AML/Compliance/KYC professionals come in!

Originally Posted by Unregistered

It's hard to say as you never elaborate what exactly is your involvement in "AML applications" and what exactly is this 3 year "exposure"about.

If you want me to take a potshot in the dark I would reckon most banks will probably take you in on the senior associate or junior AVP level if they still value the limited relevance of your IT work.

But with the banking industry now in oversupply of BO retrenched staff, I am doubtful you are going to make the cut unless someone powerful in the industry vouches for you.

Thank you for the response! I support the applications (from the technology point of view) that do the transactions monitoring, case creation and case management systems.

Being a production support personnel, I had to have a good business understanding of these applications and then the day to day interaction with the end users (transaction monitoring scenario developers, investigators, MLROs, etc...) gives me further more insight into how AML works.

Besides, I'm planning to take up ACAMS or ICA (need help to decide which one is valued more in Singapore) certification to enhance my chances.

I hear from some of my friends and other forums that there is in fact underflow when it comes to AML professionals that actually gave me a bit of hope.

Originally Posted by Unregistered

sorry to neglect your post but the other post is more interesting. Haha. I agree with the other mate, I think you will have no problem entering AML, getting AVP, maybe within system team. I think a few AML Head comes from IT background, back then when no one wants to be compliance officer.

Thank you for the response. Is there anything you could suggest me in improving my probability of getting into AML business, besides taking up ICA or ACAMS (which one is more preferred in Singapore?) certification?

Originally Posted by Unregistered

Thank you for the response! I support the applications (from the technology point of view) that do the transactions monitoring, case creation and case management systems.

Being a production support personnel, I had to have a good business understanding of these applications and then the day to day interaction with the end users (transaction monitoring scenario developers, investigators, MLROs, etc...) gives me further more insight into how AML works.

Besides, I'm planning to take up ACAMS or ICA (need help to decide which one is valued more in Singapore) certification to enhance my chances.

I hear from some of my friends and other forums that there is in fact underflow when it comes to AML professionals that actually gave me a bit of hope.

Well the way you are describing I would say your IT experience might be somewhat beneficial compared to an industry layman, but the problem is there's a hell lot of banking BO peeps who can claim some sort of connection to AML as well.

As for underflow I would say it might be true a year ago, but the industry has deteriorated significantly since then and the situation is further compounded by a mad rush of mid careers who are seeking ICA or related certs because they heard AML/Compliance/KYC is the next "in" thing.

This means a big jack up in supply pipeline at a time of slowing growth in demand. If you really like it can study them as a backup. If it lands you a job with comparable pay, then good for you, if no offer or below what you are drawing now I wouldn't bother and just treat it as a hobby.

The banking industry is in a far more serious situation then most outside the industry perceive because instead of big crisis and big retrenchments which attract news reports, now banks are just chopping and reducing headcount month by month to consolidate.

Originally Posted by Unregistered

I have to say I am unconvinced that a 35yrs old poly grad with 15 years of working experience who doesn’t socialize is able to become SVP earning 200-250k a year. I assume there’s a 6 ranks difference from the rank (clerical) she start working to SVP, this means she is promoting bi-annually. What is her achievement that make her deserve her ever promotion?

I don’t think local banks can pay that amount for compliance SVP, so she should be in a foreign bank?

How significant was it to have a diploma 15 years ago? What can be the starting pay be like?

A lot of sums doesn’t add up, unless she has a godfather looking after her as mentioned by another dude.

Does she hold specialist cert? (ICA/ACAMS etc) if yes, is she still considered a poly grad?

Just to highlight, this girl is not doing regulatory compliance but AML compliance. She started her entire career in Citi, moved to DB for a short period, back to Citi and now is with SCB. She is with the regional team, and her linked profile still clearly states her highest education is a diploma. If you have enough network, it shouldn't be impossible to find her.

p.s. not everyone is so attention seeking and loves to network. Some of us, have a life and friends outside work. Additionally, networking is really for those who are working in a local regulatory environment. If you are at a regional / global role, you don't really attend those events organized by MAS or ABS.

Originally Posted by Unregistered

Just to highlight, this girl is not doing regulatory compliance but AML compliance. She started her entire career in Citi, moved to DB for a short period, back to Citi and now is with SCB. She is with the regional team, and her linked profile still clearly states her highest education is a diploma. If you have enough network, it shouldn't be impossible to find her.

p.s. not everyone is so attention seeking and loves to network. Some of us, have a life and friends outside work. Additionally, networking is really for those who are working in a local regulatory environment. If you are at a regional / global role, you don't really attend those events organized by MAS or ABS.

Who's this? Haze?

She's not SVP lah, can't say I know the exact details but the job she is in now is quite below the SVP band. I know her predecessor and unless the job has been upgraded significantly she's probably around junior or mid level VP at most. SCB does not practice external social titles like Citi & DB.

Originally Posted by Unregistered

Just to highlight, this girl is not doing regulatory compliance but AML compliance. She started her entire career in Citi, moved to DB for a short period, back to Citi and now is with SCB. She is with the regional team, and her linked profile still clearly states her highest education is a diploma. If you have enough network, it shouldn't be impossible to find her.

p.s. not everyone is so attention seeking and loves to network. Some of us, have a life and friends outside work. Additionally, networking is really for those who are working in a local regulatory environment. If you are at a regional / global role, you don't really attend those events organized by MAS or ABS.

Does regulatory or AML compliance earn more?

I'm filling up a HR form for one of the local banks for compliance... i'm a fresh grad, what should i put as my expected salary range?

I did a bit of googling and I assume you guys are talking about s://sg.linkedin.com/in/haze-heng-21965b9 ?

The confusion is due to some foreign banks like Citi allow people to cite a bigger job title when interacting with different parties. In short she was a SVP or VP before, but only as optional business title.

Not familiar with Citi, but in JPM for e.g. Infrastructure Architect (SVP) is different from SVP, IT Infrastructure. The former means it’s a senior analyst level position with option to cite SVP whereas the latter means SVP head of department level which is more senior in terms of pay & team leadership. It is possible to have Infrastructure Architect (VP) and Infrastructure Architect (SVP) at the same time as the bracket title also differentiates within a grade. To make matters worse, it is not consistently applied across departments and lines of businesses even within the same bank.

This girl is honest as she states her actual internal title properly. There are many others I know conveniently just leave out the real title and put VP/SVP in their CVs to make themselves look more high level especially when dealing with people outside the industry that are not familiar.

Originally Posted by Unregistered

I'm filling up a HR form for one of the local banks for compliance... i'm a fresh grad, what should i put as my expected salary range?

what school and honours does makes a difference.

Originally Posted by Unregistered

I did a bit of googling and I assume you guys are talking about s://sg.linkedin.com/in/haze-heng-21965b9 ?

The confusion is due to some foreign banks like Citi allow people to cite a bigger job title when interacting with different parties. In short she was a SVP or VP before, but only as optional business title.

Not familiar with Citi, but in JPM for e.g. Infrastructure Architect (SVP) is different from SVP, IT Infrastructure. The former means it’s a senior analyst level position with option to cite SVP whereas the latter means SVP head of department level which is more senior in terms of pay & team leadership. It is possible to have Infrastructure Architect (VP) and Infrastructure Architect (SVP) at the same time as the bracket title also differentiates within a grade. To make matters worse, it is not consistently applied across departments and lines of businesses even within the same bank.

This girl is honest as she states her actual internal title properly. There are many others I know conveniently just leave out the real title and put VP/SVP in their CVs to make themselves look more high level especially when dealing with people outside the industry that are not familiar.

usually us banks like to inflate title. when i look at the profile at citi she was svp then suddenly come to scb only become sanctions adviser. also the job sounds more like individual role without managing a team.