This Department will be slashed. So many bodies were hired and thrown at the consent order, causing a 30 to 40% overage of resources. Yes some were sent to Fraud to assist but the real cuts are yet to come. So if you are in AML (Detections/Invest) you better be have you ear to the ground cause the layoff train is coming. Keep an eye out for when the Consent Order is lifted because then it is game on
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Any updates???????????
Whats interesting is that aml should be loving to s single analysts workflow next year and if you think about it, we will need bodies as there would be no way to complete five alerts/cases a day, beginning to end, especially if tgere are many parties and filings…I dont see a huge layoff, at least from the hybrid/onsite side…
While I agree the department is over staffed, it seems like a smaller portions of detections will potentially be let go than investigations. Investigation case loads are routinely low. Detections alert volumes have been consistent with spikes in volume that past few months that threaten to go past SLO, especially with a smaller department size. I can’t see this as something being taken lightly with the consent order. Rule break tuning still has a ways to go to cut down on the bloat that alerts in detections.
Any word on if KYC is getting cut again?
Correct, KYC is no longer under ERC and now under bank. So from what I’ve heard and read is that if you’re under bank then you will get a year’s severance. As per other comments, you may benefit yourself to apply out and then be able to get a new salary and and also severance to double up.
KYC moved to Bank effective today
Agreed, granted no one wanted to be the bearer of bad news but the Department is severely overstaffed.
Heard the same. AML is a huge target now that the work is done and transitions to BAU. To all my AML colleagues, get those applications out now. Most banks are averaging a few months from application to the interview process, so if you time it right, you can get your severance check and a new job.
The interview to show them the work was complete was about a week ago, so the final lifting should be within a few months.
Note: A few posts down they talked about 1 year severance, AML does not fall under Bank Remember the last performance year, rather they fall under ERC. Just saying not to be negative but don't want peoples hopes to get high
When is the consent order expected to be lifted?