In a recent Bloomberg article, JW Michaels co-founder Justin Mandel discusses the need for compliance executives to have an understanding of the intricacies of US sanctions laws. The need for such expertise has led banks and asset managers to look for compliance staff at the Treasury Department’s Office of Foreign Assets Control.
Mandel explains, “Having someone who has come directly from those regulatory bodies or otherwise understands the evolving rules and regulations gives firms a significant advantage. OFAC is one of those areas where it’s relevant.”
According to Mandel, banks will pay for top talent and compensation is one of the main reasons people leave government jobs. He says workers can expect 25 percent to 50 percent higher pay at a bank than what they might receive for a similar level of experience in the government.
Read the full article here: Banks Woo Treasury Sanctions Pros to Navigate Complex U.S. Rules