Mumbai: Financial crime compliance is emerging as one of the fastest-growing specialist functions within the BFSI ecosystem, and the sector is projected to create over 19,000 specialised jobs by 2030, global technology and digital talent solutions provider NLB Services said on Wednesday.
As financial institutions strengthen Anti-Money Laundering (AML), Know Your Customer (KYC), Counter Terrorist Financing (CTF), sanctions compliance and transaction surveillance frameworks, India's financial crime compliance workforce is estimated to expand to 45,000 by 2030, creating over 19,000 specialised jobs, NLB Services CEO - India, Varun Sachdeva said.
However, there is a significant talent shortage, as only 40 per cent of professionals entering the workforce currently have expertise across AML investigations, sanctions screening, fraud analytics, regulatory reporting, and financial crime technology platforms.
Industry projects a talent deficit of 20 per cent by 2030, with 25 per cent of hiring expected to originate from Global Capability Centres (GCCs) as multinational banks continue to centralise Financial Intelligence Unit (FIU) operations, Level 2 and Level 3 investigations, and enterprise-wide financial crime analytics in India, he stated.
"Institutions are redesigning financial crime functions around AI-enabled surveillance, behavioural analytics, model governance and risk-based investigations, fundamentally changing the skills they require.
"India's GCC ecosystem is accelerating this transition by centralising high-value FCC capabilities, from KYC, AML and transaction monitoring to EDD (Enhanced Due Diligence), sanctions operations, financial intelligence and regulatory reporting," Sachdeva added.
He said the BFSI GCC ecosystem remains the single largest demand driver, followed by domestic banks, fintechs, payment companies and insurance firms.
Geographically, Bengaluru continues to account for nearly 32 per cent of India's FCC workforce, followed by Hyderabad (16 per cent), Pune (13 per cent), Gurugram (11 per cent) and Mumbai (10 per cent).
However, nearly 25 per cent of incremental hiring over the next 2-3 years is likely to move to emerging hubs such as Ahmedabad, Jaipur, Kochi, Coimbatore, Indore and Bhubaneswar.
The workforce profile is also evolving, with professionals with 3-8 years of experience accounting for around 55 per cent of hiring demand, while lateral hiring has increased by 22 per cent over the last 24 months.
Women currently represent 32 per cent of India's FCC workforce, 38 per cent of analyst and mid-management roles and 42 per cent of new campus hiring.
This report was published from a syndicated wire feed. Apart from the headline, the EdexLive Desk has not edited the copy.