How to Become a Compliance or AML Professional

Become an AML or Compliance Pro

So, while looking for a career change or promotion, you have somehow fallen in love with the rigorous worlds of compliance and anti-money laundering (AML), two of the fastest growing roles in the financial services industry these days.

Problem is, you’re not sure how to make the transition from [insert your current boring role] to becoming a hotshot Chief Compliance Officer (CCO) or AML expert.

Don’t you worry. We’re here to help.

In today’s blog post, we’ll chart out a step-by-step guide on how you can boost your professional future by becoming either a compliance or AML professional.

We’ll try to show you what it takes to complete this shift and move on to bigger and better things in this trendy new world.

Definitions First

Goes without saying, before even getting started on this process, you need to know what compliance and AML professionals do for a living.

A Compliance Professional monitors and manages the many policies and procedures that are implemented by a business to make sure it remains compliant before the law.

This largely involves acting in an ethical or moral way, always doing the right thing, promoting strong corporate values, and developing a culture of compliance within an organization.

Generally speaking, compliance professionals will handle three main tasks: raising awareness, advising the organization on how to stay compliant, and reporting to the Board, senior management and relevant regulatory authorities.

The role of an AML Professional is somewhat narrower or more specific as it entails closely monitoring and limiting sketchy transactions or work with suspicious individuals or companies to protect the organization from being involved with money laundering.

Usually, the AML professional will report to a Compliance Officer or be a CCO themselves.

In terms of your career progression as part of this world, you could get started as a junior compliance or AML analyst or administrator and build your way to becoming the organization’s CCO, which sits one rank below that of the CEO and makes the big bucks.

You Have What It Takes to Work in AML & Compliance?

If you’re looking to enter this field of work, there is a set of skills that you might have to rely on when carrying out your professional duties.

To make things easier for you, here’s a short list with what it takes to become a compliance or AML professional.

– Leadership and mentorship.

– Solid communication skills, both relaying information and listening to what others have to say, as well as writing detailed reports.

– Integrity or a strong moral backbone.

– Charisma and the ability to be persuasive.

– Excellent analytical skills, particularly if you’re an AML professional, and a capacity to interpret information in a sound, efficient and responsible manner.

– An ability to be strategic, meticulous and reliable.

– Being proactive rather than reactive, so decision-making is key.

– Strong problem-solving capabilities.

– Ample knowledge of all relevant regulations and the ability to keep up-to-date within a rapidly changing environment.

– Independent yet prepared to report to the CEO or the Board of Directors.

In summary, as pointed out by Investopedia, “to do this job correctly they must maintain a high level of integrity and serve as an example for other employees of the company.”

Let’s Talk AML & Compliance Certifications!

Now that you know what the job entails and the types of skills needed to excel, your next step is to educate yourself in all-things compliance or AML.

One of the better ways to do this, besides spending countless hours online learning on your own, is by signing up to one of the many certifications in AML or compliance offered by executive training organizations out there.

Of course, IGCA’s is at the top of our list.

Currently, via our two training partners LGCA and EIMF, we offer three certifications of note:

Certificate in AML

Certificate in KYC & CDD

Certificate in Compliance

Some of the benefits offered by our internationally recognized programs include a one-year membership to IGCA; training, support, examination and certification, and; self-paced interactive learning that relies heavily on real-life case studies.

Ours are also some of the most affordable programs out in the market without sacrificing on quality and comprehensiveness.

Additionally, as a part of IGCA, you become a valued member of a global network and professional body of compliance and AML experts who receive instant updates, exchange ideas and concerns on their industry, and find solutions to some of the main challenges they face in their day-to-day work.

Having access to a wide range of professionals across the globe who share similar interests and tackle the same problems is primordial to your role as an active participant in the AML and compliance world.

Finally, soon enough IGCA will launch another set of certifications in International Economic Sanctions and Risk Management and a comprehensive diploma on Compliance and Governance. So, stay tuned.

If you’re interested in getting certified with IGCA, get in touch today at info@igca.org. We’d be happy to help and welcome you on board.

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