We live in a world where the percentage of crimes and terrorist activities is growing. Most of these activities require a source of financing for the perpetrators to carry them out. Studies conducted globally show that the amount of money laundered annually worldwide is almost 5% of the global GDP or approximately 800 billion. This money is then used to carry out a variety of crimes such as terrorist activities, trafficking, drugs, etc.
However, these crimes can be reduced to a great extent if government authorities and society as a whole can identify and prevent money from getting into the wrong hands. This has become a global concern with multiple countries working towards raising safeguards to prevent money laundering.
What is Anti-Money Laundering?
Anti-Money Laundering refers to the laws, policies, and practices put into place to prevent money laundering from occurring. As discussed above, this is an issue that is faced by multiple countries around the world. As such, laws and regulations are being put into place to prevent money laundering globally. Studies show that the AML market which is worth approximately US$3.1 billion worldwide is expected to grow to US$16.3 billion by 2033. This shows the level of importance and efforts that countries are placing on Anti-Money Laundering activities.
However, these aren’t always successful. Statistics show that in 2022, global fines for failing to prevent money laundering increased by 50%. This is where Anti-Money Laundering professionals come in.
The growing demand for Anti-Money Laundering professionals
Below, we have discussed some of the reasons why there is a global need for Anti-Money Laundering education as well as the reasons for the growth in demand for Anti-Money Laundering professionals.
- Regulatory Requirements: Governments and financial regulatory bodies worldwide are continuously strengthening AML laws and regulations to combat financial crimes, terrorism financing, and money laundering. There is also a growing international collaboration among governments and international organizations to combat money laundering on a global scale.
Compliance with these regulations necessitates the presence of skilled AML professionals within financial institutions and other industries with a deep understanding of international Anti-money laundering best practices and standards to ensure adherence to legal frameworks. You can also read our blog on “What is Compliance Training? Compliance Certification Courses” to know more about this.
- Increasing Financial Transactions: With the globalization of economies and the rise in digital financial transactions, there’s a surge in the volume and complexity of financial transactions. This creates a greater need for AML experts who can effectively monitor, detect, and prevent potential money laundering activities amid this increasing flow of transactions.
Furthermore, organizations are placing increased emphasis on customer due diligence and Anti-money laundering KYC (Know Your Customer) procedures to prevent financial crimes. Anti-money laundering specialists are crucial in implementing and managing these procedures effectively.
- Technological Advancements: The rapid advancement of technology has led to more sophisticated methods of money laundering, such as through cryptocurrencies, online platforms, and digital payment systems. Anti-money laundering professionals are aware of the different ways money laundering activities are carried out and the different laws and regulations regarding them and therefore help their organizations stay updated and develop innovative strategies to combat new forms of financial crimes.
- Risk Management Concerns: Financial institutions and businesses are increasingly recognizing the importance of robust risk management practices. Anti-money laundering professionals play a crucial role in identifying and mitigating risks associated with money laundering and financial crimes, thereby safeguarding the reputation and integrity of organizations. They are highly demanded because they also help avoid Anti-money laundering fines and fees by ensuring their organization complies with the relevant laws. This is further supported by studies conducted that say that job postings for professionals with Anti-Money Laundering certificates have increased by 40%.
The Need for Anti-Money Laundering Qualifications
As discussed above, the demand for AML professionals and experts is steadily increasing. Organizations are looking for individuals to take up positions for job titles like Anti-Money Laundering officer, AML specialists, etc. Even the average salary for AML professionals in 2023 for entry-level roles lies between $50,000 and $80,000 with senior-level roles paying more than $100,000.
As such, the field of Anti-money laundering can provide abundant opportunities for those interested in advancing their Anti-money Laundering career. However, this requires having the right qualifications and degrees. Some of the best anti money laundering certifications like the Anti-Money Laundering Specialist Certification from GCI or the CAMS Certification can help you take advantage of these opportunities. To know more about this, read our blog on “Is ACAMS Certification worth it? ACAMS Certification Benefits”.
This is best accomplished with the help of Anti-money Laundering online courses. However, choosing the right training provider with an excellent learning environment can be a challenge.
Why Choose Delphi?
At Delphi Star Training Center, we are committed to helping our students pass their certification exams and advance their career. The field of Anti-money Laundering is fast expanding and the opportunities for professionals to expand their career in this field are many.
This is why we provide a complete training course for both the CAMS certification and the Anti-Money Laundering Specialist Certification. Our expert trainers have years of experience in this field and are always ready to support and motivate you. Our online Learning Management System makes available to you all the recorded class sessions, thousands of practice questions and mock exams 24×7. Yu can access these resources from anywhere around the world with an active internet connection.
Additionally, we also provide Classroom, Online, or Self-training packages to suit your needs. We have flexible class timings and provide flexible payment plans! So, don’t wait any longer. Enroll in Delphi’s CAMS certification or sign up for our Anti-Money Laundering Specialist Certification training program and gain your certification to take advantage of the opportunities in the field of Anti-Money Laundering Compliance!
