Germany Compliance & Financial Crime Market Update
In 2023 BaFin (Federal Financial Supervisory Authority) continued to intensify its scrutiny, particularly on Anti-Money Laundering (AML) practices. BaFin updated its minimum requirements for MaRisk, and it also updated the circular on MaComp.
In 2023, we observed a heightened need for adept Financial Crime professionals across Germany, as Banks and various financial institutions respond to BaFin’s scrutiny and seek to bolster their capabilities in this area. Additionally, candidates with strong sanctions experience were still in high demand following the conflict between Russia and Ukraine. There was also an increased demand for candidates with MaRisk and MaComp knowledge, as BaFin has now integrated all the EBA’s (European Banking Authority) and ESMA’s (European Securities and Markets Authority) new requirements. Lastly, we noticed that an increasing number of professionals are now more inclined to explore opportunities in FinTech, Payments, and Cryptocurrency companies rather than opting for positions in traditional Banks, with one of the key reasons being the flexibility they offer.
The increased need for these particular skills has led to a rise in counteroffers, with top candidates typically undergoing an average of three interviews with various financial institutions concurrently, intensifying the competition for top talent.
In 2024, we expect the continued growth of Fintech, Payment, and Cryptocurrency firms in Germany. We also anticipate a slight decline in the number of investment banking compliance roles in Frankfurt. This is because after building out Frankfurt in recent years these global Investment banks are now focusing on building out their teams in Paris to continue their European expansion. Overall, strong Financial Crime experience, particularly sanctions knowledge, and strong MaComp and MaRisk knowledge, will be the skills expected to remain highly sought after in Germany.
For tailored solutions to your hiring needs in the current German Compliance & Financial Crime market, contact Isabel today. Her expertise and insights can guide you through navigating the current landscape and securing the right talent for your team.
Isabel Anchebe
Associate Director, Head of Compliance, Europe
T: +44 (0) 20 3889 5758 E: ianchebe@danosassociates.com
