Year-on-year, financial crimes are rising. This is particularly the case for the UK, where London is leading the way for money laundering.
Britain is spending more to reduce these figures, and the face of recruitment in the financial crime sector is changing as a result – with the number of roles increasing.
Here, we detail the reasons behind the surge, along with what’s necessary to fight against financial crime.
Regulatory changes
There have been a number of actions implemented by official bodies that have led to additional roles being created to prevent crimes. These include the introduction of the General Data Protection Regulation (GDPR), helping data to be effectively protected and kept private.
Britain’s planned exit from the European Union will also require comprehensive financial crime policies to be integrated, and crimes to be managed effectively, no matter the deal agreed. The Financial Conduct Authority (FCA) has also put emphasis on organisations to have the appropriate resources to tackle any illegal actions.
Technology’s role
Many within the financial crime industry believe that new innovations are a key part in the rising figures.
Information technology is enabling many crimes that were previously non-existent or difficult, such as identify theft and phishing.
On top of this, the use of cashless and mobile transactions is growing, as is biometrics, leading criminals to seek misconduct via digital means instead.
Skills shortage
As technology changes, so do the types of financial crime, and therefore those in the industry need to continuously develop effective skills to fight it successfully.
Emerging technology such as Artificial Intelligence (AI) is also being used to combat such crime. This requires recruitment of professionals who have the knowledge and skills to operate this software…and it can be hard to find this type of talent.
Demand for roles in this industry is increasing, but there aren’t enough high-calibre candidates to fill the gaps – resulting in a skills shortage.
Navigating the gap
It appears the sector is getting around the skills gap by searching for candidates in other fields who have transferable skills e.g. analysing, problem-solving and investigating.
Once they’re fully immersed in the sector and have built upon their skills, they can then progress to senior level roles – making the whole process more efficient.
Sourcing the best talent
Whilst candidates with transferable skills will make the recruitment process simpler, you might still struggle if competitors are snapping up the good talent. Therefore, it’s a good idea to embrace techniques that successfully attract the best candidates
Using recruitment consultants who have substantial experience in the FinTech market will also prove effective.
At FinTop, we move at the same pace as financial technology, adopting modern processes where applicable. The focus on personable relationships is maintained throughout – ensuring both client and candidate needs are met.
To ease the recruitment process in a tough market, get in touch with our team today.