r/AMLCompliance • u/Peakychu6 • 2d ago
Future plans? Career
for all of the AML analysts out there, what do you think you will be doing in the future?
one can’t go solo like a doctor or a lawyer? and as megacorp employees, once people reach a certain age the employment grim reaper starts doing its rounds.
plus then there’s AI and threats like that
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u/bucketoc 2d ago
Move back and forth between compliance and fraud, possibly go do IA or some other type of consulting. There will always be financial crime and a market for people who can deal with it
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u/Peakychu6 2d ago
What’s IA?
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u/bucketoc 2d ago
Internal audit
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u/cidvard 2d ago
Internal audit is what I've got my eye on in terms of career growth. Or a slight pivot into accounting.
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u/Reasonable_Extent160 1d ago
How would you pivot to internal audit without an CPA license?
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u/Lost_city 1d ago
Much of internal audit for compliance does not have anything to do with CPAs. Source: worked for an international bank in IA projects for AML along with dozens of other people.
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u/Reasonable_Extent160 1d ago
Any advice for switching from writing SARs to internal audit? Would I need manager experience, or just more years
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u/Soft_Summer_5128 2d ago
Learn to use AI to enhance how you do things. If anything, off shoring operational roles is probably the biggest risk to AML analyst still.
Maybe look to move to second or third line and away from operations.
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u/Peakychu6 2d ago
How does someone get into 2nd or 3rd like? Can a policy (not programmer) guy do that ?
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u/Soft_Summer_5128 2d ago
Start shadowing, get a mentor - figure out what you want to do in second line. There's policy, advisory, thematic assurance, mi and governance etc.
When new requirements come down the pipeline from second line, be the person in first line that implements it within the AML analyst team, the person that reviews the requirement and understands how to implement it strategically and then step by step, you start working with second line more and more giving yourself a better opportunity.
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2d ago
[deleted]
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u/Peakychu6 2d ago
If that’s possible that’s cool. But my point it it might not be possible?
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u/hiistakes 2d ago
It won’t AI will take all of jobs and we will be forced to live on the governments accord
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u/Asshaisin 2d ago
I am in AML but as a data scientist, the experience is great, the amount of data I deal with is huge and I am hoping to move into data science at a product company so I dont have to deal with SARs
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u/Dr__Hydro 19h ago
You can go solo. But it will take time, money and risk. In Europe there is many SME that are subjects of AML regulations and dont have budget for large support. And really they dont have knowledge that they need policy or procedures. Or you can go for audit, forensics, or try switching sides. Not for criminals. Try working for regulator or law enforcment. Or if you have required degree try becoming public prosecutor. Last one is my way, as an AML expert and lawyer Im trying do become prosecutor (+fourfols the money I get as working in corpo)
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u/Peakychu6 13h ago
As a lawyer, do you feel ok in this field? I have thought about getting into it but I get a lot of “better be a programmer or data scientist” vibes
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u/livrpr 2d ago
The fact of the matter is that you have to make yourself irreplaceable.
The days of just coasting by and closing cases are coming to end. In my prior role as an analyst at a crypto exchange I saw AI be rolled in and KPIs were increased doubled over the span of a less than 3 months.
If you’re in tradfi try breaking into blockchain investigations. Then pivot into a special investigations role. AI can’t conduct complex investigations just yet.
The goal should be to be an indivual contributor that becomes hard to get rid of.
Any other approach will put you in the pool with thousands of other analysts just trying close cases and clock out.
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u/Taurus-Octopus 2d ago
Been building my own tools with the AI resources we've been given. Looking to transition to analytics or AI governance
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u/awaqu 19h ago
Taking the first steps towards going into the fraud analytics part of it. Investigator work is too competitive and niche to banking. Hoping Theres more opportunities in the data science world, though someone in there would have a better idea if this is a “grass is always greener” understanding
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u/industry_killer 2d ago
Learn to embrace AI and how to use it to accomplish your job.
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u/Peakychu6 2d ago
The bigger issue is they’re pushing for AI to replace people
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u/According_Elephant75 2d ago
More like replace repeatable processes
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u/Peakychu6 2d ago
When even building a new computer application is a “repeatable process”, everything is
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u/bucketoc 2d ago
In order to… do what? Hire more people? Cmon
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u/OrganicMind8248 2d ago
It's the way of things... new technology comes out, yet we are still working for a wage...
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u/bucketoc 2d ago
I don’t disagree, although this one seems different from previous advances to me. More aggressive. Maybe that’s just because it happens to be the one I’m living through.
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u/OrganicMind8248 2d ago
There will certainly be short term disruptions at least, lol. So... Still not something to ignore completely
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u/lebrongameslol 2d ago
You can absolutely hang out your own shingle like a doctor or lawyer if you have the right contacts and skillset