Questions to ask when hiring for a compliance / AML related role
September 13, 2022

Stating the obvious, but as an obliged entity, you know that having the right compliance / AML professionals in your business is crucial.

 At a time when the demand exceeds the supply, it may be tempting to run a more compressed interview process, so you can secure the professional you need sooner rather than later.

Having a compressed interview process is essential in one area only: time. This means that instead of stretching the interview process over months, you stretch it over weeks at best.

Having a compressed interview process when fact finding, will end up costing your business dearly, as you risk hiring the wrong professional for your needs.

So, to cut a long story short (too late, we know), here are some key questions to ask during the interview process for a compliance / AML professional:

  • In the context of the latest regulatory developments ( here it would be useful to point at least one key development relevant to your industry ) , how have you implemented these in your role?

Do not settle for a generic answer. Probe training exposure, team markup ( to understand exactly the extent of responsibilities assigned to the person ), policy implementation, regulatory interfacing, etc.

  • What do you find to be the best automation tools in improving efficiency, as well as reducing the risk of human error?

It’s important here to understand the level of awareness and use of tools, so you can compare with your own tools and assess the level of training required (if any)

  • How would you handle a suspicious corporate structure / client transaction (whatever is most appropriate to your business)?

Here, ideally, you will probe both technical and soft processes, especially at Senior level hires.

  • What steps would you take if your professional decision is challenged internally?

Here, you can assess the level of awareness in terms of procedure, as well as corporate communication style.

  • What do you consider to be the biggest regulatory development/change coming and how would you prepare a firm for that?

Here, you can assess the level of professional expertise and practical application capabilities.

For further assistance with recruitment in this discipline, get in touch .