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As financial companies grow, so do risks, tightening controls over the sector, and strengthening prevention of money laundering and terrorist financing. As a result, the need for specialists in money laundering prevention (AML) has increased particularly in the sector. They are lacking not only for fintech companies, credit and insurance companies, but also for service centers of foreign banks operating in Lithuania.
Specialists are being kidnapped across Europe
According to Invest in Lithuania, there are currently around 9,000 AML, KYC (Know Your Client) and compliance specialists working in the country. However, according to experts from the Fintech Hub LT Association, the demand for these specialists is constantly growing: today, more than 100 vacant positions in these areas have been advertised on the LinkedIn social platform alone, and a significant number of employers are fintech. companies. AML specialists are in demand not only in Lithuania: Anti-money laundering prevention experts with international ICA (International Compliance Association) and ACAMS (Association of Certified Anti-Money Laundering Specialists) certificates are seized across Europe.
A decade ago, AML experts were mostly staff with work experience in law and law enforcement. AML experts now employ economists, financial analysts, managers, and even humanities graduates, provided they have the knowledge, personal qualities, and impeccable reputation required for such work.
How to become an AML specialist?
Andrius Merkel, who has more than 20 years of experience in law enforcement and AML, says that this activity is similar to the work of a forensic scientist or detective, bringing satisfaction in terms of contributing to the fight against crime and create a fairer situation. world. “This job is for those who like to navigate complex situations, be constantly at the center of events, analyze information and data, and find unexpected connections with limited information. The work of an AML expert is never routine; a new crime thriller can be said every day: new investigations and situations that require vigilance, insight, knowledge, analytical thinking. The AML specialists have a good knowledge of the peculiarities of IT and project management, they are able to communicate well both within their institution and with external partners ”, says A. Merkelis, Head of the AML Group of the Fintech Hub Association LT.
Working in fintech companies is especially fascinating for young people. For example, 26-year-old Kamilė, who graduated from Lithuanian University of Educational Sciences with a degree in pedagogy and English philology, started working in fintech as a sales manager, but soon moved to AML.
“I enjoyed navigating the details, researching and analyzing, and ultimately critical thinking and improving intuition in understanding client activities and documents. I felt like an FBI detective: patiently collecting pieces of a challenging puzzle and looking for when the green or red signal could be given. And here, I have been an employee of the AML unit for almost a year. ”Kamilė is happy with her new job.
The need for AML experts is huge, which is why several educational institutions in Lithuania have already started Bachelor’s and Master’s degree programs related to the fintech field. With such intensive development of financial technologies, cooperation between fintech and education sectors is naturally strengthened. The Fintech Hub LT association communicates with the Vilnius, Kaunas and K. Stulginskis Universities of Technology.
A certificate from a recognized international organization is important to be an expert in the field of compliance. Some of the most popular AML trainings are ICA and ACAMS. Those who pass the exams in these courses receive an international certificate recognized throughout the world. Specially certified international qualifications offer a unique advantage and broader career opportunities and guarantee a higher salary.
Invest in training
Fintech companies themselves are investing heavily in the prevention of money laundering and in the training of AML specialists, some of whom spend almost a third of their costs, which amount to between half and several million euros. For example, e-money institution Nexpay plans to double its investments in AML prevention this year. “Last year, we spent most of our investments on money laundering prevention. The total amount was 440 thousand. EUR from 720 thousand. Company revenue. This year, the fast-growing company plans to spend more than 800 thousand in AML measures. Most of it will go to the salaries of specialists in the prevention of money laundering working in Lithuania, “says Gabrielius Erikas Bilkštys, Nexpay’s director of operations.
Much attention is paid to the training and skills development of AML specialists. According to experts at the Fintech Hub LT Association, investments in employee qualification not only help avoid fines, but also protect reputation.
The recently opened Competence Center for the Prevention of Money Laundering, established by the Bank of Lithuania, the Ministry of Finance and commercial banks operating in the country, will also contribute to the training of highly competent AML specialists. One of the objectives of the Competence Center, based on a public-private partnership, is a training program in the prevention of money laundering for the financial market. The program will focus on the risks in the Lithuanian region and their management.
