AML/Compliance/KYC professionals come in!

Originally Posted by Unregistered

Hi guys, I was just offered a role in compliance but it's not a bank. Rather it's in the remittance industry. So i was wondering if the experience gained is applicable to the banking industry or not. And if it would help me gain a compliance role in banks in the future? I'm a fresh grad from sim.

you are not a grad.

sim is not a uni. pls refrain from branding yourself as a grad.

you are more likely a diploma holder who did some courses - which is not a degree programme.

[merlosewin]

Who are you to tell people if they are a grad or not. A degree is a degree. Im SMU grad, honestly i dont see how it makes me any different from SIM grad. We all are equally capable of working, and i dont which ever degree you are from, prepares you for compliance.

Stop being a dick, let me tell you something, with your attitude, you will not succeed as much as youre suppose to.

Originally Posted by merlosewin

Who are you to tell people if they are a grad or not. A degree is a degree. Im SMU grad, honestly i dont see how it makes me any different from SIM grad. We all are equally capable of working, and i dont which ever degree you are from, prepares you for compliance.

Stop being a dick, let me tell you something, with your attitude, you will not succeed as much as youre suppose to.

thumbs up sia.

Originally Posted by merlosewin

Who are you to tell people if they are a grad or not. A degree is a degree. Im SMU grad, honestly i dont see how it makes me any different from SIM grad. We all are equally capable of working, and i dont which ever degree you are from, prepares you for compliance.

Stop being a dick, let me tell you something, with your attitude, you will not succeed as much as youre suppose to.

SIM = SMU standards!!!

Haha good one.

can anyone share what is the career prospect starting as a junior compliance consultant in a small consultancy firm? recently just went for interview, the jobscope ranges from a-z, can learn a lot of things from a small firm for sure. but will there be difficulty in career progression in future to a more established firm? i currently in a non-relevant field, established mnc. If i were to move from mnc to small firm, will there be difficulty to move back mnc next time?

appreciate your sharing of views with me

Thank you!

Hi All,

I graduated in 2010 from a UK University with a 2.1 in Accounting & Financial Management & Business Management.

I have worked in financial complaint handling and research roles over the last 4 years but want to make the move into KYC/AML. (I feel there may be transferable skills if I was to enter a KYC role)

I am trying to decide whether to try and obtain a qualification with either ICA or ACAMS.

Can someone please tell me which qualification is preferred by employers in Singapore (and around the world) if any? Also, can you please let me know how helpful having the qualification would be during the hiring process?

Thanks in advance!

Originally Posted by Eric

Hi All,

I graduated in 2010 from a UK University with a 2.1 in Accounting & Financial Management & Business Management.

I have worked in financial complaint handling and research roles over the last 4 years but want to make the move into KYC/AML. (I feel there may be transferable skills if I was to enter a KYC role)

I am trying to decide whether to try and obtain a qualification with either ICA or ACAMS.

Can someone please tell me which qualification is preferred by employers in Singapore (and around the world) if any? Also, can you please let me know how helpful having the qualification would be during the hiring process?

Thanks in advance!

ICA should be a better choice in Singapore by local banks, they are accredited by IBF. ACAMS are more preferred by foreign banks (US?)

I would vote for ICA

I have been doing compliance for 8 years and AML for 5 years. Currently, I am a SVP with one of the major banks. Here are my thoughts:
- There has been a surge in demand for AML in the recent years. Majority of the demand is at much more junior level, i.e manager, associate level in the space of KYC or transaction monitoring or compliance technology.
- If you do a simple maths, every 20-30 manager/associates, only 1 will eventually become a AVP within 2-3 years time. Every 10 - 12 AVPs, only 1 will eventually become a VP within 2-3 years. If you keep doing the maths, you would be able to assess the probability of one becoming a SVP, Director and MDs.
- Even if you have the job title, there are not many banks who are paying the amount that many have quoted. I am not saying that the pay do not exist because in reality, they do, but majority of the mid-sized and smaller player are not paying that kind of money. Very very few major banks are paying that kind of money. Anyone can count how many major banks maintain a huge AML or Compliance team.
- Like all organizations, there is only X number of AVPs, VPs, SVPs, Directors and MDs. Even with high demands in AML, the really huge paycheck that you are looking are really at the top levels (SVPs, Directors and MDs). The number of Directors and MDs earning between SGD$600K to SGD$1million a year do exist, but when you compare the percentage of people earning that pay, against the total number of people who are actually doing AML or Compliance, is probably less than 1%. You may have dreams about earning that amount of money but you have to be realistic if you are really the top 1%? Additionally, the reasons why the MDs are earning this kind of pay, is because there is huge liability towards the job. More regulators are expecting Chief Compliance Officer to take responsibilities and this increased risks, comes with the increased pay.
- The cost of compliance is rising in most banks. The bigger banks are looking to move many compliance functions to lower cost countries, i.e. Philippines, Malaysia and India. These includes the more junior roles from manager, associates, AVPs & even VPs. These are the same banks who are paying the highest pay for the SVPs, Directors and MDs. Hence, if you are somewhere between these levels, there would eventually be a gap whereby it is not going to be so easy to move to a SVP, Director or even a MD level. With so many jobs moving out of Singapore, and you may be stuck at a more junior or mid level position for a while.
- Future career prospects is like playing chess. You cannot just think of the next move, but you have to think of the move after next, as well. Initial job hoping might gives you the pay increase that you want, but no organization is going to promote a job hopper. At some point, you would need to stay in an organization and contribute before you can be considered for promotion. Fewer organizations are willing to offer a higher rank when people change jobs. Any organizations who are willing to do so, usually have some problems that needs to be fixed. If there are some serious problems to be fixed, would someone who have been job hopping have enough experiences to cope with these problems?

I am not saying that AML is a good or bad area to enter, but you have to think beyond the dollars and cents, and think about the future career prospects, and assess if it is what you want.

Originally Posted by Unregistered

I have been doing compliance for 8 years and AML for 5 years. Currently, I am a SVP with one of the major banks. Here are my thoughts:
- There has been a surge in demand for AML in the recent years. Majority of the demand is at much more junior level, i.e manager, associate level in the space of KYC or transaction monitoring or compliance technology.
- If you do a simple maths, every 20-30 manager/associates, only 1 will eventually become a AVP within 2-3 years time. Every 10 - 12 AVPs, only 1 will eventually become a VP within 2-3 years. If you keep doing the maths, you would be able to assess the probability of one becoming a SVP, Director and MDs.
- Even if you have the job title, there are not many banks who are paying the amount that many have quoted. I am not saying that the pay do not exist because in reality, they do, but majority of the mid-sized and smaller player are not paying that kind of money. Very very few major banks are paying that kind of money. Anyone can count how many major banks maintain a huge AML or Compliance team.
- Like all organizations, there is only X number of AVPs, VPs, SVPs, Directors and MDs. Even with high demands in AML, the really huge paycheck that you are looking are really at the top levels (SVPs, Directors and MDs). The number of Directors and MDs earning between SGD$600K to SGD$1million a year do exist, but when you compare the percentage of people earning that pay, against the total number of people who are actually doing AML or Compliance, is probably less than 1%. You may have dreams about earning that amount of money but you have to be realistic if you are really the top 1%? Additionally, the reasons why the MDs are earning this kind of pay, is because there is huge liability towards the job. More regulators are expecting Chief Compliance Officer to take responsibilities and this increased risks, comes with the increased pay.
- The cost of compliance is rising in most banks. The bigger banks are looking to move many compliance functions to lower cost countries, i.e. Philippines, Malaysia and India. These includes the more junior roles from manager, associates, AVPs & even VPs. These are the same banks who are paying the highest pay for the SVPs, Directors and MDs. Hence, if you are somewhere between these levels, there would eventually be a gap whereby it is not going to be so easy to move to a SVP, Director or even a MD level. With so many jobs moving out of Singapore, and you may be stuck at a more junior or mid level position for a while.
- Future career prospects is like playing chess. You cannot just think of the next move, but you have to think of the move after next, as well. Initial job hoping might gives you the pay increase that you want, but no organization is going to promote a job hopper. At some point, you would need to stay in an organization and contribute before you can be considered for promotion. Fewer organizations are willing to offer a higher rank when people change jobs. Any organizations who are willing to do so, usually have some problems that needs to be fixed. If there are some serious problems to be fixed, would someone who have been job hopping have enough experiences to cope with these problems?

I am not saying that AML is a good or bad area to enter, but you have to think beyond the dollars and cents, and think about the future career prospects, and assess if it is what you want.

AVP/VP are standard titles that most people will get once they stay long enough in the industry. I don't think these levels are even considered managerial in mega mncs, pay is maybe average or above average, not that fantastic. SVP is a bit better and the # of positions are lesser. Other than sales, the big $$$ that most people fantasize about really only comes in at the ED / MD & above levels which vast majority of the employees in banking industry will never smell in their lives.

Originally Posted by Unregistered

AVP/VP are standard titles that most people will get once they stay long enough in the industry. I don't think these levels are even considered managerial in mega mncs, pay is maybe average or above average, not that fantastic. SVP is a bit better and the # of positions are lesser. Other than sales, the big $$$ that most people fantasize about really only comes in at the ED / MD & above levels which vast majority of the employees in banking industry will never smell in their lives.

Base on my recruitment experience so far if you compare international banks and big pharma like GSK, Norvatis, Pfizer, Roche etc. I would say the equivalent for BO/MO is roughly:

AVP - Assistant Manager / Analyst
VP - Local Manager / Senior Analyst
SVP - Regional Manager
MD - Regional Director

The only difference in banking is they tend to create a lot of sub levels like VP1, VP2, VP3 etc. which is more or less the same thing and for recognition of experience or years of service.

It used to be that once you reach MD in a bank you are considered to have "make it", but nowadays many banks have inflated their titles so badly that a bank can literally have a few hundred to a few thousand MDs which means many entry level MDs are not strictly MD either in terms of pay or rank.