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Old 11-08-2016, 10:02 AM
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Quote:
Originally Posted by Jameskyle88 View Post
Would like to enquire on the following:
1. What are the common compliance specialisations under FCC
2. Which of these specialisation has higher earning potential?
3. AML vs KYC vs FCC ? The industry seemed to use these words loosely. Any insider able to describe the exact difference between them ?
4. When people talk about compliance advisory, are they talking about product, regulatory advisory ?

Just want to distinguish between these compliance spec and understand the prospect of each of them. Realised the lines are very blur.
Just to make things clear, I'm the same guy with the reply above.

FCC is referring to Financial Crimes Compliance. The only bank that I'm aware of that actually labels the whole compliance department as FCC is HS**. However, the majority of banks simply call the department 'Compliance'.

1) There are many different specialisations under the Compliance umbrella. Regulatory, Business Compliance, Sanctions, Transactions Monitoring, Advisory(AML/KYC), to name a few.

2) I came across this chart on efinancialcareers news section, regarding the difference in pay across the specialisations. Can't seem to find it now. Here's a older guide: ://news.efinancialcareers.com/uk-en/112535/how-much-can-you-earn-working-in-compliance-for-an-investment-bank-an-amalgamation-of-salary-surveys/

Not sure how accurate these charts are, but I do know the people in the Control Room and Advisory functions can pull in the most.

3) KYC is client due diligence. It's basically a tool to combat money laundering in the broader sense. Hence, KYC can be seen as a subset of AML. And in turn, AML is a subset of the broad range of topics covered under Financial Crimes. Hence, AML can be viewed as a subset of FCC.

4) There are many different advisory teams catering to different specialisations and business functions. Some banks group them under a core 'Advisory' subteam within Compliance, some banks don't group them and instead have such advisory services within the different specialisations. So when someone tells you that they are in advisory, it's good to find out more.

I don't think I'm 100% accurate on all of these, but hope these nuggets of information helps.
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