LOB Salary Guide COMPLIANCE v2 SPREADS - Flipbook - Side 12
12
2. New sanctions and regulations
The Russia-Ukraine war has been a major catalyst
for sanctions-based hiring over the last 12 months.
At the time of writing, the UK has sanctioned 1,471
Russian individuals and 169 entities , with the EU
taking similar measures.
Prior to the conflict, sanctions activity had already
been escalating for some time, especially in the
US where its enforcement agency, OFAC, strictly
regulates any transactions involving the country's
currency. Some banks have incurred fines totalling
hundreds of millions or even billions of dollars for
financial crime breaches in recent years.
It's perhaps no surprise, then, that workloads have
significantly increased for sanctions teams, many
of which are struggling to source suitably skilled
candidates. In particular, advisory specialists are
highly sought-after and in continually short supply.
Meanwhile, new regulations are always a strong
driver of demand within compliance, and 2023 will
be no exception.
Some of the key regulatory issues this year include
the introduction of the FCA's new Consumer Duty;
increased scrutiny on poor ESG practices, especially
'greenwashing'; and a consultation on regulations
for critical third-party providers to financial firms.
We have also seen demand increase for
compliance professionals with skills and experience
in the area of financial promotions and distribution,
with the FCA last year announcing its goal to
strengthen existing rules for high-risk investments.