thread starter here! after working for 5yrs since i first started this thread back in 2013 ... I am currently drawing around 8950 (am 30 this year) doing wm aml. Have done kyc, TM and led big projs before. Have not read team lead position yet.

I've been lurking around this thread all these years...seen some good and bad advice.
Anyway, for starters... financial crime space isn't as hot as it was 5- 8 years ago. At least, FIs are not paying premium for newbie jobseekers... the Banks who are though... just be careful. They are paying a premium over other competitors in the market for very simple/mundane job scope. The kind of pay where it's almost impossible to get a higher match elsewhere given the mundane nature of work - hope you'll get the drift.

there are really no easy shortcuts though.. i was lucky that along the way i met some really helpful senior managers who are willing to guide/coach me and pushed me up for better pay. Over the last 5 yrs++ that i've worked i have changed job 2 times but for legitimate organizational-wide reasons (sorry can't say).
If you're already in some sort of FCC role, my advice to you is be on the ball and don't be scared of taking up harder/new responsibilities... at the same time please make new friends and get along with everyone (but with moderation pls!)... i can't stress the importance of networking!
Lastly, don't shy away from learning new processes / general knowledge. If you're in TM, go make fnds with your MO/payments colleagues to understand how various processes work... you'll be surprised how handy it would be for you. If you're in KYC/onboarding type of role, pls make an effort to read up and broaden your general knowledge and regs in where yr FI is based and/or main clientele base is at.

Don't be too fixated on "advisory" in your work... sounds fancy yes but what sets the really good ones apart in terms of market rep (this is where your network built over the years come into play) are the ones who are able/willing to roll up their sleeves to get into the action when necessary.


sorry for the long post above, sounds like a generic copy and paste post but sadly... it is what it is.

How many months of bonus are you on? Or is 8950 inclusive of bonus?

Totally agreed! I am also 30 this year and finally lucked it out. Was performing CDD ops since grad and recently drawing 6.7+K while facing the nonstop downsizing/offshoring threat. Finally bit the bullet and applied for internal transfer into a project management support role with help of managers (I've been eager to learn and do extra) and managed to get hefty 34% increase in base! Hard work and perseverance do pay off. I think I am doing as well as peers that been changing banks every 1-2 years (or even better as they been forgoing bonuses) but I have a better prospect now I am outta Ops.

Kyc
 

Hi guys,
Looking for new jobs as kyc/AML or advices.
I've been working in the banking industry for 3y4m as kyc analyst. But for the past 3 years I've been in a contract role for foreign banks and even local ones. Recently for the past 4 months I've entered this current bank as a perm role, however this jobscope is not entirely kyc related, it is more to 40% ops and 60% kyc. Why I decide to take this role when I know ops is involved, becuase I'm sick of contract and I'm almost 27 now I need the stability.

i find it highly improbable that an internal move with an increment of 34% was approved by HR and relevant stakeholders, especially for a candidate with no direct experience or professional qualifications in the new role.

if this is true, then congratulations, you are the 1 in 100,000 to do it. but whoever is reading this, my advice is take it with a pinch of salt.

Shouldn't be too amazed by % increase.. he was from Ops, his base could be considered low in his new function or he gotten a higher position. If like my coy (headcount freeze), we could only take internal transfers so won't hiam the cert as long got some relevant exp or worked with us before.

I personally converted a contractor getting 2+k to 3+k (~60%) because that's what other fresh grads were getting while HR was proposing 15-20% then. He still considered slow as he only getting fresh grad pay after 1 year contract exp. Luck plays a big part.

I'm a hiring manager as well, have been in my current and past 2 FIs (European, American and local). What he described is completely different from a contract to perm scenario, where the %s can be skewed as the base is a lot lower. In fact I've had a former analyst within KYC ops earning 3.5k, moving into a management trainee programme and jumping up to 8k base.

His described scenario as an experienced hire, earning an already relatively decent level, and yet being able to move/promote into an internal un-related role (and project management support or whatever is not exactly a revenue generating or 'premium' job within most FIs that I know of) with a 2k-ish increment? It goes against basic internal equity guidelines hence my comment.

Reading through the last few posts, I think I know where that "lucky" person is working (a very big UK bank I used to work for. They don't practice internal equity and pay range is extremely wide for each grade. Everyone is busy applying for a role at a higher grade as it's easier than getting promoted by the manager (who is probably also doing the same). You will say CSB if I tell you I got >50% raise for just moving internally within Compliance but to a higher position (associate -> associate director) and I was 29 then. A lot managers were forced to promote us to retain us else we would just apply out as there's no minimal tenure now (used to be 1-2 years) for transfers. Huat!

I have worked in a large UK Bank in Singapore before. Commonly named by 3 Letters. They have a reputation for being a generous paymaster. Nevertheless, I find it hard to believe that moving internally is able to get 34% increment. They have a formula to follow when internal staff promote to the next level. Need to peg to market rate and not more than mid point of next internal band. So far, my friends working in Compliance at US, European and local banks do not have that kind of increment. Probably CSB or super outliers on track to be MD.

Probably delusional young kids imagining that its possible. Obviously wont get past seasoned folks like u and myself, but it's bad to have such unrealistic ideals floating around for impressionable fresh grads or juniors.