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Unregistered 09-10-2021 06:00 PM

What do you guys think about the view that Singapore is a high cost centre and processing activities (eg. KYC, AML related roles) will eventually move to low cost centres like India? Do you think itís true or the quality of work in the low cost centres would be so bad that itís eventually a higher cost to the firm too?

Unregistered 09-10-2021 11:38 PM

Quote:

Originally Posted by Unregistered (Post 185772)
What do you guys think about the view that Singapore is a high cost centre and processing activities (eg. KYC, AML related roles) will eventually move to low cost centres like India? Do you think itís true or the quality of work in the low cost centres would be so bad that itís eventually a higher cost to the firm too?

Won't happen.

Businesses in India aren't doing well because laws aren't business friendly. Taxes are high too.
India is good for back-office jobs not involving critical decision making.
Compliance functions are critical and essential. They can't move.

Unregistered 10-10-2021 07:38 AM

Quote:

Originally Posted by Unregistered (Post 185772)
What do you guys think about the view that Singapore is a high cost centre and processing activities (eg. KYC, AML related roles) will eventually move to low cost centres like India? Do you think itís true or the quality of work in the low cost centres would be so bad that itís eventually a higher cost to the firm too?

There has been hearsay of outsourcing since many years ago but it didnt take place completely.

Challenge is not every part of the role can be outsourced. Some companies have incorporated these roles into business (i.e. client facing). There is also requirement for knowledge of regulations and working close to the business and regulator.

Unregistered 10-10-2021 04:12 PM

Quote:

Originally Posted by Unregistered (Post 185801)
There has been hearsay of outsourcing since many years ago but it didnt take place completely.

Challenge is not every part of the role can be outsourced. Some companies have incorporated these roles into business (i.e. client facing). There is also requirement for knowledge of regulations and working close to the business and regulator.


Anyone know of any bank which had outsourced KYC function?

Unregistered 11-10-2021 06:40 PM

Quote:

Originally Posted by Unregistered (Post 185817)
Anyone know of any bank which had outsourced KYC function?

HSBC is in the midst of offshoring their KYC functions, including client outreach, in commercial banking.

Unregistered 11-10-2021 09:27 PM

Quote:

Originally Posted by Unregistered (Post 185817)
Anyone know of any bank which had outsourced KYC function?

many banks

Unregistered 11-11-2021 04:02 PM

does anyone know how much the bigger swiss private banks (UBS/CS) will pay for aml role for candidates with 5 yr relevant exp? currently drawing ~6-7k at another pb.

Unregistered 14-11-2021 08:47 AM

Quote:

Originally Posted by Unregistered (Post 189722)
does anyone know how much the bigger swiss private banks (UBS/CS) will pay for aml role for candidates with 5 yr relevant exp? currently drawing ~6-7k at another pb.

Likely will bump 10-20% from your current pay so possibly anywhere from 7-8.5k.

FATFMember 15-11-2021 09:04 PM

Quote:

Originally Posted by Unregistered (Post 189959)
Likely will bump 10-20% from your current pay so possibly anywhere from 7-8.5k.

It depends on your current scope and what role you are applying into (e.g. team lead role or deputy). 5 yoe with your current compensation seems quite reasonable if it's a generalist role, so 10-20% will be a good ballpark figure.

Unregistered 19-11-2021 04:52 PM

Quote:

Originally Posted by Unregistered (Post 189722)
does anyone know how much the bigger swiss private banks (UBS/CS) will pay for aml role for candidates with 5 yr relevant exp? currently drawing ~6-7k at another pb.

What is the bonus like for these Swiss private banks? Do they pay good bonus for aml function?


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