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Originally Posted by Unregistered
1) It vary from banks to banks. Regardless of the prerequsite, you should still apply and try for it. Recruiters will probably won't put you up, but you can always apply directly via the FI's website. Similarly, you must be prepared for the interview, which is to actually study what each area covers. The reality is, there isn't so many candidates with direct AML Advisory and/or sanctions experiences floating around. Hence, some banks will take a stab with someone with the right thought process and right attitude.
2) No, this vary from banks to banks as well. If you are heading the team, you obviously cannot be at associate level. However, the head will still need a team to support him/her, and the team would range from associate to VP or even SVP.
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For those reading, the advice from Mr Learned Unregistered is the 100% accurate. Being one of the lucky few who worked from a junior contract role within a very niche FCC area to associate equivalent in AML and sanctions advisory within a relative short time span, you need dedication (I.e. attitude), network and luck.
Dedication to study areas that are not directly related to your current work, especially considering you're already learning on your job for your main mandate. Dedication to bite the bullet and work painstakingly hard in unfamiliar territories. Dedication to keep applying and interviewing for the roles you're keen for, despite being ignored by agents or FIs as well as being rejected by some after interviewers who remain unconvinced (e.g. FIs that are looking for more experienced people).
Attitude shows your mindset (as rightly pointed out) - do you challenge the status quo or are you just a robot? Do you think through what you do? Do you ask yourself tough questions? Do you try to exceed expectations and operate at a higher level? Do you show how you excel to the right people?
Network to ensure stakeholders, colleagues, bosses, underlings appreciate you. Is this just mere shoe shining? No, you can't please everyone, but you need to build your own reputation so that people listen to you and respect your opinion. Note I used "appreciate" instead of "like" - you don't need everyone to like you, but you need to be in a position to provide value to people.
Luck. All the above hinges on your luck - working for the right boss, working in the right role. Its also much easier to get picked out of a large group of candidates, especially for those inexperienced, if you get a referral. You bring over your reputation you built up by your dedication and attitude. But without luck, you wont be able to move to the role you want at the time you want at the FI you want.
Also, just a thank you to Mr Learned Unregistered for your truthful and learned advice which I personally vouch for its accuracy. Truthfulness is sometimes underappreciated on the internet...