Banking - Back Office

Somewhat like FO. Can't be saying IB analyst are BO right

2009: 2000 contract
2010: 2400 perm
2011: 3800 new bank
2012: 3300 bank lost money
2013: 6000 new bank
2014: 6600 same bank same title
2015: 7700 same bank same title
2016:??????

To the Bo guys out there. Hang on and your day will come

joined a IB recently as backoffice IT... heard that many ppl left because there is no room for career advancement....only parallel movement. those managed to advanced are unlikely to leave.

Hi everyone,

I'm currently 2 months into my 3 months contract in foreign bank, doing CDD / AML compliance. Pay wise is 2.5k

What do you think of career prospects for CDD / AML compliance?
Do you think after my 3 months contract ended, my 3 months experience will be recognized by other banks?

Thank you!

Originally Posted by Unregistered

Hi everyone,

I'm currently 2 months into my 3 months contract in foreign bank, doing CDD / AML compliance. Pay wise is 2.5k

What do you think of career prospects for CDD / AML compliance?
Do you think after my 3 months contract ended, my 3 months experience will be recognized by other banks?

Thank you!

that'll depends which bank you're in and what you're doing. So are you doing CDD or AML? Technically speaking, CDD is a branch under AML. But nowadays ah beng ah seng likes to lump them together and present themselves as somebody who is well versed in the areas of AML which includes CDD.

Graduated 2013
2013-2800 BO (not in a bank)
2013-3000 BO (finished 6 months probation)
2014-3300 BO (yearly increment of 10% + 15K bonus)
2015-4000 MO (switched co, still not a bank)

Originally Posted by Unregistered

that'll depends which bank you're in and what you're doing. So are you doing CDD or AML? Technically speaking, CDD is a branch under AML. But nowadays ah beng ah seng likes to lump them together and present themselves as somebody who is well versed in the areas of AML which includes CDD.

Hi, I am doing CDD and I understand that AML includes CDD, monitoring and filtering.

Originally Posted by Unregistered

Hi, I am doing CDD and I understand that AML includes CDD, monitoring and filtering.

Yes, but it is also an known fact that banks these days separate CDD from general AML functions such as monitoring, filtering, etc.

I don't know how in depth the CDD you're doing is but i guess it should be mostly remediation work since it's just a 3 months contract.

Whether it can be used as an experience? Why not... But largely, it all comes down to individual hiring manager's appetite. You'll stand a higher chance for applying to CDD related work as a start.

Originally Posted by Unregistered

Hi everyone,

I'm currently 2 months into my 3 months contract in foreign bank, doing CDD / AML compliance. Pay wise is 2.5k

What do you think of career prospects for CDD / AML compliance?
Do you think after my 3 months contract ended, my 3 months experience will be recognized by other banks?

Thank you!

It is a role that less likely to be outsourced to India. Hence you will have good prospect. Like others said, you will stand a better chance for similar roles. I e if you want to get a significant increment, you need to apply for similar roles. If not, it is not likely to get significant increment. And if I were you, I would work in the same bank for a longer period. BB usually don't consider guys who work less than 3 years in a company. It just means that person is not likable.