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Wednesday, September 27, 2023

4 causes to start out a profession in monetary crime prevention

Wish to assist maintain the world’s cash secure? It is best to learn this… 

Current excessive profile information leaks such because the FinCEN papers in 2020 and the Pandora Papers in 2021, alongside the Russian invasion of Ukraine in 2022, have put a critical highlight on the dimensions of economic crime. Within the UK, compliance is now extra necessary than ever, and companies are looking out for professionals to fill their roles. 

We spoke to London Governance & Compliance Academy (LGCA), a multi-accredited UK studying supplier specialising in governance, danger, and compliance, to search out out why monetary crime prevention is a superb profession selection proper now.


What’s monetary crime? 

Monetary crime (also called financial crime) refers to unlawful actions which can be carried out with a view to fraudulently get hold of monetary acquire. 

The commonest varieties of monetary crime within the UK are: 

  • Fraud and corruption
  • Cash laundering 
  • Terrorist financing 
  • Cyber crime
  • Tax evasion

Monetary crime may be dedicated by people, legal organisations, or a gaggle of individuals, and it prices the worldwide economic system trillions of {dollars} every year. 

Listed below are simply 4 causes to think about a profession in monetary crime prevention:


1. You possibly can assist save billions of kilos yearly

Whereas the precise worth of economic crime within the UK is unknown, the UK parliament estimates that it could possibly be costing firms, governments and people tens or a whole bunch of billions of kilos per 12 months. 

And on a world scale? An estimated $2.4 trillion in proceeds from unlawful actions will probably be laundered via the world’s monetary markets and banking methods every year, in line with the World Financial Discussion board.

The COVID-19 pandemic hasn’t helped both – with many companies being compelled to deal with survival above monetary crime prevention, and the acceleration of distant working opening the doorways to new varieties of dangers.  

In different phrases, if you happen to pursue a profession in monetary crime prevention, you’ll actually have your work reduce out for you. 


2. Demand for professionals is at an all-time excessive

Regulatory adjustments, reminiscent of Normal Knowledge Safety Regulation (GDPR) and Brexit, has led to the creation of further jobs that are centred across the mitigation of cybercrime and the safety of confidential data. 

What’s extra, with new know-how comes new dangers. The rise of cashless transactions, cell transactions, and biometrics could also be making our lives simpler, however they’re additionally bringing new challenges to the monetary sector. 

To make sure organisations are all the time one step forward, they’re starting to undertake revolutionary new applied sciences, reminiscent of synthetic intelligence, to detect crime in real-time. 

However whereas employers are demonstrating an elevated deal with monetary crime prevention, there aren’t sufficient folks with the fitting abilities and {qualifications} to fill their roles. Because of this, there’s a rising abilities hole within the monetary crime sector. And that’s the place you are available in…


3. Your profession prospects will probably be huge (and profitable)

There are a selection of profession alternatives within the subject of economic crime prevention and compliance, with junior compliance assistants standing to earn £40,000-50,000 per 12 months, and skilled professionals having the potential to earn greater than £100,000.

As a result of you realize what they are saying, preventing monetary crime is one thing that really does pay.  

Whereas most compliance roles are discovered within the monetary companies, banking, and insurance coverage sectors, you could possibly additionally discover employment in fields like healthcare, know-how, property, gaming, or retail. Principally, wherever there’s danger, there’s a necessity for somebody to mitigate it. 

Typical roles within the monetary crime prevention sector embody: 

  • Anti Cash Laundering (AML) Officer
  • Cash Laundering Report Officer (MLRO)
  • Monetary Crime Officer
  • Compliance Officer
  • Head of Compliance
  • Threat Supervisor
  • Compliance Help or Analyst
  • Onboarding (KYC/CDD) Specialist

Whereas every position will fluctuate when it comes to obligations, you’ll often must reveal abilities in crucial downside fixing, information evaluation, challenge administration, and naturally, have an curiosity in your chosen {industry}.  


4. You gained’t all the time want a level to get began

While some employers could search for candidates with a level in a related sector (e.g. enterprise, economics, regulation, finance), a college diploma isn’t the one method you possibly can reveal your abilities within the subject of economic crime. 

In actual fact, the rising significance of compliance in enterprise signifies that industry-specific {qualifications} have gotten extra useful than ever earlier than. And since the compliance sector is so fast paced, holding your information updated is essential.

Degree 3 {qualifications} which can be accredited by the Affiliation of Governance, Threat and Compliance such because the Certificates in Compliance, the Certificates in KYC and Buyer Due Diligence, the Certificates in Sanctions Compliance, the Certificates in ESG Rules and Requirements, the Certificates in Company Governance, and the Certificates in Anti Cash Laundering (AML) are significantly revered by employers. 

These quick programs may be studied on-line, at your individual tempo, from wherever you might be – which means you gained’t must sacrifice different commitments, and might simply steadiness your research alongside your profession.  

View all programs


Why examine with London Governance & Compliance Academy (LGCA) 

LGCA is a multi-accredited UK studying supplier specialising in governance, danger, compliance, monetary companies and cyber safety. 

They’re an accredited coaching companion (ATP) of the Chartered Institute for Securities & Funding (CISI), the Affiliation of Governance, Threat and Compliance, and the Worldwide Affiliation of Privateness Professionals (IAPP), amongst others, providing sensible information to assist professionals excel of their careers and meet the calls for of at the moment’s monetary sector.

Listed below are a number of extra advantages of finding out with LGCA:

  • They’re the official coaching companion of AGRC, one of many quickest rising GRC skilled associations. 
  • They supply inexpensive coaching programmes designed by subject material consultants with ample expertise within the fields of AML, compliance, and GRC typically.
  • Their studying programmes are on-line and self-paced, permitting you to review at your individual tempo and from wherever you might be.
  • LGCA affords a complete bundled product (with no further charges) that features:
    • AGRC examine handbook
    • 15-20 hour coaching programme that mixes textual content and video-based studying
    • A mock examination to arrange college students for the precise AGRC examination
    • Two possibilities to go the AGRC examination
    • One 12 months of free membership to AGRC
    • Customer support assist


Wish to study extra about how an accredited compliance qualification might aid you begin a profession in monetary crime prevention? Enquire now, or view all compliance programs under. 


Certificates in Compliance


Certificates in Anti Cash Laundering (AML)


Certificates in KYC and Buyer Due Diligence 


Certificates in ESG Rules and Requirements



LGCA is a multi-accredited UK studying supplier specialising in governance, danger, compliance, monetary companies and cyber safety. 







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