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AML/Compliance/KYC professionals come in!

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  #1161 (permalink)  
Old 12-03-2018, 07:40 PM
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Hi. i have a question to ask the more experienced guys here. If i want to step into the compliance field, will it be a good start to enter a 100% data entry KYC role with a 12 months contract?
Is this scb?

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  #1162 (permalink)  
Old 12-03-2018, 10:32 PM
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Hi. i have a question to ask the more experienced guys here. If i want to step into the compliance field, will it be a good start to enter a 100% data entry KYC role with a 12 months contract?
yes anything that you have worked for will count towards your experience. It would be a good starting point for entry into banking and KYC as you know it is a 'hot' compliance domain to be in at this point of time. eventually you would be able to progress to something better so always be positive and be brave

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  #1163 (permalink)  
Old 12-03-2018, 10:50 PM
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hello guys, can i check with the seniors around here what does a KYC/aml analyst do in their day to day work and can i be considered as one. This is because i'm currently doing something similar but it seems too simple to be called a kyc/aml analyst. sorry i'm new to the line

my job scope include
-checking if hits match sanction aml list such as (dow jones risk and compliance, factiva)
-falsifying and verifying hits
-proofreading colleagues work
-research on hits if no additional details are found on data base
-checking companies underlying entities if they are under aml/sanction hit lists
-unverifiable hits will be forwarded to superior

these are my day to day work. as i read that normally compliance roles are involve in filing STR, knowledge of the mas 626 and checking with RM or client if there is suspicious activities that need the client to clarify. As well as transaction monitoring. So i'm a little confuse with my role at the moment.

anyone can tell me what's the route that i need to pursue and what specific job scope i should look out for in the future.

Thank you for reading this lengthy post

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  #1164 (permalink)  
Old 12-03-2018, 11:45 PM
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Originally Posted by Unregistered View Post
hello guys, can i check with the seniors around here what does a KYC/aml analyst do in their day to day work and can i be considered as one. This is because i'm currently doing something similar but it seems too simple to be called a kyc/aml analyst. sorry i'm new to the line

my job scope include
-checking if hits match sanction aml list such as (dow jones risk and compliance, factiva)
-falsifying and verifying hits
-proofreading colleagues work
-research on hits if no additional details are found on data base
-checking companies underlying entities if they are under aml/sanction hit lists
-unverifiable hits will be forwarded to superior

these are my day to day work. as i read that normally compliance roles are involve in filing STR, knowledge of the mas 626 and checking with RM or client if there is suspicious activities that need the client to clarify. As well as transaction monitoring. So i'm a little confuse with my role at the moment.

anyone can tell me what's the route that i need to pursue and what specific job scope i should look out for in the future.

Thank you for reading this lengthy post
This is more of the screening portions of kyc. For kyc you should go for end to end process. This means starting undergoing the initial assessment, document collection,screening for adverse findings and finally doing a risk assessment.

There are more learnings to each part of the above.
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  #1165 (permalink)  
Old 15-03-2018, 10:07 PM
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Quote:
Originally Posted by Unregistered View Post
hello guys, can i check with the seniors around here what does a KYC/aml analyst do in their day to day work and can i be considered as one. This is because i'm currently doing something similar but it seems too simple to be called a kyc/aml analyst. sorry i'm new to the line

my job scope include
-checking if hits match sanction aml list such as (dow jones risk and compliance, factiva)
-falsifying and verifying hits
-proofreading colleagues work
-research on hits if no additional details are found on data base
-checking companies underlying entities if they are under aml/sanction hit lists
-unverifiable hits will be forwarded to superior

these are my day to day work. as i read that normally compliance roles are involve in filing STR, knowledge of the mas 626 and checking with RM or client if there is suspicious activities that need the client to clarify. As well as transaction monitoring. So i'm a little confuse with my role at the moment.

anyone can tell me what's the route that i need to pursue and what specific job scope i should look out for in the future.

Thank you for reading this lengthy post

Hey there, just wanna check which company are you working at as I am somewhat in the same position as you. Local or private banking or just Dow Jones itself as you mentioned their compliance management system.

TIA, Cheers!

R
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  #1166 (permalink)  
Old 15-03-2018, 10:12 PM
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Quote:
Originally Posted by Unregistered View Post
hello guys, can i check with the seniors around here what does a KYC/aml analyst do in their day to day work and can i be considered as one. This is because i'm currently doing something similar but it seems too simple to be called a kyc/aml analyst. sorry i'm new to the line

my job scope include
-checking if hits match sanction aml list such as (dow jones risk and compliance, factiva)
-falsifying and verifying hits
-proofreading colleagues work
-research on hits if no additional details are found on data base
-checking companies underlying entities if they are under aml/sanction hit lists
-unverifiable hits will be forwarded to superior

these are my day to day work. as i read that normally compliance roles are involve in filing STR, knowledge of the mas 626 and checking with RM or client if there is suspicious activities that need the client to clarify. As well as transaction monitoring. So i'm a little confuse with my role at the moment.

anyone can tell me what's the route that i need to pursue and what specific job scope i should look out for in the future.

Thank you for reading this lengthy post

Hey there! just wanna check which company are you working with as I am somewhat in your current situation

TIA, Cheers!
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  #1167 (permalink)  
Old 15-03-2018, 11:24 PM
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Post Career Advice

Hey guys! I would like to seek some career advice as I am in a dilemma right now of which path/jobs should I take.

Just to share more about myself, I am currently unemployed as my contract has ended about 1 month ago. I have been working for more than 1.5 years as a compliance officer/executive. (Non banking/FI industry) 1 year contract and followed by 6 months contract in different companies.

Job scope comprises, reviewing transactions/documentation for any fraud or suspicious activities and to prevent from any non compliant issues to the organisation rules and regulations, regulatory reporting, review cases/complaint from APAC region and to give appropriate recommendation/training to staffs and as well as taking part in risk assessments exercises.

Initially, I am thinking of stepping in my foot into banking industry to develop my career in the Aml side however I do know that it is hard to even get shortlisted as I do not have the relevant skills. (unless through referral or by luck.
However during this 2 months of intense job search, my current situation is;

1st company: UK MNC non banking/FI industry doing compliance related work, went for 1st interview with HR, 2nd interview with 2 managers and last interview with Finance Director. HR got back and say that I am on their top list so far however still need to screen last candidate before confirmation
Salary wise: briefly discuss that they can offer around $4k~, PB around 1-2 months the most.

2nd company: US MNC doing Aml compliance related work, PEP, Sanctions, alerts, Adverse Media list, watch list screening for name matching and etc..
went for 2 interviews as well and it turn out to be great.
Salary wise: around $3.4- $3.7, unknown for bonuses

3rd company: Bank doing kyc role. name screening with the list that was given by authority, on-boarding, CDD, documentation checks. (through referral)
Salary wise: yet to be discussed but I am assuming around $2.8 - $3.2

4th company: Bank doing business compliance related work, kyc documentation check, name screening, STRs, etc..
Salary wise: $3k~

The above jobs that i mentioned were all on contract basis, given that only the first 2 positions are highly converted to permanent role.

I heard a lot from my friends that are currently working in banks said that Kyc is going to be outsourced or even automated in about 3~ years time and was wondering if it is ideal to enter into the banking industry right now or should I steer away from it.

I know that I may seem to be indecisive of what I want but
I sincerely hope that I could get some advice from the seniors that are currently or had experience working in this related field about the prospect of choosing such industries to work in.

Thanks in advance guys!
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  #1168 (permalink)  
Old 16-03-2018, 12:15 AM
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Quote:
Originally Posted by Unregistered View Post
hello guys, can i check with the seniors around here what does a KYC/aml analyst do in their day to day work and can i be considered as one. This is because i'm currently doing something similar but it seems too simple to be called a kyc/aml analyst. sorry i'm new to the line

my job scope include
-checking if hits match sanction aml list such as (dow jones risk and compliance, factiva)
-falsifying and verifying hits
-proofreading colleagues work
-research on hits if no additional details are found on data base
-checking companies underlying entities if they are under aml/sanction hit lists
-unverifiable hits will be forwarded to superior

these are my day to day work. as i read that normally compliance roles are involve in filing STR, knowledge of the mas 626 and checking with RM or client if there is suspicious activities that need the client to clarify. As well as transaction monitoring. So i'm a little confuse with my role at the moment.

anyone can tell me what's the route that i need to pursue and what specific job scope i should look out for in the future.

Thank you for reading this lengthy post
do you happen to be working in a insurance firm?
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  #1169 (permalink)  
Old 16-03-2018, 11:49 PM
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Is sanctions compliance better than AML to work in?
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  #1170 (permalink)  
Old 18-03-2018, 01:28 PM
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[QUOTE=Unregistered;105750]do you happen to be working in a insurance firm?[/QUOT

nope, i'm working on a project in a local bank. The project is outsourced to a company which the bank uses its product for KYC.

clearing backlogs for the bank. Feel like i'm expandable after the project lol. Not sure what are my chances in a bank after this contract role.
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