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-   -   AML/Compliance/KYC professionals come in! (https://forums.salary.sg/income-jobs/3243-aml-compliance-kyc-professionals-come.html)

Unregistered 21-07-2016 09:40 AM

Quote:

Originally Posted by Unregistered (Post 88686)
Can a person with no relevant experience, other than difficult, get into compliance?
Or does he at least need to have compliance certification, before he can do compliance?

Not sure what you mean by 'other than difficult'.

But yes, a person with banking experience in other vaguely related functions has made the jump over to Compliance in the banking space. Strangely enough, I see a lot of Sales people managing to get into Compliance as well.

It never hurts to get some sort of certification. Take a look at ACAMS, it's affordable and very recognized. Not easy to pass though.

simiishthis 24-07-2016 09:52 AM

How easy is it for someone from internal audit to jump over to risk mgmt roles in a bank? Thinking of making the move to IA then eventually to some risk mgmt roles...

Unregistered 25-07-2016 01:31 PM

Quote:

Originally Posted by simiishthis (Post 88785)
How easy is it for someone from internal audit to jump over to risk mgmt roles in a bank? Thinking of making the move to IA then eventually to some risk mgmt roles...

Relatively easy compared to other functions. Make the jump to IA, you might not wanna move out.

Unregistered 29-07-2016 05:31 PM

Any idea which bank doing retail is in the south of singapore (probably harbour front or mapletree) and parks the transaction surveillience function there?

Unregistered 29-07-2016 08:47 PM

Quote:

Originally Posted by unregistered (Post 88936)
any idea which bank doing retail is in the south of singapore (probably harbour front or mapletree) and parks the transaction surveillience function there?

h sbc

Hikaru 01-08-2016 01:05 PM

Which certification is better? ICTA/ACAMS?

Currently only holds a polytechnic banking diploma and want to switch field from Securities dealing though. Intend to take one AML certification to help me improve my chance of getting into Compliance, though i know its not easy.

Unregistered 01-08-2016 03:20 PM

Quote:

Originally Posted by Hikaru (Post 89024)
Which certification is better? ICTA/ACAMS?

Currently only holds a polytechnic banking diploma and want to switch field from Securities dealing though. Intend to take one AML certification to help me improve my chance of getting into Compliance, though i know its not easy.

CAMS are a hell lot easier than ICA. IMO, both are pretty recognized. As a diploma holder, you are better off taking CAMS first and trying to get a foot into the Finance sector. ICA can come later on.

Hikaru 02-08-2016 10:23 AM

Quote:

Originally Posted by Unregistered (Post 89027)
CAMS are a hell lot easier than ICA. IMO, both are pretty recognized. As a diploma holder, you are better off taking CAMS first and trying to get a foot into the Finance sector. ICA can come later on.

Ic. Actually for ICTA i was contemplating on the Specialist Cert in Money Laundering Risk in Correspondent Banking. Costs wise its almost 40% cheaper than CAMS and i can use the govt credits for it. Been working as a dealer for 10yrs so seeking the change :(

Unregistered 02-08-2016 03:07 PM

Quote:

Originally Posted by Hikaru (Post 89068)
Ic. Actually for ICTA i was contemplating on the Specialist Cert in Money Laundering Risk in Correspondent Banking. Costs wise its almost 40% cheaper than CAMS and i can use the govt credits for it. Been working as a dealer for 10yrs so seeking the change :(

ICTA need to have dip level. i.e IBF Level 2, then it will be recognised. I also agree with the other guy that CAMS is a better alternative.

Unregistered 02-08-2016 03:51 PM

Quote:

Originally Posted by Hikaru (Post 89068)
Ic. Actually for ICTA i was contemplating on the Specialist Cert in Money Laundering Risk in Correspondent Banking. Costs wise its almost 40% cheaper than CAMS and i can use the govt credits for it. Been working as a dealer for 10yrs so seeking the change :(

That cert is extremely specialized. Correspondent banking is just a small subset within the AML space. If it's free aka govt credits, go for it. But it will not open any additional doors you, imo.

Hikaru 02-08-2016 03:55 PM

Quote:

Originally Posted by Unregistered (Post 89081)
That cert is extremely specialized. Correspondent banking is just a small subset within the AML space. If it's free aka govt credits, go for it. But it will not open any additional doors you, imo.

I see. Thanks alot for your valuable advice :)

Unregistered 02-08-2016 05:13 PM

Quote:

Originally Posted by Hikaru (Post 89082)
I see. Thanks alot for your valuable advice :)

Not a problem. Good luck!

Unregistered 03-08-2016 01:16 AM

i don't know how recognized ICTA Level 2 diploma is.. content wise i don't really think its that enriching at all...

for non-compliance folks, taking on the level 2 diploma maybe a bit tough. There was a guy in my group last time who used to be in Ops, trying to make a career change hence enrolled himself in the certificate and diploma course. But most of the time, he doesn't understand what was being discussed about.. it is not even a lecture, just going through the motion, some discussions here and there and group discussion / presentation just for the sake of completeness... End of the day, did he and the other non-compliance folks learned anything? well.. i guess they know the names of various laws and regulations... lol.. Will any hiring manager based on solely their cert? I know i won't....

Not saying its thoroughly useless... my opinion may be skewed since my sample size is too small and probably biased as well.. If you have spare cash of S$12.5K lying around (70% subsidy but you will only be reimbursed like 6months after) can go try... Otherwise I think CAMS will be more than sufficient... will even be better if you can take up some contractual position... i find that to be more practical than just equipped yourself with paper qualifications and go knock on other people's door for a job...

Hikaru 03-08-2016 09:25 AM

Ya on the lookout even for contractual compliance positions too but sent tons of CV n zero reply :( heard from the recruitment staffs, the client want experience -__-

Unregistered 10-08-2016 02:25 AM

Got a job doing aml ops for 3.3K. Idk if it's below market rate or not. Im glad to be given the opportunity but at the same time im uncertain how the growth will be like as I hope to get 4K+ salary next but I doubt anyone would give me an increment of 700 or more.. Sigh

Unregistered 10-08-2016 08:01 AM

Quote:

Originally Posted by Unregistered (Post 89309)
Got a job doing aml ops for 3.3K. Idk if it's below market rate or not. Im glad to be given the opportunity but at the same time im uncertain how the growth will be like as I hope to get 4K+ salary next but I doubt anyone would give me an increment of 700 or more.. Sigh

Are you a fresh grad, any bonus? If yes its considered quite good already. Whether you can grow depends on how much you can add value.

Unregistered 10-08-2016 08:08 AM

Quote:

Originally Posted by Unregistered (Post 89312)
Are you a fresh grad, any bonus? If yes its considered quite good already. Whether you can grow depends on how much you can add value.

Hi, yes I'm a fresh graduate. I spent my whole night reading through this entire forum and realize other people are doing much better than me, eg. Starting pay 4K, earning 6K++ at 26 years old etc etc. I don't see how I'm able to reach that right now.... Am slightly demoralized as I was hoping to do at least average

Unregistered 10-08-2016 01:38 PM

Quote:

Originally Posted by Unregistered (Post 89313)
Hi, yes I'm a fresh graduate. I spent my whole night reading through this entire forum and realize other people are doing much better than me, eg. Starting pay 4K, earning 6K++ at 26 years old etc etc. I don't see how I'm able to reach that right now.... Am slightly demoralized as I was hoping to do at least average

Take everything u read here with a pinch of salt. Most of them are grossly made up in order to make themselves feel better.

When I graduated 4 years ago, my starting pay with 2.7k. I am now at 5.5k in a team lead position.

Unregistered 10-08-2016 02:13 PM

Quote:

Originally Posted by Unregistered (Post 89337)
Take everything u read here with a pinch of salt. Most of them are grossly made up in order to make themselves feel better.

When I graduated 4 years ago, my starting pay with 2.7k. I am now at 5.5k in a team lead position.

Thanks for your advice. You have a pretty good pay progression, I really hope my career will turn out like yours. Think I'll work hard at my work and try to fight for higher increment despite it not being that possible.

Then may I also know roughly how the progression should be like perhaps 3-7 years down the road? The value mentioned by others in previous pages all seem to be pretty high but it coincides with what recruiters like Hays and Michael Page are reporting.

Unregistered 10-08-2016 04:34 PM

Quote:

Originally Posted by Unregistered (Post 89340)
Thanks for your advice. You have a pretty good pay progression, I really hope my career will turn out like yours. Think I'll work hard at my work and try to fight for higher increment despite it not being that possible.

Then may I also know roughly how the progression should be like perhaps 3-7 years down the road? The value mentioned by others in previous pages all seem to be pretty high but it coincides with what recruiters like Hays and Michael Page are reporting.

Hi, I am the Ist poster that replied you. I suggest you learn as much as you can. Like the 2nd poster, I also graduated 4 yrs ago. Started with 2.8k (3 to 4 bonus) and now I am getting 6k plus with bonuses all in. I agree you should like this forum as a pinch of salt. But I am telling you from my own experience. You learn n value add, the increment will come.

Unregistered 10-08-2016 04:56 PM

Quote:

Originally Posted by Unregistered (Post 89346)
Hi, I am the Ist poster that replied you. I suggest you learn as much as you can. Like the 2nd poster, I also graduated 4 yrs ago. Started with 2.8k (3 to 4 bonus) and now I am getting 6k plus with bonuses all in. I agree you should like this forum as a pinch of salt. But I am telling you from my own experience. You learn n value add, the increment will come.

Wow that's roughly 1K increment each year for both of you, its good to know that it's possible to attain such figures. And a bonus of 3-4 sounds great, I thought it'll be lesser. I'll be sure to work hard to provide for my family. Thank you guys for all your advice (:

Unregistered 11-08-2016 12:43 AM

sigh im sub-3 starting too. gd to see that pay is still salvageable with good increments. btw str filers did u all notice 2FA not being required for STROLLS anymore?

Unregistered 11-08-2016 07:17 AM

wont we have to switch company every year to get that kind of huge increment from 2k to 5k

Jameskyle88 11-08-2016 08:41 AM

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.

Unregistered 11-08-2016 09:49 AM

Quote:

Originally Posted by Unregistered (Post 89366)
wont we have to switch company every year to get that kind of huge increment from 2k to 5k

I was the 2nd poster to reply the fresh grad. 2.7k to 5.5k. For me, I jumped across 3 banks to attain such increments. Jumping is the key in the banking industry, don't think for a moment that banks reward loyalty. They don't. Yearly increments are a meager 3 to 6%.

Bonus-wise, the other poster is probably in a local bank or a NBFI. But the European and American banks I've been in only award 1-3 months bonuses on average.

Unregistered 11-08-2016 10:02 AM

Quote:

Originally Posted by Jameskyle88 (Post 89372)
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.

Unregistered 11-08-2016 09:01 PM

Quote:

Originally Posted by Unregistered (Post 89374)
I was the 2nd poster to reply the fresh grad. 2.7k to 5.5k. For me, I jumped across 3 banks to attain such increments. Jumping is the key in the banking industry, don't think for a moment that banks reward loyalty. They don't. Yearly increments are a meager 3 to 6%.

Bonus-wise, the other poster is probably in a local bank or a NBFI. But the European and American banks I've been in only award 1-3 months bonuses on average.

What r ur credentials? i started at 3000 but when i negotiate with new co they wont increase my pay that much like urs

Unregistered 11-08-2016 09:16 PM

Quote:

Originally Posted by Unregistered (Post 89374)
I was the 2nd poster to reply the fresh grad. 2.7k to 5.5k. For me, I jumped across 3 banks to attain such increments. Jumping is the key in the banking industry, don't think for a moment that banks reward loyalty. They don't. Yearly increments are a meager 3 to 6%.

Bonus-wise, the other poster is probably in a local bank or a NBFI. But the European and American banks I've been in only award 1-3 months bonuses on average.

I am the first poster that replied. Yes, this poster is right. I was from Asian banks. Western banks don't pay such high bonus. I can only share from my point of view. I focus more on adding value, learning and being humble. I dont ask for large increments at the start but instead I told them what I have done in my previous roles. Every role is strategic for me to learn new things. Each time the company will offer me more than what I asked. My advice is don't let people feel that you cant wait to leave to get more increment, I mean people know that. The moment they see your value, they are willing to pay you more.

Unregistered 15-08-2016 09:51 AM

Quote:

Originally Posted by Unregistered (Post 89396)
What r ur credentials? i started at 3000 but when i negotiate with new co they wont increase my pay that much like urs

1st job) 2.7k
2nd job) 3k (1 year contract)
3.7k (converted to perm at 6 month mark)
3rd job) 4.3k
4.6k (after increment)
4th job) 5.5k (rank jump + team lead role)

I hold a normal bachelors degree from an Aussie uni. No honors, no masters. Decent but not spectacular results.

Unregistered 15-08-2016 07:30 PM

Quote:

Originally Posted by Unregistered (Post 89492)
1st job) 2.7k
2nd job) 3k (1 year contract)
3.7k (converted to perm at 6 month mark)
3rd job) 4.3k
4.6k (after increment)
4th job) 5.5k (rank jump + team lead role)

I hold a normal bachelors degree from an Aussie uni. No honors, no masters. Decent but not spectacular results.

How long you stayed at each job?

Unregistered 18-08-2016 09:50 AM

Quote:

Originally Posted by Unregistered (Post 89507)
How long you stayed at each job?

On average, a year.

Unregistered 18-08-2016 02:58 PM

Quote:

Originally Posted by Unregistered (Post 89492)
1st job) 2.7k
2nd job) 3k (1 year contract)
3.7k (converted to perm at 6 month mark)
3rd job) 4.3k
4.6k (after increment)
4th job) 5.5k (rank jump + team lead role)

I hold a normal bachelors degree from an Aussie uni. No honors, no masters. Decent but not spectacular results.


woah. team lead in the 4th year of work? impressive. mind sharing what scope and the bank names u were in?

Unregistered 18-08-2016 03:01 PM

KYC (Onboarding/Periodic Reivew) roles in smaller banks are parked under compliance while in big banks it will be under middle office/business support. Any comments, anyone?

Unregistered 18-08-2016 03:16 PM

Quote:

Originally Posted by Unregistered (Post 89597)
woah. team lead in the 4th year of work? impressive. mind sharing what scope and the bank names u were in?

Thanks. I have been lucky to meet good colleagues, which has helped in the scouting of ideal opportunities. Can't share the bank names, will give my identity away pretty quickly. This space is rather small. I've been in American and European banks.

Started out in the KYC domain. Moved into Compliance, dealing with KYC/AML advisory.

Unregistered 18-08-2016 03:18 PM

Quote:

Originally Posted by Unregistered (Post 89598)
KYC (Onboarding/Periodic Reivew) roles in smaller banks are parked under compliance while in big banks it will be under middle office/business support. Any comments, anyone?

KYC i.e. client due diligence, is generally an operational role which usually isn't parked under the Operations arm of most banks. Some banks park it under MO, a few banks park it under Compliance. End of the day, doesn't really matter. All that matters is which bonus pool the KYC team falls under.

Unregistered 18-08-2016 04:56 PM

Quote:

Originally Posted by Unregistered (Post 89600)
Thanks. I have been lucky to meet good colleagues, which has helped in the scouting of ideal opportunities. Can't share the bank names, will give my identity away pretty quickly. This space is rather small. I've been in American and European banks.

Started out in the KYC domain. Moved into Compliance, dealing with KYC/AML advisory.

Do you think you're an outlier/high flyer? I don't think most ppl's career in AML goes as smoothly as yours

Unregistered 18-08-2016 07:46 PM

Quote:

Originally Posted by Unregistered (Post 89605)
Do you think you're an outlier/high flyer? I don't think most ppl's career in AML goes as smoothly as yours

Well yes, definitely I think I am one of the lucky ones. I know many of my previous colleagues who are still struggling. This is an overrated industry that somehow many think is attractive. But they dont know the reality.

Unregistered 18-08-2016 08:42 PM

Quote:

Originally Posted by Unregistered (Post 89607)
Well yes, definitely I think I am one of the lucky ones. I know many of my previous colleagues who are still struggling. This is an overrated industry that somehow many think is attractive. But they dont know the reality.

Then may I ask wat r your previous colleagues doing now? Still at analyst / associate lvl doing more ops aml / kyc roles? Guess u gotta know the right ppl to rise up

Unregistered 18-08-2016 09:24 PM

Quote:

Originally Posted by Unregistered (Post 89600)
Thanks. I have been lucky to meet good colleagues, which has helped in the scouting of ideal opportunities. Can't share the bank names, will give my identity away pretty quickly. This space is rather small. I've been in American and European banks.

Started out in the KYC domain. Moved into Compliance, dealing with KYC/AML advisory.

Actually what do you doing in KYC/AML advisory?

Unregistered 18-08-2016 10:06 PM

For onboarding of clients, who are the ones who get the documents from clients? Client facing team, ops or compliance etc?


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