• Article by BRUIN Financial




In line with previous years, the market remained buoyant moving into the second half of the year and candidates remained committed to their search. Whilst there is a perception that the market slows down over the summer, recruitment processes might lose some momentum however rarely come to a stand still. From a candidate perspective, we tend to see more candidates come on to the market, as many people tend to weigh up their career options when on holiday or annual leave.

As predicted in our Q2 Market Commentary, Financial Crime Compliance recruitment picked up in Q3. With the uncertainty surrounding the short-term Economic and Political landscape put to rest to some degree following the referendum results, our clients carried on with a business as usual mind-set and continued to  commit to growing their FCC teams. This was shown with the amount of roles in Financial Crime released to BRUIN throughout Q3 increase by 56% in comparison to those in Q2.

With many firms wanting to lower costs and move different functions to other locations, we have seen a vast increase in roles in other regions. In Q3, Financial Crime Compliance roles outside of London accounted for 31% of vacancies released to BRUIN in compliance and we expect these numbers to increase as near-shoring takes priority for many organisations.

Interestingly, contradicting predictions from our Q2 market commentary, we saw an increase in hiring in the KYC space for roles based in London on a permanent basis. Whilst Q2 saw KYC roles account for 11% of roles, Q3 saw that figure rise to 13%. Whilst it seems some financial services firms are continuing to near shore this function; with Bournemouth, Birmingham and Belfast proving themselves as being the bigger recipients, it shows that in the short-term strong KYC candidates will continue to be required in London in order to advise the business on critical matters.


In Q3, the market generally slowed down compared to its permanent counterpart. However, we have seen an increase in demand for candidates from the buy-side as large organisations such as Blackrock and Northern Trust have increased their headcount to make sure clients files are meeting regulatory standards.

With a number of Financial Crime roles/functions being offshored, candidates are becoming increasingly worried in regards to their job security and longevity. From a contracting perspective, it is becoming apparent that candidates are far more concerned about the contract length of each role as opposed to solely focusing on the daily rate offered.   Therefore roles that offer longevity, internal moves or potential of becoming permanent members of staff are highly desired in the current market.

Monitoring and Testing

An area across many of the banks currently seeming to be on the end of heavy investment is the Monitoring and Testing space. This function sits in the 2nd Line of Defence, and is a relatively new area as organisations are now looking to have specialised Financial Crime teams within this space as opposed to a function across many functions. Responsible for conducting deep dive reviews into the systems and controls in place around all elements of Financial Crime, candidates with Financial Crime audit experience coming from the 3rd LOD are highly-sought after due to the transferable skill set. With the interaction required with the business in this role, it seems unlikely this is a function which could be near-shored and will in fact be up-skilled within London.


As has been a recurring theme over the last 18months; sanctions candidates continue to be in high demand due to ever increasing regulatory scrutiny. Interestingly, due to the complexity of different rules imposed by different regulatory and political bodies; organisations are now turning to legal professionals in order to provide in-depth interpretation of economic sanction laws. Whilst the demand for sanctions advisory candidates from other similar organisations will likely increase as Sanctions teams in London continue to be built up; those from a legal background could start to be preferred for the more senior positions.

Financial Intelligence Unit

The FIU space was relatively quiet in H1 following a period towards the end of 2015 where the market for candidates was very high. However Q3 saw a number of organisations, most notably the larger investment banks once again look to upskill this function. Whilst last year saw most of the hiring at the VP and Director level, Q3 saw the vast majority of roles targeting at the Analyst/Associate/AVP level suggesting that strategic hires have been completed and they are looking for more junior candidates to help with the ever increasing workload.


Whilst Q4 is historically quieter as we approach the end of the year, we are confident that the Financial Crime market will continue to remain buoyant as we hear from a number of our clients that there is headcount currently waiting for approval which will then be recruited for. The last six months has also seen a number of senior individuals within the industry move organisation and it is entirely reasonable to assume that after a few months of settling into the business, they will have now drawn up their own plans in terms of team structure and recruitment so as such we could see movement in these areas.

Whilst the recruitment industry seems increasingly stable following the referendum results, any triggering of Article 50 could cause this to change quickly and have an adverse effect. That said, up until this happens, our clients are very much “business as usual” which has been proved when looking at vacancy comparisons from Q3 to Q2.

Movers & Shakers

  • HSBC have hired Jennifer Shashky Calvery as Deputy Global head of FCC, Allan Clare from Nationwide to head up UK Financial Crime Compliance, and Simon Kingsbury as Financial Crime Compliance Head for Europe.
  • Peter Hazelwood has recently joined Deutsche Bank as Global Head of Anti-Financial Crime.
  • Deepak Nayak has recently joined ICBC Standard Bank to head their KYC Governance and Controls.
  • Barry Hagan has joined Macquarie as the EMEA Head of Financial Crime and holds the CF11 title.