The Australian job market is facing a shortage of skilled professionals in the field of anti-money laundering and counter-terrorism funding. As new government regulations are set to be implemented, companies will be required to comply with a range of financial crime measures, creating a high demand for workers with the necessary expertise. Recognizing this shortage, Australian universities are starting to offer programs to train individuals in tracking down financial criminals and identifying laundered money. Swinburne University has recently launched a financial crime lab in partnership with KordaMentha, aimed at equipping students with the skills needed to enter this growing sector.
The new financial crime lab at Swinburne University’s Hawthorn campus is intended to help address the skills gap in the area of anti-money laundering and counter-terrorism financing. Through collaborations with industry partners such as KordaMentha, the lab will provide students with hands-on experience in tracking financial crime and understanding the regulatory environment. As government regulations become more stringent, there is a growing need for professionals who can assist companies in complying with these measures. The partnership between Swinburne University and KordaMentha is seen as a pioneering industry-university collaboration that will prepare students for careers in financial crime prevention.
With the impending increase in the number of reporting entities required to employ compliance officers, draft policies and procedures, and conduct risk assessments, the demand for skilled anti-money laundering and counter-terrorism funding professionals is expected to soar in the coming years. KordaMentha partner Alice Saveneh-Murray anticipates a significant growth in the industry, with the number of required professionals increasing from 15,000 to over 100,000. This highlights the urgent need for more individuals trained in financial crime prevention and underscores the importance of initiatives like the financial crime lab at Swinburne University in addressing this skills shortage.
The financial crime lab at Swinburne University aims to attract students interested in pursuing a career in combating financial crime. By providing industry-relevant training and practical experience, the lab equips students with the skills necessary to succeed in this dynamic and challenging field. The collaboration with KordaMentha, a leading firm in insolvency, cybersecurity, and forensic accounting services, offers students valuable insights and connections within the industry. This real-world exposure helps students develop a deep understanding of financial crime and prepares them for the demands of the job market.
As Australian companies face the reality of complying with new federal regulations on financial crime measures, the need for skilled professionals in anti-money laundering and counter-terrorism funding becomes more pressing. The shortage of qualified workers in this field highlights the importance of initiatives like the financial crime lab at Swinburne University, which seek to bridge the skills gap and prepare students for careers in financial crime prevention. By offering practical training and industry partnerships, universities can play a crucial role in developing the next generation of professionals who will help combat white-collar crime and illicit financial activities.
