Latest / The Side Hustle Career Podcast with Fexingo: Second Income, Freelancing While Employed / How a Compliance Officer Built a 15K Side Hustle in AML Consulting
Transcript
- Lucas: So there's a specific story this week that I keep coming back to, and it's about a compliance officer who built a fifteen thousand dollar a month side hustle in AML consulting. And when I say AML, I mean anti-money-laundering. Luna: That's a big number. And honestly, it's a niche most of us never think about. What's the backstory? Lucas: She was working at a large bank, doing the grind of transaction monitoring, filing suspicious activity reports, the usual. But she noticed that small fintech startups were desperate for help — they had the innovative products, but they were drowning in regulatory expectations they didn't fully understand. Luna: So she basically took her employer's expertise and sold it on the side. Did she run into any non-compete issues? Lucas: That's the first thing she checked, actually. She reviewed her employment contract, talked to an employment attorney, and made sure she wasn't using any confidential information or proprietary systems. She built her practice from scratch — using only her knowledge and public regulatory guidance. Luna: Smart. And that's something we've said on this show before — you can't just copy your employer's playbook. But when you do it right, your side hustle can actually make you better at your day job. Lucas: Exactly. And you know, it's funny — we talk a lot on this show about turning your expertise into a second income. And if you've ever found yourself thinking, 'I've got skills that could help others,' that's exactly the kind of spark that leads to these stories. If we've helped you think through a career move or a side project, and you've gotten value out of it, one genuinely helpful thing you can do is support the show at buy me a coffee dot com slash fexingo. It's a small gesture, but it directly keeps this podcast ad-free and helps us keep bringing you these real-world examples. Luna: Yeah, and it's completely optional. We just appreciate that you're here, learning with us. Now, back to this compliance officer — how did she actually land her first clients? Lucas: She started with her network. She reached out to former colleagues who had moved to fintech, and she also joined some compliance-focused forums and LinkedIn groups. Within a month, she had three small startups asking for help with their AML programs. Luna: And what exactly did she offer them? Like, what does an AML consultant actually do for a startup? Lucas: It's a mix of things. For some, it's conducting a gap analysis — reviewing their current policies against regulatory expectations. For others, it's writing the actual AML policy documents, or setting up the customer due diligence procedures. She even trained their staff on how to spot suspicious activity. Luna: So it's really hands-on. But how did she price that? I imagine it's not easy to put a number on something so nuanced. Lucas: She started with an hourly rate, around one hundred and fifty dollars an hour. But she quickly realized that was too low for the value she was providing. So she shifted to project-based pricing — a flat fee for a policy draft, a monthly retainer for ongoing compliance support. That's when her income really scaled. Luna: Project-based pricing makes sense. It positions you as an expert, not just a pair of hands. And it also gives the client a predictable cost, which is appealing to early-stage startups. Lucas: Right. And she was careful not to overcommit. She capped her side work at about fifteen hours a week, which let her keep her full-time job and avoid burnout. By the six-month mark, she had five recurring clients and was bringing in that fifteen thousand a month. Luna: That's impressive. But what about the regulatory side of her own business? I mean, she's advising others on compliance, but she also had to make sure she wasn't crossing any lines. Lucas: That's a great point. She had to be careful about conflicts of interest — for example, she never consulted for any company that was in direct competition with her employer. She also made sure to carry professional liability insurance, which is a must for any consultant. Luna: And did she have to get any extra certifications to boost her credibility? Lucas: She already had her Certified Anti-Money Laundering Specialist, or CAMS, certification from her day job. That gave her instant credibility. But she also invested in a few online courses on fintech trends to stay current, which she could deduct as a business expense. Luna: So for anyone listening who's in a similar regulated field — like banking, healthcare, or law — it sounds like there's a real opportunity there. Lucas: Definitely. And the key takeaway from her story isn't just the money — it's the way she built a practice that complements her career. She didn't burn any bridges; in fact, her side work made her more knowledgeable and confident in her full-time role. Luna: I love that. So what's her advice for someone who wants to replicate this? Step one would be...? Lucas: She says start with a gap analysis of your own. Take a piece of paper and write down what you know that others in your industry don't. That's your niche. Then, test the waters — talk to at least five potential clients before you even build a website. Luna: That's practical. And I'd add one thing: don't undervalue your knowledge. The reason she could charge project fees was that she knew the value of her expertise. Lucas: Exactly. And in this particular case, she also leveraged free resources — like the Financial Action Task Force guidance — to build her templates. That kept her startup costs near zero. Luna: It's amazing how you can build a side hustle on the knowledge you already have. So, for our listeners, what's the one concrete thing they should take away from this episode? Lucas: I'd say this: your professional expertise is more valuable than you think, especially in niche areas like AML. The challenge is packaging it in a way that solves a specific problem for a specific client. Luna: And remember, you don't have to quit your job to start. This woman did it on fifteen hours a week. That's a very manageable side hustle. Lucas: Right. And as the fintech space keeps growing — especially with all the buzz around crypto and digital banking — the demand for compliance expertise is only going to go up. That's a trend we'll be watching. Luna: For sure. So if you're sitting on a specialized skill, maybe it's time to explore how you can offer it to others. Thanks for listening, and we'll catch you next time. Lucas: Take care, everyone.