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Old 26-02-2015, 02:48 PM
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Originally Posted by Unregistered View Post
Maybe you come from a small outfit where the only compliance work is kyc. So you never seen the real big fish out there earning this range.
The liability is not as bad, every job in the bank carries some liability, be it the cfo who signs off financial statement, cro who manages risk, fo who trades
Nah, I am just fortunate enough to have had the broad-based exposure to refute the authenticity of the claims. The people I know earning close to those amounts earned them the hard way, slowly rising through the ranks and making great sacrifices, so please don't belittle their achievements.

Even if this is an un-moderated forum, it is important not to mislead potential entrants on monetary reward issues which are close to heart.

True, no individual has ever been convicted so far although banks have been slapped with penalties left right centre. It's obvious that the incentive system is perversed - people get rewarded for earning above-budget returns but are getting away very lightly with losing other people's money.

The recent HSBC tax evasion case could be an inflection point - it tests the political will of the US and other governments in lifting the corporate veil and ensuring that the responsible individuals get their just desserts. Personally, I'm sceptical that this will happen. Till this day happens (the rectification of the incentive system), the effectiveness of having more stringent regulations like Dodd Frank, Basel III, AML, etc. will be very limited.
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