- Contract vacancies up across compliance
- Heightened demand for KYC experts amid proposals to amend EU legislation
Market analysis from specialist contract recruiter Venn Group has found that contract vacancies within London’s Financial Services sector increased by 11% between June and July 2015 as proposed legislative amendments drive demand for compliance professionals.
There has been a particular rise in demand for KYC specialists as organisations bring on board talent on a contract basis to ensure due diligence in preparation for amendments to existing legislation.
Proposed reforms to the EU’s Wire Transfer Regulations (WTR) – due to be introduced later this year - will increase KYC requirements under anti-money laundering laws. In addition, the second phase of the Payment Services Directive, PSD2 – which extends transparency and information requirements to countries outside of the EEA – is also on the horizon.
Commenting on current market conditions, Jodie Finn, Director at Venn Group said;
“While demand for contractors with a background in regulation and compliance has been consistently high in recent years, July saw a marked increase in demand for KYC remediation officers. Investment banks are typically seeking professionals with experience in gap analysis, and a solid understanding of prevailing regulations across geographic boundaries, to analyse current customer verification processes to ensure that they will withstand any legislative tightening.
“An increasingly globally aligned investment market has prompted updates to existing legislation to manage consistency in payment processing across currencies. The new amendments are also designed to address inconsistencies which have occurred through different interpretations of the current legislation at member-state level.
“Consequently, candidates with experience in various global jurisdictions, and additional language capabilities, are particularly sought-after.”
