Global Fintech firm seeks a Head of US Compliance

The position is based in NYC. Candidates should have anti-money laundering, payments, money remittance, and banking related Compliance experience. 

Jack Kelly 212.997.3166. [email protected]

Compliance Search ComplianceJobs.com The Compliance Executive

As any loyal reader of ComplianceX, you may have noticed a little trend. Well, actually a huge, gigantic trend of never-ending scandals, whether it is insider trading, FX rigging,money laundering activities or HSBC’s recent tax evasion scandal in its Swiss arm, the commotion seems to never end.

It is not only happening in the U.S. though. Martin Wheatley, the Chief Executive of the Financial Conduct Authority (FCA) is ticked-off about  “staggering” number of scandals emanating from the City (London’s WallStreet).

Here in the U.S., Senator Elizabeth Warren is turning up the regulatory heat by demanding that prosecutors “come down hard” on HSBC for its recent tax evasion scandal in the bank’s Swiss subsidiary.

Some financial institutions are getting worried about this trend as well. Goldman Sachs, in an attempt to stay out of the list of billion dollar fined banks and win back public opinion, is embarking upon a program to limit risky, volatile activities by becoming more “boring.”

As compliance becomes more in demand, research analysts on Wall Street may have to start looking for jobs in this area due to the sad reality that they are becoming disposable, now that a new law is requiring analyst’s pay to come out of the pockets of investment managers for specific work and research.

The good news that comes from these never-ending scandals is that it keeps compliance in the forefront of everything. We can’t complain too much because, not only do we benefit from the increasing number of compliance jobs that are becoming in-demand, but our readers benefit as well because it means more job opportunities.

Unlike the big banks, you can take preventative steps and avoid any problems you may have, and this includes hiring problems!  So go ahead and post your jobs on Compliancejobs.com and be sure to check out our latest article on what recruiters don’t tell you during the job search.

We are very excited to bring you a new and improved job board with the largest selection of Compliance jobs in the world.

Check out our latest YouTube video, featuring Amanda Swain – our Client Development Associate. She provides a wonderful visual explanation of why people should post their Compliance jobs with us.

Recent examinations of hedge funds have uncovered a range of problems, a top Securities and Exchange Commission official said, including firms boosting their performance, and the fees they collect, by changing the way they value investments.

Andrew Bowden, the director of the SEC’s Office of Compliance Inspections and Examinations, said the agency has found a series of deficiencies at the roughly 185 hedge-fund firms in which it completed exams.

The findings come as the SEC begins more closely scrutinizing hedge funds, which have historically operated with less oversight than other investment managers.

Although I write a blog and publish a daily newsletter, my real job (defined by actually earning and not losing money) is recruiting. With that disclosure in mind, it may seem curious that I am questioning the motivation and the ethics behind certain high-level career changes.

We reported yesterday that the former House Majority leader, Eric Cantor, after losing his last primary election to a Tea Party Republican, has now joined the investment banking boutique, Moelis & Company as a Vice Chairman.

Moelis is a fine firm and I’m sure Eric Cantor’s friends and family consider him to be a great guy. Nevertheless, a Vice Chairman at an investment bank paying $4million should require just a little more. Perhaps a small requirement asked of a new Vice Chairman is that he possesses at least some investment banking experience. That wouldn’t be too much to ask, right? Well, Cantor does not have any real hands-on Wall Street or investment banking experience. Before you ask, no, experience doesn’t include receiving political contribution checks from banks and fat cat Wall Street executives.

So, why would the investment bank spend $4million on him? Simply, to help navigate government and regulatory issues and call in favors. In the current highly regulated environment where multi-billion dollar fines are becoming common place, it is a reasonable and smart investment to procure some government inside information and protection.

Another high profile instance of the government/banking revolving door involves a giant Russian bank.

The United States recently enacted sanctions against Russia in response to their aggression into the Ukraine. In light of President Obama’s strong rebuke of Russia’s actions, you would think that no one would want to work with any company associated with Russia, even if they were permitted.

Evidently sanctions and teetering on the brink of World War III didn’t stop former Senate Majority Leader Trent Lott and former Senator John Breaux from cashing in on their government connections and start lobbying for Gazprombank, one of Russia’s largest banks.

According to filings, the former Senators will focus on banking laws and regulations “including applicable sanctions”.

34 years in Congress and now former Senator Lott is helping a sanctioned bank weasel out of restrictions.

With all the sexy scandals in the post financial crisis era we have forgotten some of the awesome Rogue Traders of the past.

Here is a name you may dimly remember, Jérôme Kerviel. No, nothing? He was front page news five years ago as the guy who almost singly handedly blew-up the big French bank, Société Générale, by executing unauthorized trades.

Kerviel, one of the top Rogue Traders of all time, was sentenced to only three years in prison for losing nearly 50 billion euros and destroying a major long-standing bank.

Harsh critics of America’s nonchalant view towards prosecuting banks should pay close attention to France’s laissez-faire attitude.

Kerviel was allowed to wander around Europe while his trail slowly meandered through the French court system culminating in a bizarre meeting with the Pope to protest against the financial markets.

Then, the tough scary stuff happened.

Jerome was remaindered to prison and had to serve 5 whole months. It gets worse, a French court has just released Société Générale’s rogue trader Jérôme Kerviel from jail allowing him to serve out his remaining three-year sentence comfortably at home with wine and baguettes. This is not as easy as it appears, Kerviel will have to wear an electronic monitoring bracelet that may clash with his pajamas.