This month, we will look at the latest trends and movements in the world of financial compliance and track the up-to-date developments within the global AML/KYC space, with all the most recent regulatory implementations and updates addressed and dissected.

2022 is sure to see a plethora of further regulatory change with even more risk and potential for financial crime being imposed on banks. With that in mind, it’s never been more vital for financial institutions to ensure they’re on top of all their regulatory requirements and responsibilities.

Read on, for all the very latest key market updates, trends, and industry leader insights that you need to know this month.

Over the past year or so, the advantages of a contingent workforce have become abundantly clear. The global recruitment landscape has evolved from the great resignation to the great reshuffle, and we are seeing changing landscapes in global hiring models.

So, what does this mean for contingent workers and what type of hiring trends should they look out for over the next year?

Global news update: Australia is prone to natural disasters due to its geographic location, and this year has seen some of the country’s harshest weather conditions. Some of the worst flooding was recorded, with Southern Queensland and northern New South Wales (NSW) each experiencing more than a year’s worth of rainfall by the end of the first week in March.

The floods led to mass displacements, loss of business, and even death, demonstrating just how devasting this catastrophe was for so many communities. With catastrophic loss comes a surge of insurance claims, as individuals and businesses try to salvage and cope with the impacts natural disasters have on them.

The Insurance Council of Australia (ICA) recently released figures revealing insured losses have increased 6% from last month to a record-breaking AUD $5.134 billion[1]. They have now ranked the catastrophic floods experienced and still expected in 2022, as the fourth most expensive natural catastrophe event ever.

Read more on why the insurance sectors are and will continue to be overwhelmed with claims processing during 2022 and into- 2023, however, it is not just the claims they will need additional support in.

Staff shortages brought on by Covid are crippling the Australian economy, with banking, financial services, and professional services firms in dire need of skilled talent.

In the Banking and Financial Services Sector, there is still a shortage of risk and compliance experts, particularly those with expertise in financial crime compliance. It has never been more important to hire a trained team of compliance experts, forensic investigators, and lawyers in the complex, highly regulated, international financial system navigating the wave of FinTech and Cryptocurrencies.

Overwhelming regulatory and policy demands from increased AML/CTF requirements and heightened cyber threats have meant that additional staff support was and is very much needed. Firms want more flexibility in their talent investments, but they’re also dealing with a scarcity of specialised talents. As a result, new hiring models are including contingent talent as part of new hiring strategies, to help in areas of weakness or areas where they do not have enough in-house capacity to cope with the additional demands.

Read more on why the importance of contingent workforces cannot be overstated.

EU regulators offer detailed parameters for ‘serious’ #AML breaches that could result in the loss of a banking, MSB or crypto exchange license. Learn more about the push for tougher laws here. 

The post-COVID-19 world will present enormous amounts of opportunities for those who are prepared, and many are starting their preparations to transition into new market norms now, by equipping themselves with flexible, experienced, and effective contingent workforces.

To find out how Momenta can help you with your contingent workforce planning and resourcing, contact us today.