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AML/Compliance/KYC professionals come in!

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  #1461 (permalink)  
Old 09-07-2021, 09:00 AM
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Hi fellow compliance peers, can anyone explain what is the difference between aml and kyc?

For example, in some banks they have positions for both aml and kyc e.g. A) AML analyst and B) KYC analyst

I spent much of my time sending applications for AML compliance role but was offered a KYC role in a bank instead

Whats the diff between the them and is doing kyc useful for switching into aml compliance role in future?
Based on my understanding, both terms may be used interchangeably, and you should look into the job description to understand the job scope that you'll be doing.

In a general realm of things, Anti-Money Laundering (AML) is a very broad term to represent combating against financial crime. There are several pillars within it such as Sanctions, Anti-Bribery and Corruption, KYC, Tax Evasion, etc. Important to note is that knowing your client (or KYC) is the first and one of the most fundamental requirement, without which, how else are you able to ascertain other risks? For e.g., how do you validate if your client is indeed a sanctioned individual, if the Beneficial Owner has any adverse news or convicted of any criminal wrongdoing) or what attributes of client info (geography, industry, account structure, etc) do you need to ascertain its risk scoring for risk-based assessment?

The job scope would provide further clarity - is it a maker (1LOD) or a checker (2LOD) role? Account opening or client periodic reviews? Are you dealing with BAU operations work or advisory/policy to ensure the FI meets local 626 requirements and banks' global standards?

To your question on the "helpfulness", it depends on what the KYC work entails, your responsibilities and the skillsets achieved. If it's merely a KYC maker role (i.e. obtaining documentation from RM/client and marking it off the checklist/guidelines) - it is less value-adding compared to one that entails reviewing submissions, reviewing potential exceptions and risk-accepting deviations, analysing and escalating to specialist desks for holistic assessment, conducting gap analysing, enhancing framework/policies/projects/processes to strengthen and update the banks KYC/CDD framework.

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  #1462 (permalink)  
Old 11-07-2021, 12:27 PM
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Anyone able to share experience on the usefulness of ACAMS vs ICA?
I have been in operations and controls and have moved to advisory and policy making.

I have browsed Level 1 & 2 ACAMS and Level 1 ICA from my friends and do not find the ACAMS material particularly useful as it mentions and makes some questions around history, such as the setup of organisations or principles.
My previous workplaces encouraged ACAMS although they were admittedly openly biased towards it, knowing people on the board and claimed the material is alot fresher than ICA.
A friend who is a senior on an operations team, queried the usefulness of either and the hiring manager only cares about work experience and team fit.
ACAMS requires a ''refresher'' certification every 3 years and sounds like a money-grabbing tactic.
The subscription to AML/CTF news seems useful if extracting for training and being kept up to date.

On other hand ICA, some of my friends mentioned that the coursework/tests are more practical such as designing frameworks and policies. I have not seen the advanced course material and have seen fewer people with this certification.
I have taken the ICA dip and CAMS. Your observations are spot on. ICA may be a little more helpful in practical context, and this is only a may. I qualify i have not taken the advanced certs.

Most importantly is are you funded? If you are not, i suggest you forgo unless there are more positive experiences about a particular cert shared to you.

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  #1463 (permalink)  
Old 15-07-2021, 07:25 PM
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I have taken the ICA dip and CAMS. Your observations are spot on. ICA may be a little more helpful in practical context, and this is only a may. I qualify i have not taken the advanced certs.

Most importantly is are you funded? If you are not, i suggest you forgo unless there are more positive experiences about a particular cert shared to you.
Yeah I've started CAMS as it's funded at about 80-90% depending on the cutoff date of passing.

I have been advised by ex-colleagues to pursue a law degree if I want to continue in PB and draft policies. Are the recognised unis, SMU,NUS and SUSS necessary or is a diploma/other uni good enough to work in those fields given that I do not intend to pass the bar.

Alternatively, I would go into data analytics instead.

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  #1464 (permalink)  
Old 19-07-2021, 10:17 PM
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I prefer CAMS more than ICA in view that you can attend many seminars to keep yourself up to date on current affairs. Bear in mind risk management is ever changing, what works in the past does not apply to the present. Your risk assessment requires broad depth of knowledge to work on. A law degree is only useful if you have the practical experience as it only helps in understanding the legal nuances of regulations.
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  #1465 (permalink)  
Old 31-07-2021, 05:57 PM
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bump thread ..
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  #1466 (permalink)  
Old 01-08-2021, 05:01 PM
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Default Fresh grad salary

I graduated from UOL last year and recently got an offer of 3.2k and only 1 month bonus from an investment management firm for compliance role. I didnít have any compliance exp before, only non-related work experience during my school hols. Is the salary and bonus too little? What should I be expecting?
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  #1467 (permalink)  
Old 02-08-2021, 01:50 PM
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I graduated from UOL last year and recently got an offer of 3.2k and only 1 month bonus from an investment management firm for compliance role. I didnít have any compliance exp before, only non-related work experience during my school hols. Is the salary and bonus too little? What should I be expecting?
Wow not bad at least you got an offer without any prior experience. How are you so certain of the 1 month bonus anyways? Bonus is rarely reflected in your offer letter nor would the managers/HR be able to disclose/advise as it varies due to multiple factors?
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  #1468 (permalink)  
Old 02-08-2021, 06:07 PM
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Wow not bad at least you got an offer without any prior experience. How are you so certain of the 1 month bonus anyways? Bonus is rarely reflected in your offer letter nor would the managers/HR be able to disclose/advise as it varies due to multiple factors?

I heard from an acquaintance that the company is hiring so I applied for it. The offer letter states 1-3 months bonus but the acquaintance working there said based on norm itís 1 month bonus.
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  #1469 (permalink)  
Old 03-08-2021, 02:58 AM
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I graduated from UOL last year and recently got an offer of 3.2k and only 1 month bonus from an investment management firm for compliance role. I didnít have any compliance exp before, only non-related work experience during my school hols. Is the salary and bonus too little? What should I be expecting?
Company name starts with F?
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  #1470 (permalink)  
Old 03-08-2021, 08:14 AM
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Default Mid career

Hi is it easy for mid careers (37 years old) to join this industry? Not sure if will take drastic paycut?
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