Salary survey: Money-laundering officers win pay rises

Anti money-laundering officers have won big salary increases, as banks and fund managers check accounts for possible links to terrorism, a survey by the recruitment firm PSD Group shows.

Officers with nine or more years experience now have an average salary of 75,000, a 10% rise from a year ago. Those with five years experience enjoyed a similar rise to 45,000.

Marnie Patience of PSD said the increase resulted largely from a rapid hiring of staff from the Customs service, the Fraud Squad and the National Criminal Intelligence Service - which deals with organised crime - in the wake of the attacks on September 11th, 2001.

These recruits often arrived on relatively low salaries and now, with firms maintaining their emphasis on anti money-laundering, they were able to demand salary hikes.

The survey of more than 60 firms, plus a few individuals reporting their own salaries, showed that compliance staff in many other positions had also won salary rises.

Heads of compliance with 8-10 years experience were earning an average of 86,000, up 4%, while lower down the scale compliance officers with 10-12 years experience were now on 82,000 - also a 4% rise.

Senior compliance managers had won salary increases of 10% or more, though those with

less experience - up to five years - were having to make do with 2% or 3%.

Patience said she was surprised by the size of some of the increases, apart from the money-laundering ones.

"I know of some people who are accepting lower salaries when they move job because the economic downturn is affecting the recruitment market," she said. "It could be that firms have got rid of some positions at the lower end, and that raises the average of those who remain."

The survey (conducted mostly before bonuses were announced) found that the bonuses of most staff were likely to be between 25% and 50% lower than a year ago.

For those on a salary of 50,000, bonuses were expected to range between 7% and 40% of salary. For those on 100,000 the range was 30% to 130%.

(the survey can be obtained from marnie.patience@psdgroup.com)