AML & Corporate Services Market September 2022
Over the last year, the demand for compliance and AML professionals in Malta has continued to be on the rise. Companies now require bigger and more structured compliance departments to handle the new and often changing AML regulations. This dynamic Anti Money Laundering sector continues to attract people to pursue a career in it.
As a result of the demand for compliance and AML professionals, salaries for positions in this area have seen a slight increase over the last year. In particular, Money Laundering Reporting Officer (MLRO) positions are taking on higher risks due to more stringent regulations and the process to become approved for this role by local authorities.
AML forms a vital part of companies across all industries, including financial companies, consultancy advisory firms, and iGaming companies. In particular, the iGaming sector seems to be a vibrant market for AML careers, as the effects of the constantly-evolving AML regulations have a strong effect on the way these companies can legitimately operate.
Candidates coming from a legal background tend to find it a refreshing change in career as well as a way to use their sought-after skillset, such as their ability to draft and review policies and procedures and to write reports.
Candidates who take the initiative to complete courses and obtain qualifications such as ACAMS are also valued by companies, as it shows their keen interest in the field of AML. On the other hand, it is seen as an attractive benefit if a company can offer sponsorship for these qualifications so that their employees can strengthen their knowledge in AML and become specialised in various areas.
Since Covid-19, remote working is becoming more of a common benefit and shows no signs of disappearing any time soon. Candidates tend to look for hybrid working opportunities when seeking new positions as a way to allow flexibility in the working week while also promoting productivity.