Hi,
I would like to get an opinion of the veteran here. I'm a diploma holder and I've been an insurance agent for about 4 years thinking of going into compliance. I'm also thinking of getting an ICA certification in AML. Do you think a ICA certification would help? Thank you |
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Thanks but do you think by getting a ICA certification in AML, KYC CDD helps too?
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The pay can be good, but only the top 5% earns really good money (i.e. more than $300K/annum). Pay is always good if you are top 5% for any industry, and this is not specific to Compliance or AML. Compliance / AML is not everyone's cup of tea. If you really want to grow in this area, it takes a very specific personality. Otherwise, you may end up hating the job and earning average pay (i.e. $5K - 10K). |
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We are all aware that MAS setup a special AML team following 1MDB. They are essentially going around to inspect banks, and financial institutions. Most of the bigger banks have a lot of remediation exercises, from AML, CDD, KYC, investigation, etc. This means that there are a lot of long hours to clean up existing mess that were grandfathered. Small banks are merging or sold to bigger organizations. If you are doing Compliance or AML in a smaller bank, you will likely struggle working after the merger because the work style, environment and pace are significantly different. Bonus for Compliance or AML are also never significant. The attrition is high everywhere, because there is little work/life balance. There are a lot of movement because most of the bigger banks have their remediation exercises to clean up, and each bank are willing to pay more money, to get the bodies in to clean everything up. Once the remediation is over, you will see a lot of people being let go. This is also the reason why most banks are offering contract jobs instead of permanent roles. If you are outstanding, they will keep you to work on BAU work. If you are average performer (and you are expensive, especially if you have been moving around a few banks to get high pay), you will probably be one of those who are cut. These excludes juniors jobs that will eventually be outsourced to lower cost locations like Malaysia, India, Philippines, after the remediation are completed. Junior jobs are defined as roles that cost between $3K to $10K. In reality, most of these roles can be replaced in lower cost location. Senior management will often ask, why should they pay $5K to hire a AM or Manager, when RM$15K can get them a VP in KL, who can probably do a better job. Otherwise, they can always hire 3 AM or Managers for RM$15K, and 3 persons in Malaysia will definitely do more work than 1 person in Singapore. This is a typical cycle of changes, so you should consider carefully, before jumping into the bandwagon. |
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Hi, fresh grad here. Have been looking to land a job before I graduated but to no avail. As the window for companies hiring is over, I would think that my best bet now would be to find a contract role. Would like to get some insight on 2 things, mainly recruiters and compliance as a career.
What are the main types of contract positions available at recruitment agencies for fresh grads, and is experience absolutely necessary for entry level positions? Also, which recruiters would you guys recommend? RE? Randstad? There seems to be some conflicting opinions on this thread about the future of compliance related roles - some have said it's a matter of time before it's outsourced while some say that there is demand and that the market is hot right now. As a fresh grad, I'm looking for a career with Long term prospects rather than starting pay. Thanks in advance. |
Hello, would like to know if KYC a good place to start, and how's the progression for people starting out in KYC?
From what I see the pay is about 2.6-2.8k for entry level, how much does this increase by in say, 2 years in the current market? From what I understand about KYC, its a fairly operational role, some say its mundane. Therefore what types of roles can people in KYC eventually move into that can possibly command a higher salary? |
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At this time and age, Compliance and AML are meant for people who constantly wants to strive for a difference and be ambitious. In fact, the whole working environment has evolved and changed. MAS is currently looking outside of Singapore, to digitize surveillance work. Basic typology will no longer be effective in 5 years time as crooks are getting smarter. Data analysis will be the new trend to identify gaps within the bank. This is also the only reason why banks will continue to hire Compliance and AML expertise in Singapore rather than outsourcing work to lower cost locations. If you wants a stable job and is resistant to changes, Compliance and AML will not be suitable. With the world evolving and becoming more digitized, all industry must evolved to catch up. This is the same reason why you are not using iphone 1 anymore. There are talks that in 10 years time, brick and mortar banks will cease to exist. Everyone will do their banking needs online and the whole banking environment will change. |
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If you are in a big bank, the options to move to other functions are always there. It is all about relationship building. If you want to move to Business (not necessary sales) from KYC function, it is possible as well. All business has a team of business managers/COO (all banks call the differently) to support bankers. If you want to move to AML, that is also possible. |
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Would having experience in KYC qualify you for risk management related roles such as ops risk? |
How to apply for ACAMS exam?
Fill up the application form and send to their address in US? |
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There are many types of risk managements, so it depends on the structure of the organization as well. I have seen people with KYC experiences moved into Ops risk, and vice verse. |
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Compliance and AML will continue to be relevant, in many years to come, but the way it is performed, is going to be very different. There will be more process automated. Existing manual process will be removed and replaced by more advanced data analytics. In many global organizations, there are teams who do nothing but think about the future of banking, beyond digitization. One of the things they will consider are systems that will replace the physical bankers, and the physical needs for human to perform specific roles. Even food courts will be replaced by robots in the future. I am not trying to scare you, as a fresh graduate, but to manage your expectations on what will happen eventually. However, if you are willing to continuously keep yourself updated on the current technology and progress, and not be too comfortable about finding a "stable" job that will remain unchanged in the years to come, you will be fine. |
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TM is more transferable if you want to be an investigator. In many banks, TM does end to end, from alert disposition to SAR filing. If you are doing that in a bank, it will be easier for you to move to AML advisory. I have seen quite a few Compliance people moved to do AML, but I haven't seen many AML people moving to do Compliance. There are much few movements within Compliance (compared to AML) these days as well. Many Compliance people are more grounded to their role these days. |
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Also, what kind of roles can people in KYC eventually progress to? |
Anyone worked in OCBC Group Compliance before? How is the working culture, hours, politics and bonus like?
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Entry level AML roles are not necessarily transaction monitoring. There are entry level advisory roles as well, covering sanctions, KYC, etc. People in KYC can moved into different aspects, including AML, Compliance or COO office. In most organization, there is a COO office (each bank calls it differently) and they handle most non business driven objectives, like system enhancements, remediation projects, operation initiatives, etc. The most senior person, is obviously the COO, who is one down from the CEO. |
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Fresh local uni grad here. Any idea on the starting salary for a entry level position in a AML/KYC role? Thanks.
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I accepted an offer for 3.9k at a local bank. I have several compliance and regulatory related internships to aid my application. At the same time, I have friends who entered compliance at the lower 3k range. During my job search, I also inquired at two recruitment agencies the average compliance starting pay and was quoted 2500-2800. Not too sure about the big foreign or private banks though. In short, I would say you can realistically expect anywhere from 2800 to ~4000. |
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Some contracts come with a completion bonus (usually 1 month for a 1 year contract), so see if you can negotiate for it. |
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Also, are there any recruitment agencies that are more prominent in placing candidates in such roles? Previous posters have also mentioned that RE and Randstad have the highest number of mandates in this area - true? |
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Although the main graduate program intake window for the year is over, have you tried looking through the banks' own job portals for possible openings? I recall seeing a few in April. You may also want to consider FIs other than banks, such as stockbrokers or insurance firms, etc. I believe expecting ~3k is reasonable and you should be able to find a suitable opening sooner or later. Good luck! |
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Anyone can advise if Communication Surveillance is good and has prospect?
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Dear AML KYC folks, would like to ask for your kind advice. I was one of the previous posters who had posted before with regards to FATCA and CRS. I have since started my position last week and would like to ask if a degree is essential for me to progress higher up in the ladder?
I have spoken to a few ex colleagues and some actually told me to pursue ACAMS instead of a degree if my career path is geared towards compliance. A couple of them advised against degree as they told me there's no specialised degree in AML/Compliance but there's a diploma in AML. Thus would like to ask senior folks here if a decision to pursue the ACAMS dip is more worthy than a private degree. Thank you :D |
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