Financial institutions in Hong Kong are reportedly upping their recruitment efforts for compliance talent following the enactment of sanctions from Washington against officials from the city and mainland China.
Hiring for compliance staff has increased by as much as one-third, according to a «Reuters» report citing unnamed sources, most notably at international asset managers and Asian banks.
One source noted that there was an «active mandate» from two of China’s «big four» banks for compliance experts after U.S. sanctions were imposed.
Upon receiving a list of individuals and businesses linked to sanctioned officials at a separate Asian bank, the immediate response was to shut down all the accounts or hire five more sanction specialists for a proper audit, according to another source. The bank eventually hired two experts and organized sanctions training for the rest of the team despite ongoing efforts to cut spending.
Hiring Hurdles
Increased compliance burdens have come at poor timing as the broader financial sector suffers from both the economic impact as well as logistical challenges caused by the pandemic.
On the former, banks have opted to supplement internal hiring and training with external law firms. And on the latter where firms are struggling to meet talent demands due to relocation issues, some have opted to use technology to support screening and analysis of client accounts.
