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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. |
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...
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Any idea which bank doing retail is in the south of singapore (probably harbour front or mapletree) and parks the transaction surveillience function there?
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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. |
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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... |
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 -__-
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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
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When I graduated 4 years ago, my starting pay with 2.7k. I am now at 5.5k in a team lead position. |
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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. |
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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?
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wont we have to switch company every year to get that kind of huge increment from 2k to 5k
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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. |
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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. |
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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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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. |
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woah. team lead in the 4th year of work? impressive. mind sharing what scope and the bank names u were in? |
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?
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Started out in the KYC domain. Moved into Compliance, dealing with KYC/AML advisory. |
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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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