Traditionally the month of August is generally a slow month in the world of recruitment; however this was not the case within compliance.
There was a strong demand for compliance candidates from a good asset management background, ideally 3-5+ year’s experience. Candidates with strong financial promotions experience remain desirable.
During the past few months, the focus has been on the mid-level generalists; however firms are now looking for senior candidates with specialist knowledge of a particular asset class (fixed income, equities etc.) to join their existing teams. We expect the demand for generalists to continue with candidates expecting to see a 10% increase on salary.
The KYC market in August didn't really see the traditional summer lull, in fact hiring was slightly up when compared to July. The majority of hiring was on the contractual side with a number of banking clients looking to increase their remediation teams to meet both business and regulatory deadlines.
Senior KYC professionals continue to be in demand, particularly around the VP level. This demand had a positive impact on rates with some candidates achieving a 30% increase.
KYC candidates with experience of on-boarding also continue to be sought with clients looking for EMIR experience.
The compliance advisory space has been as busy as ever over the summer. In particular the fixed income space has been very busy at the VP level with equities taking a back seat. Firms are looking for candidates with proven fixed income and FX compliance trading floor advisory skills to add value immediately and "hit the ground running".
Salary increases in this area are around the 20% mark, with firms now willing to guarantee bonuses at this stage of the year. The market is still candidate short. Firms are still looking for equity compliance officers at the VP level but candidates are in very short supply which has slowed down the market in this space.
In contrast to the start of the year when firms were looking at VP-level candidates, most firms are now looking to bolster their teams at the analyst level. Certainly the medium-sized European banks have been active in this market.
Salary increases have been at around 10%, as candidates move more for the opportunity than salary increase alone. Again there is a shortage of strong control room candidates which can mean some firms looking for a number of months.
The market for AML candidates has shown no signs of slowing down from last quarter. Recent diplomatic issues such as the sanctions placed on Russia have forced most global firms to re address their business relationships with affected clients. In light of this candidates who have a detailed understanding of PEPS and sanctions processes across a variety of jurisdictions are in demand. Managers in this area are looking for excellent enhanced due diligence skills ideally.
The financial crime market is indicating a greater interest in ABC candidates. Firms that are conducting the most hiring in this sector are those that deal within emerging markets and MENA. The level of hires in this field tends to be higher than the AML market in general. This is due to the advisory capacity these positions entail. Candidates looking to move in both areas will usually find a salary increase of 20%.
The recruitment within the monitoring market has taken a slight dip over the last month on the temporary side. The permanent market has still seen a steady flow of monitoring roles on the market. There is still a demand for candidates with investment management experience as a whole. The majority of the monitoring roles in the market still remain at the VP level and are being mixed with a training aspect for the successful candidates to implement. Candidates with UCITS experience is also highly in demand.
The movement within the surveillance market has remained fairly buoyant from the permanent side at the high end. The roles have required individuals to come in assist with the development of the surveillance approach and be comfortable in dealing with senior level regulators. Trade surveillance has slowed down over the last month but with the recruitment that is happening there has been mainly sentinel and Charles River experience needed. Where TS recruitment has been happening, it has been remaining at the more senior end of the market.