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AML/Compliance/KYC professionals come in!

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  #1521 (permalink)  
Old 06-10-2021, 01:02 PM
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I did ICA advanced cert (level 1), ICA diploma (level 2) and ACAMS (level 2). Both ICA and ACAMS are equally recognised in SG.

Yes can pass ACAMS with 2 months experience.

If office can sponsor you, grab it. For ACAMS, self-sponsored candidates can get IBF subsidy. I don't know if got same subsidy for ICA Dip. Rates are fixed in ICA and ACAMS. Won't change person to person. Must email and ask. Both ICA and ACAMS reply fast, within 3 working days.



Yes, I still suggest taking ICA Diploma. Both ACAMS and ICA Diploma have own advantages. For example, in ICA Diploma you learn how to do risk scoring, gap analysis and manage (banking) product risk from design stage onward. CAMS will test on US Patriot Act, BSA, EU directives, Egmont, Wolfsberg, Basel, etc. CAMS SG regime exam will test on TBML ABS guidelines, CDSA, TSOFA, MAS, etc. Both ICA and ACAMS test for knowledge (fines, laws and fact-based questions) as well as logic (scenario-based questions). Its good to have all 3, ICA Diploma in AML, CAMS, and CAMS SG regime certifications.

Good Luck!

Thanks for the insight!

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  #1522 (permalink)  
Old 08-10-2021, 05:24 PM
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Both are unrated. Only go for it if u are sponsored. But key difference:

Ica is a lot more structured coz u have lessons and modules. Gives u a framework what to think about but let me tell u. U canít design a ewra for eg becoz of going to ica. I see it more as networking with tutors or classmates la.

Acams just self study and very us centric tho aml concepts still relevant. Not so practical in a sense but reinforces your knowledge if u r doing aml for a while

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  #1523 (permalink)  
Old 09-10-2021, 06:00 PM
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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?

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  #1524 (permalink)  
Old 09-10-2021, 11:38 PM
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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.
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  #1525 (permalink)  
Old 10-10-2021, 07:38 AM
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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.
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  #1526 (permalink)  
Old 10-10-2021, 04:12 PM
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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?


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  #1527 (permalink)  
Old 11-10-2021, 06:40 PM
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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.
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  #1528 (permalink)  
Old 11-10-2021, 09:27 PM
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Anyone know of any bank which had outsourced KYC function?
many banks
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  #1529 (permalink)  
Old 11-11-2021, 04:02 PM
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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.
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  #1530 (permalink)  
Old 14-11-2021, 08:47 AM
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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.
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