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If it is of any comfort to anyone looking to start in this line, the complete harmonization of regtech and AML ops would be a progressive one, so don't have to worry about having your job being cut away due to automation... yet. But do take note some Banks are in the progress /or have already implemented some degree of automation in these labour-intensive roles. As with most things involving tech, Banks would still require warm bodies (but less) there to examine the cases flagged by these systems. Some Banks have opted to move the triage assessment of such processes to cheaper locations such as India (or Poland) or wherever they are able to save costs... And again, for the time being, AML ops will not completely 'die out' in SG as most Banks would keep a dedicated team at their major booking centre to handle the higher risks escalations.... otherwise your local CE / compliance head has a lot of explaining to do when it comes to their annual material outsourcing assessment.... Lastly, I just want to add on - Regtech is pretty much absent for small to mid sized banks for now... the adaptation of AI/data science in their BAU often requires the business to reach a certain critical mass... imagine trying to sell this idea to some ikan bilis bank with less than 1000 client accounts at group level... |
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To those who are starting out in this line - be open to learning other things outside of your usual BAU, learn the end-to-end process, the IT parts and etc. Sounds easy but over the years I've seen so many people refuse to step out of their own comfort zone, and these ppl are pretty stuck in a dead-end...that is to say, their future career options are pretty much limited to what they have been doing all the while... it's easy and tempting to go for the highest paying one but don't be baited by the honey trap. And lastly... don't expect your career (i.e. your pay grade) to fly from the start or within the next few years after starting out... let's be real - being in AML/KYC, you are not some superstar that'll bring in the dough for the business...even if you have the necessary skill sets the role is looking for, don't expect superstar's treatment.. no one is irreplaceable... that is my personal take... |
Tried doing a search in this thread but could not find anything useful.
As part of the IBF-STS scheme, I'm required to take the ACAMS Singapore AML Regime Exam as well for the funding. I have since cleared the CAMS and is on track to take the Regime Exam. However, while doing my study, I am unable to find more information online on this exam. Would anyone who took this exam provide some insights? Is the test difficult and that questions can be found form the study guide and/or MAS 626, or do we need external resources as well? Is this exam harder than the CAMS? I feel more unprepared for this test compared to the CAMS, although I read the study guide/MAS 626 many times. I'm afraid that I'm overconfident for this compare to CAMS and then fail it. Thanks! |
Hi
I’m from MAS AML/CFT. Could I check if this is sought after and what’s the salary like for 5-year experience?
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I took the regime exam. 626 and guidelines was what I encountered. Expect qns from all para of the guidelines, including training, reliance, ewra etc. But there are more qns on case studies involving a mixture of edd/str. I find the regime exam trickier as there r less qns and some of them are not clearly constructed. But if u are very familiar with the guidelines, You are good to go |
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Total 25 qns, dunno what is the passing. Tough or not is subjective, I find less room for error and qns r not very clear so to me is slightly tougher |
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Working in AML/TM for 3 years and looking for a switch.
Current salary 4.5k, and 17 months total salary package. Would it be wise to look for work now in this climate? Have friends from the industry earning more and hoping to jump to bridge the gap |
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