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Also, the word "confirmed" gives the impression there is no room for salary negotiation? |
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Anyone from or anyone knows does DBS transaction surveillance work OT a lot? If yes, usually until how late?
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anyone in asset management compliance?
what's your salary range? mine $10k+ /mth total comp for 2017 (variable + fix) $150-160K vp thanks |
3.5 years exp KYC analyst. Overall around 80k with bonus.
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thanks. |
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Hi i was also being invited for the same interview as mentioned above. But something strange about this job is that it has a 2 year bond and during this 2 years, i would be under an consulting agency called Mthreealumni. Basically what they told me is that 33 graduates will be hired for 2 years for a AML project in Deutsche Bank. So i asked him what happens after 2 years and they told me that all 33 will be converted to FT at Deutsche Bank which i think that it is impossible for a bank to have so many headcounts to accept all 33 of us. And when i asked what are the chances of all 33 of us getting converted and they told me that based on history, 99% of them get converted. And in any case anyone is not selected for a FT job with Deutsche Bank, we will be offered other programs or even a consultant role with them. Anybody heard of schemes like this? I'm so afraid that i will be wasting these 2 years doing something that do not bring me anywhere. I tried googling about Mthreealumni but i could not find anything. |
I am working in a local asset mgt company as compliance mgr (only me in the compliance team) and mainly report to Director of Ops. 1 yr compliance exp + 5 yrs big4 Am audit exp.
Monthly salary $7+k And roughly 2 Mths bonuses. After 1 yr working here, although the life is really good, it seems kinda settled down and no more opportunity to progress further. Can anyone with AM compliance background advise if there is other opportunity out there that I can consider? Says to other bigger AM firm. What is the possible level I could achieve in next 5/10yrs and the salary range? 27 yrs old now but don't think can achieve higher position like director/chief compliance in future. |
i was the one who posted about am compliance above.
yes agree AM life generally is good for career progression: since this is your 1st AM compliance, please stay for min total 2-3 years to avoid being seen as job hopper by next hire (AMs especially love to see stability in career - i guess due to nature of industry) also, 2-3 yrs will be sufficient for you to pick up hands on compliance work (sfa/faa/outsourcing/aml/marketing materials/licensing/code of ethics) the question to ask yourself before moving is, have i learnt sufficient so that in my next job, i am fairly confident of advising on the above topics when being asked by business if not, try to get as much exposure. also, build industry network at the same time. when you work in big AM, snr management love to do benchmarking (what are other houses doing in terms of this policy/regulation??) if you feel due to nature of your current business/setup, you really cant accelerate learning anymore, then you may leave after 2 yrs (this will be your reason for your headhunter. it is a compelling reason if it is true) to help you in visualising ahead. when you work in big/global AM, there are many projects. (may need to work with regional/global compliance teams; but usually dont need travel. do phone calls instead.) gain your manager and snr management trust with your attitude , passion and reliability (i assume you love this line of work) to work in such projects. raise your hand if have to. the more responsibility you take, the higher you are giving your company chance to promote you or give you higher than average team member's increment. when you work in big AM, other than the sound local compliance knowledge you should already have (which i commented above you should try and get as much in your current job as possible), you will now be dealing in global regs and policies. for example fatca, crs, mifid, gdpr, form adv (US SEC), being part of global aml/sanction/code of ethics/etc committee. also certain aspects of hk/tw/SEA/australia/etc regulations (of course you not expected to know everything / usually you may have external counsel to help / and its pick up along the way kind of stuff). basically alot of stuff to keep learning and doing. the specifics, however, really depend on your company and team setup. after you gain such local and regional exposure. generally you have to ask yourself if u want to specialize in local or regional compliance. personally i feel local is more fun get to interact with business, decide on grey areas, and help drive the business regional is alot of coordination work without getting too hands on in local jurisdiction matter pay will take care of itself if you naturally show passion and aptitude and if you are willing and able. if for what ever reason after your company cant pay you market rate after a certain point in time (dont grumble, because there's many factors why a company may not be able to pay you even though it wishes to), with the above experience, generally, another AM will be happy to take you in and pay you the market rate. there are many AM compliance specialists recruiter on linkedin go look for them to understand pay and prospect they are more than happy to help lastly, in 10 yrs u must aim to be head of compliance else you are at higher risk of retrenchment when you reach 40s. Quote:
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I got about 10 years compliance experience, drawing 13k+ with around 6 months bonus annually. |
a lot of compliance jobs in banks are going to take over by AI and machine learning, what is left are those advisory and MAS-facing roles which continue to be lucrative.
For those in asset management, better stay put and carry on clocking the hours. This is the best carry trade (low volatility, high returns, low stress but with low capital appreciation) in the current market environment - take it from someone from the dark side |
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I typed a long response to this last night but seems it didn't get posted.
I will re-post it tonight. Quote:
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PART 1
yes agree AM life generally is good for career progression: since this is your 1st AM compliance, please stay for min total 2-3 years to avoid being seen as job hopper by next hire (AMs especially love to see stability in career - i guess due to nature of industry) also, 2-3 yrs will be sufficient for you to pick up hands on compliance work (sfa/faa/outsourcing/aml/marketing materials/licensing/code of ethics) the question to ask yourself before moving is, have i learnt sufficient so that in my next job, i am fairly confident of advising on the above topics when being asked by business if not, try to get as much exposure. also, build industry network at the same time. when you work in big AM, snr management love to do benchmarking (what are other houses doing in terms of this policy/regulation??) if you feel due to nature of your current business/setup, you really cant accelerate learning anymore, then you may leave after 2 yrs (this will be your reason for your headhunter. it is a compelling reason if it is true) to help you in visualising ahead. when you work in big/global AM, there are many projects. (may need to work with regional/global compliance teams; but usually dont need travel. do phone calls instead.) gain your manager and snr management trust with your attitude , passion and reliability (i assume you love this line of work) to work in such projects. raise your hand if have to. the more responsibility you take, the higher you are giving your company chance to promote you or give you higher than average team member's increment. Quote:
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PART 2
when you work in big AM, other than the sound local compliance knowledge you should already have (which i commented above you should try and get as much in your current job as possible), you will now be dealing in global regs and policies. for example fatca, crs, mifid, gdpr, form adv (US SEC), being part of global aml/sanction/code of ethics/etc committee. also certain aspects of hk/tw/SEA/australia/etc regulations (of course you not expected to know everything / usually you may have external counsel to help / and its pick up along the way kind of stuff). basically alot of stuff to keep learning and doing. the specifics, however, really depend on your company and team setup. after you gain such local and regional exposure. generally you have to ask yourself if u want to specialize in local or regional compliance. personally i feel local is more fun get to interact with business, decide on grey areas, and help drive the business regional is alot of coordination work without getting too hands on in local jurisdiction matter pay will take care of itself if you naturally show passion and aptitude and if you are willing and able. if for what ever reason after your company cant pay you market rate after a certain point in time (dont grumble, because there's many factors why a company may not be able to pay you even though it wishes to), with the above experience, generally, another AM will be happy to take you in and pay you the market rate. there are many AM compliance specialists recruiter on linkedin go look for them to understand pay and prospect they are more than happy to help lastly, in 10 yrs u must aim to be head of compliance else you are at higher risk of retrenchment when you reach 40s. Quote:
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Is it true that transaction monitoring in most banks have OT? |
WHat about KYC role in DBS? Do they work very late too? Usually what time?
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Hi all, I'm a fresh grad with no experience looking for an entry-level job in compliance.
I just graduated from University of Melbourne 2017 Dec (Finance & Econs) and before that I was studying at NYP (Diploma in Banking & Finance). All I have is a 10 weeks internship experience with OCBC back in my poly days. I am aware that I mostly have to start with 6/12M contract jobs. Have been sending out applications for about a month but so far no reply other than rejection emails as most of the job requires at least 1 year of experience. Any advice where else I can find entry-level contract jobs? I tried many websites like (jobst, linkedin, glassdoor, indeed, randstad, efinancialcareers & jobsdb). Also, what kind of salary range would I be likely expecting realistically. I'm a Malaysian (not PR). Thanks in advance for your time/ advice. |
What is the pay progression for working in KYC in DBS?
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Can anyone advise how to get into Sanctions compliance?
Is KYC experience enough? |
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FYI, KYC is not compliance, but ops which can be done by cheaper FT. But a lot of KYC ppl like to put on resume and linkedin that they are in compliance, which is just consoling themselves that they are in compliance, which i believe u r one of them. Secondly, so many KYC ppl in the market, very difficult to climb into compliance. Those who stay in KYC at most can be Team lead of KYC. The real compliance is advisory and regulations and AML risk assessment. So get your facts right about KYC and compliance. |
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They said all of us will be converted if possible but how can the bank have so many headcounts? |
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However, the process from here is to discuss this with DB, who will look to meet with a few of the team before training begins. |
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