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AML/Compliance/KYC professionals come in!

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  #1301 (permalink)  
Old 25-04-2019, 10:13 AM
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Never too late to start but this is an industry which heavily favours those who are “experienced”, though not many r worth their weight in salt. Or also depends on how quickly you pick things up, in which organisation and whether your boss favours you.

If u r talking about aml compliance typically most starters will start off with transaction monitoring at big organisations, which is also the very ops like of it. U look at clients transactions for potentially suspicious activity, and u usually have a monthly quota to meet.

Or depending on the set up you may need to bao gar Liao, i.e client reviews/risk assessments transaction monitoring blabla. Such opportunities are better for growth but teams are usually very lean and small footprint.

Another area which is somewhat related are what you call kyc Analysts who do not sit with the aml compliance function, and deal more with client documentation requirements/matters. There is some carryover but I do not see this an area you should venture into for it is quite different from actually performing aml assessments or investigations
There are transferable kyc skills in aml compliance. Screenings methology and hit discounting client risk lvl classifications justifications etc

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  #1302 (permalink)  
Old 25-04-2019, 08:09 PM
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does anyone know if it is possible to move into compliance from KYC analyst? if yes, what should we do to improve our chances?

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  #1303 (permalink)  
Old 26-04-2019, 02:51 PM
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does anyone know if it is possible to move into compliance from KYC analyst? if yes, what should we do to improve our chances?
Of course it’s not impossible! Just try and apply first

But practical advice is understand the principles why u r doing certain things and not do for the sake of doing, if u r interacting with aml folks show your good work and develop your reputation and network which makes u a candidate for internal mobility if positions open. Probably for Internal transfer that’s the way to do it. Also consider taking a scams to show u r serious about aml



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  #1304 (permalink)  
Old 01-05-2019, 07:05 PM
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Hi, I am a fresh graduate and I would like to know more about the Compliance industry.
Here are some questions:

1) What does a Compliance Analyst actually do?


2) What are the industry jargons/terms often used?


3) Do the banks usually pay for professional examinations?
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  #1305 (permalink)  
Old 01-05-2019, 07:46 PM
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Originally Posted by 9304 View Post
Hi, I am a fresh graduate and I would like to know more about the Compliance industry.
Here are some questions:

1) What does a Compliance Analyst actually do?


2) What are the industry jargons/terms often used?


3) Do the banks usually pay for professional examinations?
First - They analyse. Go check out Notice 606 MAS.
Second - Many, just read the Notice and its related.
Third - There are many who graduated from ICA (not immigration hor) and have failed to secure a job. Mind you, they went the extra mile to do either a 5 days course approx 1.2k or a 13k diploma.
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  #1306 (permalink)  
Old 04-05-2019, 04:16 PM
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aml/kyc fellows, what are your career aspirations?

i was recently asked this question, and i realised i havent fully thought this through. become a team lead, mlro, local / regional head? does it stop there?

i am now trying to build up experience in various areas of FCC. i started off in very specialised areas and now looking to do more generalised roles, hopefully to synergise all these into a role and become master of all trades (if that's even possible). i actually have no idea where this will lead me, especially when large banks divide their fcc depts into very specialised teams. or should one just stay specialised?
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  #1307 (permalink)  
Old 04-05-2019, 07:15 PM
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First - They analyse. Go check out Notice 606 MAS.
Second - Many, just read the Notice and its related.
Third - There are many who graduated from ICA (not immigration hor) and have failed to secure a job. Mind you, they went the extra mile to do either a 5 days course approx 1.2k or a 13k diploma.

1) It is MAS 626. There are also other publications that important such as ABS guideline on AML.

2) Read, interpret and convey to business units and other stakeholders.

3) ACAMS or Diploma in ICA is usual route. However, having the relevant experience is more important than anything.
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  #1308 (permalink)  
Old 04-05-2019, 11:08 PM
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Having chance upon this thread, I find its quite interesting but nonetheless thought I would post to just join in the fun.

Compliance space is a very interesting area, neither front (though we meet prospects/clients as part of the DD process), middle (since we are between the sales and ops) nor back office since we do not just plainly process sheets of papers.

Yet, amongst the none front office persons, we are easily one of the highest paid.

When I turn 30 (seemingly an age a lot of you reference here), I was drawing around $10k fixed with variable depending on company and individual performance and by mid 30s, I was banking around $15k as a head of company for a mid size outfit with my own team. Life was different in each part of my career, from flying 50% of my time, not seeing gf enough till partying on weekends so much to make up for the loss of time on weekdays.

All in all, it depends on what you want to achieve, career vs family or if you seek balance in both.

Good luck to all intending to join, remember, it job pays well but be expected to be driven. I have my fair share of asking those who do not make the cut to change career but have also given reference to others who are good and are now themselves Heads/Chief Compliance Officers.
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  #1309 (permalink)  
Old 08-05-2019, 08:23 AM
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Default Bonuses for compliance executive

Hi!

I just started out in a compliance role in a local brokerage firm. I’m just wondering what’s the industry standard for bonuses ?

I was previously a contractor KYC in a foreign bank for about a year and half.
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  #1310 (permalink)  
Old 08-05-2019, 10:23 PM
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Hi!

I just started out in a compliance role in a local brokerage firm. I’m just wondering what’s the industry standard for bonuses ?

I was previously a contractor KYC in a foreign bank for about a year and half.
Not sure about the industry standard. But I'm getting 4 months at a foreign bank.
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