After serving as Head of Compliance and Money Laundering Reporting Officer at TradeNext for over two years, Patrick Lindsay has joined the London branch of ADS Securities. The new hire by ADS comes at a time when the company has been extensively investing in expanding its team globally.
As the firm expanded its operations into Hong Kong, the company hired former Saxo Bank executive Francis Lee to lead its operations in the region.
Looking at the new hire, Mr Lindsay has been in the compliance branch of the financial industry for over fifteen years, with his career starting from the Financial Services Authority (FSA), the former name of the U.K. financial regulatory body FCA.
After three years at the transaction monitoring unit of the regulator, Mr Lindsay moved on to work for a number of prominent companies over the years including Coutts, Goldman Sachs, Alpari UK and Cantor Index.
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With the number of compliance procedures changing materially amid the implementation of the MiFID II regulatory framework across the European Union, a number of financial services companies have been hiring additional personnel.
With the work of ADS Securities spreading beyond that of a retail broker, the company is seeking experienced staff to add to its team.
According to recent data, the world’s biggest banks have been facing a real issue with rising costs for compliance personnel. Some of the biggest institutions out there are spending over $4 billion per year, with the the average salary for Citigroup’s 26,000 compliance staff totaling about $60,000.