AML, CFT pay hit by economic downturn, survey finds

14 November 2008

The slump in the economy has hit salaries "across the board" in the anti-money laundering and counter-terrorist financing sectors, a global survey has found.

In the second annual study from the Association of Certified Anti-Money Laundering Specialists (Acams), pay was found to have decreased in "nearly all sectors, job levels and regions of the world".

Salaries for entry-level AML and CFT professionals have declined 22 percent this year, while top tier compensation has shrunk by around 11 percent, the poll showed.

Gregory Chalpakis, Acams executive director, said: "What we've seen in the past year is departmental downsizing, hiring freezes and slashed budgets."

However, he insisted that the amount of regulation banks and financial institutions have to comply with - and the pressure for high standards - mean AML and CFT professionals will not experience wholesale job losses.

Indeed, the poll found some AML specialists are still experiencing rising pay, with mid-level managers experiencing an overall increase - particularly in the investment banking, retail banking and money services industries.

Acams is a membership body that promotes professional development, networking and industry best practice.

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