What is a compliance manager at a bank?

Compliance Manager (Banking) manages daily activities of the team responsible for identifying suspicious activity in violation of the Bank Secrecy Act (BSA), USA Patriot Act, and other Anti-Money Laundering (AML) regulations.

What is a compliance job at a bank?

Bank compliance officers are responsible for conducting audits and inspections to ensure a bank adheres to set internal and external laws. Their job description entails monitoring and analyzing risk areas in a bank’s operation to ensure observance of state or federal laws.

Is compliance manager a good career?

Compliance Officers rank #17 in Best Business Jobs. Jobs are ranked according to their ability to offer an elusive mix of factors. Read more about how we rank the best jobs.

How do I get into banking compliance?

A great route for people with little experience is by working with Anti-Money Laundering (AML), Know Your Customer (KYC) and due diligence controls, experts say. Banks often hire for these roles on a temporary basis, said Owen, giving prospective compliance employees an opportunity for exposure.

How can I become a bank compliance officer?

To become a bank compliance officer, earn a bachelor’s degree in business, financial administration, public administration, accounting, or a related field. Some employers require bank compliance officers to hold a graduate degree or certification, but an undergraduate degree qualifies you for an entry-level position.

How do I become a compliance manager?

How to become a compliance manager

  1. Earn a bachelor’s degree. The first step to becoming a compliance manager is to earn a bachelor’s degree in a related field.
  2. Consider an internship in compliance management.
  3. Apply for entry-level positions.
  4. Complete a related certification.
  5. Apply for compliance manager positions.

Is compliance a stressful job?

Compliance may well be more stressful than many other occupations. It may be more stressful than the average job. Compliance officers may experience mental health issues at higher rates, report higher instances of depression, anxiety or burnout and enjoy less professional fulfillment than others.

What degree is best for compliance?

Common degrees for aspiring compliance officers include finance, accounting, statistics, economics, and management. Degrees for students interested in a specialization include healthcare administration, business, civil or environmental engineering, and criminal justice.