeccable reputation and trust us to deliver the finest Compliance employees. Submit your resume today and the experts at Wall Street Services will help you advance your finance career in Compliance. Click here to view currently available Compliance Jobs
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05/18/2012
