Thanks for sharing! Dun wish to burst your bubble but the AML certs would probably be more of value for ppl already with KYC/CDD ops experience and hoping to take their career to the next level. I can’t opine whether getting into a “banking ops” role as you suggest (do u mean like trade processing, reconciliation etc) is any tougher than a 1lod KYC/CDD role in banks.

My thought is that for those without relevant experience, having these certs could be an alternative to look for roles which require 1-3years of experience, e.g. associate. Is this possible?

The certs would definitely be a + compared to a candidate without both certs and without relevant working experience. However, can't guarantee whether you'd secure a job. You could be pitting yourself against ppl with years of relevant experience, some of whom may have taken such certs as well.

I know of people who have entered KYC/CDD fields without prior relevant exp before, they were doing something completely different. May be prevalent with contract roles which are more open to the kind of candidates they employ.

AML is one of the hardest parts of the bank to break into. You have a higher chance trying to apply for entry level operations / retail sales roles. Don't expect an associate position, your experience is not relevant and you will "restart" your career at an analyst level.

Ur chances are higher with a contract role if u have transferrable skillset. Otherwise, I don’t see why any hiring manager would hire you for a perm role. It’s already very competitive enough in the AML/FCC space.

Would appreciate if anybody can share your thoughts on doing compliance for digibanks!

exciting times for digibanks and you'd definitely be able to experience accelerated learning and growth building up processes and framework from scratch instead of mammoth dinos like your traditional banks which already have well-established programmes

Sifting gold from fool's gold
 

I am a recent grad and am interested in a career in compliance. I read that there is quite a distinction between front line KYC roles where the salary/progression is relatively stagnant vs compliance analyst roles where there will be a steady increase in pay. When looking at a job listing, how do I tell which is which? And for compliance analyst roles with steady increments in pay, do I have to get into a management associate scheme right out of uni, or are there other entrypoints into such roles?

Not straightforward especially if you are new to the field or banking in general. First line KYC roles are generally front-facing, working with RMs directly to put up account opening files, collate documents, ensure formalities, conduct name screening checks, etc. Second line FCC/AML compliance roles then to be more on checks and reviews particularly on higher-risk cases, approving deviations/exceptions, investigations on transactions, filing of STR/SAR, testing and assurance, etc.

Naturally 2nd line compliance roles are harder and extremely competitive to enter - think legal and audit folks (who want to jump in for better wlb) and 1st line kyc folks (who want better pay, progression and exposure). If you can’t secure a spot in compliance graduate prog, ur next best bet is big 4 advisory (forensics / AML) or compliance consulting just to name a few

Total 7 years of working experience across KYC onboarding (both 1lod and 2lod), document formalities, SOW corroboration, etc. Offered AVP for a compliance role in a local private bank, 8k base.

How fair (honestly) is this offer? In line with market? Latest salary benchmark from a recruiter firm says median for manager/AVP title is 105k = 8.75k base.