Why would you want a career in financial crime prevention?
Written by: Marco Beranzoni and Quentin Downes.
Introduction
Why would you want a career in financial crime prevention?
It’s a question you may want to ask yourself if you’re interested in getting into this world. It might sound glamorous, catching the baddies—and preventing cycles of crime in which vulnerable people always lose the most—but what does it really involve? And is it the best career for you?
What We Are Covering In This Post
Career Longevity
Career Progression
Career Satisfaction
Career Longevity
Perhaps the first important question is: does this career have longevity, and will the skills you learn remain in demand?
Well—and it might be difficult to term this ‘good news’—but there is an ever-growing need for skilled financial crime fighters, and that doesn’t seem as if it’s going to change any time soon. In fact, with the globalization of finance and the rise of digital currencies, new types of financial crimes are emerging, requiring professionals to continually adapt and learn.
Technology is evolving continuously; fraudsters and criminals are using this evolution to achieve their ends and to succeed in getting past controls and systems. Financial crime prevention professionals will also need to get to grips with fast-changing technology in order to turn the tide. Professionals with key skills in financial crime prevention will have the ability to think ahead and plan for ways in which criminals can diversify.
This includes leveraging advanced analytics, artificial intelligence, and machine learning to detect suspicious activities that traditional methods might miss.
Financial crime isn’t going anywhere, and therefore businesses and consumers will always need skilled people to protect them from this ever-present threat.
In response to crime, governments continue to update regulations at a very fast pace in a bid to ensure businesses protect consumers.
It is essential that businesses stay compliant with these regulations—if they don’t, they can lose valuable reputational stature as well as having to pay steep fines.
And who will they employ to ensure they are fulfilling these duties? Financial Crime Prevention professionals.
So we can be fairly confident that this is a robust career choice with, it’s reasonable to assume, longevity.
But what about the day-to-day job itself? What makes this a great career?
Career Progression
This is a profession which has a variety of options for progression, specialisation, and diversification. From entry-level positions like Compliance Analyst to senior roles such as Chief Compliance Officer, the career ladder is well-defined and offers ample opportunities for advancement.
You may find that your skills and interest lie in investigation; perhaps you are very good at spotting red flags and suspicious behaviour, doing the detective work and building a case.
Or perhaps you’re interested in risk management; taking an overview of the key risks to the business, how they can be combatted, and applying critical thinking to evaluate the likelihood and impact of a potential threat.
You might just love regulation and want to move into compliance, where you could be responsible for remaining compliant across all regulations, including those pertaining to financial crime prevention.
Alternatively, you might be drawn to specialise in areas like anti-money laundering (AML), counter-terrorist financing (CTF), fraud prevention, or cybersecurity.
There are plenty of avenues you could take in this career.
Career Satisfaction
“We speak to financial crime prevention professionals day in, day out, and often we are speaking to them about what they like about their job.” Says Quentin Downes at twenty84. They often highlight the dynamic nature of the field and the intellectual challenge it presents.
There is a real sense of purpose in this career that can become just as important as salary and other benefits. In this role you’re not only protecting the business and consumers, but you’re working towards preventing crime. The impact of your work extends to vulnerable people across the globe.
And on the subject of the globe—financial crime is universal. This means that when you work in prevention, you’ll be linking up with counterparts and stakeholders across different jurisdictions. It can offer you the opportunity to share knowledge and work in diverse environments, which can be a very interesting aspect of the role. Moreover, many roles offer opportunities for international travel and collaboration with global teams.
A career in financial crime prevention…
If you’re interested in a career in financial crime, whatever stage you’re at in your career, get in touch with us for advice, help, and information!
At FinCrime Agent, we provide resources and training to help you succeed, and together with twenty84, we’re committed to supporting your journey into this rewarding field.
If you found this post helpful, subscribing to my FinCrime Agent YouTube channel for more insights into Regulatory Compliance and Financial Crime.
You can also support our community through Patreon or show your appreciation with a Super Thanks on YouTube.
A special thank you goes to Quentin Downes at twenty84 https://www.twenty84.com/ for his help in co-writing this article.
To learn more about the roles available at twenty84, please get in touch with me, Marco, for an official introduction to the twenty84 team.
The content of this article was developed with the support of AI-based tools, which helped in drafting and refining the text based on initial concepts provided by the author.
Subscribe For Updates
FinCrime Agent
Empowering your financial crime prevention journey with clear, focused resources for a deeper understanding and practical applications.