Money laundering is proving to be a serious problem for startups and corporations around the world and is threatening to be a potential $800 billion to $2 trillion-per-year problem. Only about 1% of the global illicit financial flows are seized while record-breaking fines are being imposed on institutions caught violating anti-money laundering laws and sanctions.
Several regulations and acts have been formed over the last decade to effectively curb money laundering and other major financial crimes. These include the Anti-Money Laundering and Countering Financing of Terrorism Act (2009), and the Intelligence Reform & Terrorism Prevention Act (2004).
The directly relevant anti-money laundering talent pool stands at 340,000 globally and 90% of this talent is employed with financial institutions. The United States accounts for roughly 30% of the total employed talent pool. The estimated unmet talent demand as of 2018 stands at 32,000 across banking and insurance, investment banking, and solution providers.
Several major national and international organizations are spreading International Financial Crime Compliance awareness through AML certifications and online programs. The Advancing Financial Crime Professionals Worldwide (ACAMS) offers courses such as Certified Anti-Money Laundering Specialist and Advanced AML Audit Certification. Standard Chartered and the Association of Certified Fraud Examiners (ACFE) have formed a partnership to train employees on fraud prevention areas such as AML.
