Institute Insights: The changing recruitment market for MLROs
Our member, Adrian Isaac at Elezen Recruitment, has written on the recruitment market for MLROs given the changing regulatory climate
How is the environment changing in the job market for MLROs?
- In one word…Technology. Below I break down the 3 main areas that you need to consider in 2025.
FinTechs are thriving
- Through 2024 and into 2025 we’ve seen the divergence of the UK financial sector playing out. Traditional banking hiring has slowed down whereas Fintechs are booming.
- As reported by market data analysts Vacancysoft in 2024 traditional banking hiring decreased by 17% whilst Fintechs increased by 28%. Within that, Compliance roles were up 28% and KYC roles up nearly 100%
Generative AI in the job market
- A Financial Times survey found that nearly 50% of candidates are now using AI to handle the whole job hunting process, from writing cover letters to customising CVs to even providing answers to questions during live video interviews. Candidates are now essentially gaming the system that has been stacked against them for the past decade due to only companies having the upper hand with access to the tech before they did.
- So now the issue employers face is that they are inundated with hundreds of applicants because it has become so easy to apply for jobs thanks to AI tools. One major downside is that AI usage has made applications generic - A typical example being the prevalence of the same phrases and keywords in multiple applications.
Agentic AI in FinCrime prevention
- AI tech in FinCrime prevention is going to become the industry norm within the next 10 years and Agentic AI is the next major frontier. Most of the largest companies in the industry are already testing out the capability of AI Agents to improve productivity and accuracy in their AML efforts.
- The emergence of Agentic does not mean that AI is “coming for your jobs”” but in fact it means the jobs will be changing. As an example - L1 analysts will no longer have to spend time on administrative tasks such as googling to find information on a PEP. The Agents will do all of that more rapidly and accurately and this will free up L1 analysts to focus on L2 work - more decision making and higher value work.
So what does this all mean for MLROs or aspiring MLROs?
- Build a strong personal network, participate in forums such as The Institute and attend industry conferences and roundtables, make connections with fellow professionals. Raise your profile by sitting on a panel. One day that person you sat next to at a conference could be your next boss or your next hire.
- Upskill in the use of AI powered technology for doing your job and understand everything that is required to make successful use of it.
- Talk to the right recruiters! We do the hard yards in terms of building trust and strong networks amongst senior level contacts so we can help you stand out from the crowd with a route into the role/company of your dreams and save you the pain of an online application. Often we hear about jobs long before they even get advertised.
Conclusion
- The dominance of technology in all aspects of your career may sound daunting, but the good news is the human anti-financial crime practitioner is going to become more important than ever!
- You have invaluable experience to offer.
- You have dealt with FCA audits, you have dealt with remediation works, you have seen the regulatory landscape change over many years, you may have seen a company grow and then fail.
- You have vital knowledge and experience and nuanced understanding that will help potentially less risk averse start-ups stay on the right path whilst helping them build a profitable business.
- It’s an exciting time to be in FinCrime prevention. The pace and scale of change is significant but adopting a growth mindset is key to future proofing yourself
Adrian Isaac is from Elezen Recruitment Solutions, and offers free career guidance, CV writing and interviewing tips to financial crime professionals, Deputy MLROs and MLROs.
