|
|
02-03-2019, 11:35 AM
|
|
Quote:
Originally Posted by Unregistered
AML professional here with 5+ years of experience. Answering some of your questions as I enjoy helping young graduates understand about the world of Compliance/AML and get some basic knowledge under their belt.
1) Almost none required. Basic MS Office skills. From my experience, it's actually more advantageous NOT to possess the deeper Excel skillset, as anyone identified to have such skills will be pin pointed or worse, moved into a pure reporting/management information role, away from the technical aspects of AML.
2) ACAMS are geared for graduates/professionals with experience in the AML field under their belt, and looking for a physical cert that has a certain standing and recognition within the industry. ICA is mostly for individuals who do not have a degree, as it is usually recognised to be the equivalent of one in the AML world. In terms of recognition, both is deemed on par by recruiters and hiring managers.
I wouldn't advise you to shell out of your own pocket in order to get the ACAMS accreditation even before you have actual experience. Firstly, you don't even know if this is really something you will enjoy or that you wanna develop your career in. Secondly, there are many avenues to get sponsorship, the MAS Skillsfuture Study Grant is one, and company sponsorship is another.
3) It's possible but given that you will be 25/26, you will either have to be good enough that you get promoted every 1-2 years, otherwise you have to job hop. I started out when i was 26 and im 32 this year, at my 5th bank in the Financial Crime Compliance space, drawing $8250. My next jump possibly next year will put me close to the 10k range at the age of 33. For reference, I have a private degree (no honours) and hold the CAMS accreditation.
4) No idea, never used mine before.
|
Are you investigations or advisory inside the financial crime space? Or policy governance?
Your pay seems not too bad, my guess is you’re in private banking compliance? Or another niche focus like trade finance perhaps
|
04-03-2019, 01:54 PM
|
|
Need your advice and views here. I am currently in a transaction monitoring perm role and was approached for a 6 month contract KYC role for private wealth clients in a reputable US investment bank, well known to be able to pay generously. But it is also well known for its long hours.
I am unsure if I should give up my current job stability and worklife balance for the money and prestige of the company. Any advice please?
|
04-03-2019, 05:01 PM
|
|
Quote:
Originally Posted by Unregistered
Are you investigations or advisory inside the financial crime space? Or policy governance?
Your pay seems not too bad, my guess is you’re in private banking compliance? Or another niche focus like trade finance perhaps
|
It's alright for the level I'm at with my years of experience. Probably top 20% of my peers.
I'm in the CIB space. Advisory.
|
04-03-2019, 08:03 PM
|
|
KYC 5 years experience: 96 to 105k p.a depending on bonus.
|
05-03-2019, 09:36 PM
|
|
Quote:
Originally Posted by Unregistered
Need your advice and views here. I am currently in a transaction monitoring perm role and was approached for a 6 month contract KYC role for private wealth clients in a reputable US investment bank, well known to be able to pay generously. But it is also well known for its long hours.
I am unsure if I should give up my current job stability and worklife balance for the money and prestige of the company. Any advice please?
|
hi..
yes, US big banks are always known to hire such staff. then subsequently, these staff find roles elsewhere.
Things to consider:
- your age. Young then go for it, old then out of question. assume you're the former.
- prospect at current role. stay can get promoted? or stay 3 more years also same rank and scope?
- stability/conversion rate: there is a risk u may be jobless for a while after 6 months if they don't convert. can u afford this? flipside, I know some who are contractors and get converted/find perm role jobs with high base salary (Given contractors are usually paid high base)..are you willing
end of day, see what u chase. if u chase money, one day u will think worklife is more valuable. if u chase stability, then choice is also obvious.
all the best!
|
06-03-2019, 10:35 AM
|
|
Quote:
Originally Posted by Unregistered
KYC 5 years experience: 96 to 105k p.a depending on bonus.
|
kyc ops or compliance kyc?
|
06-03-2019, 12:41 PM
|
|
Quote:
Originally Posted by Unregistered
kyc ops or compliance kyc?
|
Kyc ops onboarding.
|
06-03-2019, 03:48 PM
|
|
Quote:
Originally Posted by Unregistered
Need your advice and views here. I am currently in a transaction monitoring perm role and was approached for a 6 month contract KYC role for private wealth clients in a reputable US investment bank, well known to be able to pay generously. But it is also well known for its long hours.
I am unsure if I should give up my current job stability and worklife balance for the money and prestige of the company. Any advice please?
|
Yes I also did the same, Left my perm kyc role for that last year. Did the 6 month contract, and then moved to join perm role in kyc for investment bank, now earning 7800. Im 27 this year.
|
06-03-2019, 04:19 PM
|
|
Quote:
Originally Posted by Unregistered
Yes I also did the same, Left my perm kyc role for that last year. Did the 6 month contract, and then moved to join perm role in kyc for investment bank, now earning 7800. Im 27 this year.
|
7800 is very good given you are 27. How many years of experience do you have?
Is your bank on a high or low bonus scheme?
|
08-03-2019, 07:48 PM
|
|
Quote:
Originally Posted by Unregistered
It's alright for the level I'm at with my years of experience. Probably top 20% of my peers.
I'm in the CIB space. Advisory.
|
Oh that's nice and glad you are doing well. I'm very fortunate that I'm doing slightly better than you. Took me less than 5 years (younger than you as I'm only 29 this year) to reach $8.6k a month salary. Was super lucky that I made the right choices in every move. First 4 roles were in AML transaction monitoring. Previous and current role are in AML Advisory. All in less than 5 years.
It is very doable if you started 4 to 5 years ago during the prime time of AML hiring. Not too sure if the current batch of fresh AML analysts can experience the same career path, as AML is not as "hot" as before.
|
|
|
Posting Rules
|
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» 30 Recent Threads |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|