Please don't come in here and BS when you obviously know nuts. I can count with one hand the number of bank compliance people with 600k base in the whole of Singapore.

Pay is decent but not outrageous. Many people don't realise that part of the remuneration is to compensate for the legal liability assumed.

Also, this is an unforgiving environment whereby one screw-up can cost you your entire career. There's no way back because it's a very small sector and word tends to go around. Nobody wants a compliance person with a blemished track record.

Hi, possible for ops to switch to kyc/aml? Esp already in 30s.
Tot of doing something different fr ops but recruiters always look for relevant experience.
Any areas ops can switch to?

Maybe you come from a small outfit where the only compliance work is kyc. So you never seen the real big fish out there earning this range.
The liability is not as bad, every job in the bank carries some liability, be it the cfo who signs off financial statement, cro who manages risk, fo who trades

Fatca compliance SVP - legal background with tax experience- 480k base

Nah, I am just fortunate enough to have had the broad-based exposure to refute the authenticity of the claims. The people I know earning close to those amounts earned them the hard way, slowly rising through the ranks and making great sacrifices, so please don't belittle their achievements.

Even if this is an un-moderated forum, it is important not to mislead potential entrants on monetary reward issues which are close to heart.

True, no individual has ever been convicted so far although banks have been slapped with penalties left right centre. It's obvious that the incentive system is perversed - people get rewarded for earning above-budget returns but are getting away very lightly with losing other people's money.

The recent HSBC tax evasion case could be an inflection point - it tests the political will of the US and other governments in lifting the corporate veil and ensuring that the responsible individuals get their just desserts. Personally, I'm sceptical that this will happen. Till this day happens (the rectification of the incentive system), the effectiveness of having more stringent regulations like Dodd Frank, Basel III, AML, etc. will be very limited.

Many ex-FO switch to compliance esp on product compliance advisory. Compensation is very good on risk weighted basis. 600k for conpliance MD is nothing compared to FO MD who get multiples of that. Seriously you havent seen the true spectrum of compliance compensation

Don't try to skew the debate. Let's compare apples to apples here. Obviously FO earns much more because they are the ones that bring home the dough and face bottom-line pressures. I'm totally with you on that. There are loads of FO MDs around for that reason. How much of the compliance population actually get to MD level? I would say 3 to 5% tops. Take out the ex-FO people and the group shrinks further. Seems like it's you who needs to consider the true spectrum, from analyst all the way to MD, not just a handful of outstanding performers that skew the mean.

Obviously BS. If you have not made MD and earn 600k, it doesnt mean your counterparts in Tier1 banks are not progressing well and earning big bucks, open your eyes!!!

What is the usual bonus for compliance/aml professionals?

There were arguments on "who knows better" abt the industry but when there are people asking for advice, none wants to help.