Anyone????

What is your motivation for moving to a private bank? More pay? More interesting role? Contract to perm? Job scope is different?

If you don't provide more information, please don't expect a response.

Thanks for the response. Is there a particular reason why you specifically mentioned local banks instead of foreign banks?

I seldom see foreign banks willing to hire fresh grads for compliance roles. Even if there are, they are more likely to be AML/account opening roles. If you manage to snag an interview for compliance at a foreign bank, by all means go ahead and try for it.

Would this be true for contract positions as well (mainly local banks hiring for entry level positions), given that the main direct hiring window for fresh grads is over?

Is Communication Surveillance good in prospect?

Can anyone shed some light on what kind of technical questions interviewers or hiring managers will typically ask for entry level KYC/AML positions (if any)? Any regulations or frameworks I show pay particular attention to? Thanks.

What is the salary for compliamce for diploma holders with 1-2 yrs exp? TIA!!

For entry AML/KYC level positions, frankly (and this may hurt local grads aspiring to have a career in AML Compliance), managers are looking for the following:

1) Humble freshies who are willing to work long hours and put in effort. There is no real distinction between local U grads and private U grads in Singapore for entry level AML jobs. The truth is, it is more of who is willing to start out as a contract staff at SGD2,500 to SGD2,700 a month.

2) Good attitude

3) Pleasant personality

4) Team player

5) The closest technical ability they may ask you is whether you are computer illiterate and your microsoft excel proficiency.

Thank me later for speaking the truth.

Compliance or business analyst
 

Hi everyone, I'm a fresh grad, planning to enter the field of compliance through an entry level role (contract or otherwise), and work my way up from there. However, I was offered an opportunity for an entry level role as a business analyst in a bank (private banking) recently.

How does a business analyst fare in comparison to a compliance professional in the banking space? I have very limited knowledge of business analysts in banks, and I would like to know what your views are on this role, in terms of prospects, earning potential, career progression etc. Also, is a business analyst versatile in terms of switching functions in the future? (For example from a business analyst to ops risk)

Am I better off continuing to look for roles in compliance? After over a month of searching, I find that entry level compliance roles are very scarce, which is why I am considering this business analyst role.

Is this salary progression same for KYC and AML related roles? Or can you earn more in say, AML?

Opinions on AML between corporate banking and private banking? Prospects etc.

Both of you should read the criteria that post on "what managers are looking for entry AML/KYC level positions" (page 89). The criteria are true and valid. If you are not even in KYC/AML yet, be humble and have positive attitude. If you are a strong performer, it doesn't matter whether you join corporate banking/private banking, or KYC/AML. You need to learn the basic, build your foundation, and if you are outstanding, people will want you. Your team lead will want to bring you over to whichever business they moved to. With a strong foundation, you can move from corporate to private banking (and vice versa), and you can move from KYC to AML (vice versa).

Think of it like going to a secondary school or JC. Just because you made it to ACS or RI, it doesn't mean that you will be outstanding or a top student. You will still be forced-rank in school, based on your results and performances. It is the same in working environment as well. Whether you join investment bank, be a management associate, or what not, it still depends on how you perform after you get the first feet in. There are people who don't graduate from local university, or didn't manage to join a prestigious bank MA program, but they still managed to excel in their career, simply because they are willing to learn and has a positive attitude. There are many polytechnic students who did significant better than graduates.

Built your foundation first. If you have bad attitude, even if you are a scholar, nobody will touch you in AML or Compliance.

The general rule I will advise is, to assess how big is the team that you will be joining. If you are joining a huge team, there is a good chance that you will have a mixed of average performers versus top performers. Top performers will likely be obvious and promotion can be faster, if you have positive attitude. If you are joining a smaller team, it is harder to assess if you are outstanding or not.

Business analyst can range from running data (management information) for reports, to managing business related projects (usually remediation projects). If your role is the formal, progression will be much slower. If you are running remediation projects, there will be more opportunity for you to showcase your ability (if you are good).

What exactly does AML Business Advisory do? Is it better in prospect compared to KYC, transaction surveillance?

First off, do you know the scope that you will be covering as a BA? Without knowing that, its hard for anyone here to give you specific pointers. Im sure you are not just looking for generic advices.

Would 1 year of trade operations exp in a bank be considered relevant exp when making a switch to an AML/KYC role?

Regarding the trajectory (pay-wise) in a compliance related role VS one in ops is it true that compliance fares way better? I have only referred to salary guides and it seems that is the case. Not sure how accurate the guides are.

The potential for a high trajectory pay in compliance is definitely there, but it doesnt mean everyone will get on it. It still boils down to your individual performance.

Im definitely willing to work for it, but im just wondering if the discrepancies or difference salary wise will be significant between compliance and ops.

I have a colleague who started at the same time with me 10 years ago, I'm in compliance,he is in ops. 10 years later, i'm earning more than twice his pay. Not saying that Ops pays badly, but the potential for compliance is definitely there.

That being said, that was 10 years ago when supply for compliance officers was quite limited, so we could negotiate bigger salary increases whenever we jumped. That may not be the case now. Past performance is not indicative of future performance :P

Thanks for the anecdote. From what I see, that seems to be the case as well. Just wondering whether the switch from ops (trade finance) to compliance is common or considered relevant, or would I have to go back to square one?

How familiar are you with the Banking Act, SFA, FAA regulations and subsidiary regulations? If you arent too familiar, then you probably have to go back to square one.

Does anyone know what's the pay like for Kyc analyst (perm) in a foreign bank. Have an interview with for a US bank but not sure how much to ask for. Role is for 3-4 years working experience but I only have around 1 year experience.

Thanks

Is your 1 year experience relevant to the kyc role you are interviewing for?

Why is it so hard to find AML roles? I have 2 years exp and and open to contract roles but still cannot find.

It's so difficult to find AML/Compliance entry-level roles in banks for fresh grads

Has anyone here successfully gone into a compliance role from ops? Given that the experience may not be 100% transferrable, would you have to take a pay cut?

Got shortlisted for a role at SCB for a FCC project. Can any experienced professionals here cut through the fluff in the job description and tell me if this is a project management role or a compliance related role?

Job description: s://myjobs.cimaglobal.com/job/689134/analyst-project-sail/

As stated in the description, the main responsibilities include testing, data analytics, case management, detection scenarios, stakeholder management and country project management. Not much about compliance so i'm just wondering if this will be useful or related experience, or will I be better off in KYC/AML type roles?

Thanks!

Anyone know of anybody moved from tax in big 4 to compliance? Looking at fatca/crs opportunities.

This is a transaction monitoring role. One of the pillars under AML, but leaning towards AML Operations category.

Thanks, as the role is mainly project management related, any chance that this exp will be relevant for future BAU type roles?

If it states "project management", this means that there is a remediation resulting from a backlog, usually identified by audits / MAS. There are usually a group of people doing the BAU transaction monitoring, and most banks will put in a place a separate team to cover the remediation. There are usually attrition in the BAU team, so if you performs well in the remediation, you are likely to be offered a permanent role in the BAU team.

If you are completely out of the AML world and is trying to find a way to get in, remediation will be a good way to get one foot in. Most people doing remediation has a sluggish attitude, so if you have a positive attitude and do well, it is often recognized and roles will open up. There are too many movements within AML, especially at the junior level. Many people are moving for a few hundred dollar increments, but that is very short sighted. You barely have any foundation and you are moving for more money. Hiring managers are getting more cautious about such people as well.

Would AML experience gained in insurance/investment firms be considered relevant to an AML job in the banking industry? Most/all entry-level AML roles in banks require experience, considering doing AML in other industries to gain exp.

Thanks for the insight. Apart from remediation, are there other ways to get in? Would internal movement within the firm be another option as well? I get that experience is impt in compliance, but would internal transfers be considered as well?

What's the earning potential for compliance like? (VP, Director level)

I've heard of senor Compliance heads earning up to $700k, don't know if it's true.

Yes and no. It depends on what kind of AML you are doing in insurance/investment firm and what role you are looking for in banking industry. It will push you up, in terms of relevant experiences, but it is always dependent on the existing pool of candidates you are competing, at the point of job applications. Certain period, there are a lot of strong candidates, and certain periods, every candidate are rubbish.

In global organizations, internal transfers are generally preferred, to encourage mobility, which HR is always marketing. However, it also depends on the role that you applied versus the role that you are doing.

If you are doing internal audit, and applying for a compliance/AML role, your chances will be very high. If you are doing technology and applying for a compliance/AML role, your chances are lesser (unless you are doing compliance technology). It also depends on the business you are in, and which business you are applying for. If you are with consumer business and you are trying for a compliance/AML role in private bank, you shouldn't be surprised if you are not shortlisted at all.

If you are in the same business for the role that you want to apply (i.e. Private bank Ops applying to be Private bank Compliance/AML), I would always recommend for you to speak to your direct supervisor first. If your direct supervisor can put in a few good words on your behalf to the Compliance/AML hiring manager, it helps. Where possible, you should also explore possibility to double-hat (i.e. continue your existing role and take on the Compliance/AML work) as well. This exhibit a positive work attitude (to both supervisors and trust me, this will go a long way in your career path) as well as relieve the stress on both supervisors almost immediately. Your direct supervisor can have more time to find your replacement, hence, more likely to give you a winning recommendation. The hiring supervisor will also be more keen to go for you, as he/she can get someone (even if its 50%) immediately.

If you are a MD level, yes $700K is possible including bonuses. If you are a Global Head for a Global bank, it will be 7 figures. Of course there are only a few of them on this planet.

VP and Director ranges are huge, as it varies from local banks to foreign banks. Someone have posted this before, so you can just browse the older pages to see the range. If you are too lazy to even browse the pages, then you are probably too lazy to ever be a VP or Director, anyway.

Seeking advice
 

Hi all, I'm currently in a Premier relationship manager role in a foreign bank. Had a short stint with the bank's remediation exercise, and coincidentally got offered a position as a KYC/Ops role for a specific market, Japan FI. Pretty decent offer, but it's with a outsourced company for a private bank. Essentially I'm moving from sales to ops role. Any opinion on this? And I'm new to my current role about 6 months, so this change could mean a small step towards the AML/Compliance scene. I prefer to do this as I'm tired of chasing the numbers, but at the same time I wonder about the prospects.