Quote:
Originally Posted by Unregistered
Thank you for the response! I support the applications (from the technology point of view) that do the transactions monitoring, case creation and case management systems.
Being a production support personnel, I had to have a good business understanding of these applications and then the day to day interaction with the end users (transaction monitoring scenario developers, investigators, MLROs, etc...) gives me further more insight into how AML works.
Besides, I'm planning to take up ACAMS or ICA (need help to decide which one is valued more in Singapore) certification to enhance my chances.
I hear from some of my friends and other forums that there is in fact underflow when it comes to AML professionals that actually gave me a bit of hope.
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Well the way you are describing I would say your IT experience might be somewhat beneficial compared to an industry layman, but the problem is there's a hell lot of banking BO peeps who can claim some sort of connection to AML as well.
As for underflow I would say it might be true a year ago, but the industry has deteriorated significantly since then and the situation is further compounded by a mad rush of mid careers who are seeking ICA or related certs because they heard AML/Compliance/KYC is the next "in" thing.
This means a big jack up in supply pipeline at a time of slowing growth in demand. If you really like it can study them as a backup. If it lands you a job with comparable pay, then good for you, if no offer or below what you are drawing now I wouldn't bother and just treat it as a hobby.
The banking industry is in a far more serious situation then most outside the industry perceive because instead of big crisis and big retrenchments which attract news reports, now banks are just chopping and reducing headcount month by month to consolidate.