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

stormtrooper 08-03-2019 11:26 PM

Hello there,
i chanced upon this thread while searching on the progression of KYC analyst.

Currently i'm 28, doing name screening (factiva, world check, etc) at a bank, drawing $2560 after CPF, quite low i suppose, also a contract role.

I just started this role for a couple of months and wonder what's next for me after my 1 year contract ends and if they decide not to renew or convert me into perm, what can i expect from this KYC/AML sector?

Would be glad to receive some advice!

Thank you for reading!
:)

Unregistered 09-03-2019 12:08 PM

Quote:

Originally Posted by Unregistered (Post 114626)
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.

$8.6k is very good even 5 years exp n the role. Does your company gives you good bonus?

Unregistered 11-03-2019 01:05 AM

Quote:

Originally Posted by Unregistered (Post 114626)
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.

Yeah we seem like peers that started out around the same time. Think experience level is more relevant as a benchmark compared to age, as I was grinding online poker exclusively for 2 years after i grad and earning probably even more than I am now! But story for another day.

Just curious do u have professional papers? And is your current place offering substantial variable bonuses as well? I literally just took 2.95 mths bonus and a promotion with increment of 11% which pushes me to sub 9k range. Im pretty sure im capped out right now on a experience vs pay scale... not sure what the market will be like when i look in 3-6 months time.

Unregistered 19-03-2019 09:42 AM

Curious
 
Hi folks, been doing an Internal Audit role in a non-bank FI for quite a while on a contract role. No conversion and no progression. Need advice on what’s the next best course of action to take. Thanks!

Unregistered 24-03-2019 09:58 PM

Quote:

Originally Posted by Unregistered (Post 114302)
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.

6 years in 5 different bank if I read correctly. wouldn't that be too frequent? or is it actually a plus in these type of roles?

Unregistered 25-03-2019 01:38 PM

Quote:

Originally Posted by Unregistered (Post 115381)
6 years in 5 different bank if I read correctly. wouldn't that be too frequent? or is it actually a plus in these type of roles?

it is too frequent and it's not a good thing. so far I havent had issues justifying my jumps though.

will probably come back to bite me but oh well, let's see how far it takes me!

Unregistered 25-03-2019 03:27 PM

Quote:

Originally Posted by Unregistered (Post 115395)
it is too frequent and it's not a good thing. so far I havent had issues justifying my jumps though.

will probably come back to bite me but oh well, let's see how far it takes me!


Are you on contract? What is your daily job scope abt?

Unregistered 26-03-2019 12:25 AM

Wm aml or cib aml? Thoughts? When talking about aml I am not talking about so called kyc officers who mostly are the onboarding team or deal mostly with documentation issues

Unregistered 28-03-2019 11:13 AM

How to progress from KYC ops functions to Compliance related role, FCC/advisory etc?

Unregistered 30-03-2019 09:01 PM

Quote:

Originally Posted by Unregistered (Post 114626)
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.

Heyyy! I'm really interested in AML or CTF. Any advice you may offer as to where should I try to start off with?


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