INDIA’S financial crime compliance (FCC) workforce is projected to grow to approximately 45,000 by 2030, creating over 19,000 specialized jobs amid rising global financial crime and increasing adoption of artificial intelligence (AI)-enabled surveillance systems, according to a report by NLB Services.
The report highlighted that financial crime is estimated to cost the global economy more than US$ 4.4 trillion annually, with AI-enabled fraud, synthetic identities, mule account networks and sanctions evasion posing growing challenges for financial institutions.
As banks and financial services companies strengthen their anti-money laundering (AML), Know Your Customer (KYC), sanctions compliance and transaction monitoring frameworks, demand for specialized FCC professionals is expected to rise.
“Financial Crime Compliance is evolving into an intelligence-led operating model where technology, regulation and investigative expertise converge,” said Varun Sachdeva, CEO, India, NLB Services.
He said institutions are redesigning financial crime functions around AI-enabled surveillance, behavioural analytics, model governance and risk-based investigations, changing the skills required in the sector.
However, the report cautioned that talent availability remains a challenge, with only around 40 per cent of professionals entering the workforce possessing expertise in areas such as AML investigations, sanctions screening, transaction monitoring, fraud analytics and regulatory reporting.
ANI
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