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Unregistered 16-09-2014 01:54 PM

Role of compliance officer
 
Quote:

Originally Posted by Unregistered (Post 56289)
Hi all,

Just wanted to ask about the no. of years experience needed to "climb the ladder". Any input will be much appreciated. Below is my rough guess (not in banks currently)

Analyst = 0-1 years exp
Senior analyst = 2-3 years exp
Associate / asst mgr = 4-5 years exp
Senior associate / mgr / jr AVP = 6-7 years exp
AVP / jr VP = 8-9 years exp
VP = 10+ years exp

Also, does one usually go up the next grade by jumping banks or staying put?

Since we are on this topic, can anyone share the route of an compliance officer (role-wise) based on the same format:

Analyst =
Senior analyst =
Associate / asst mgr =
Senior associate / mgr / jr AVP =
AVP / jr VP =
VP =

Unregistered 17-09-2014 08:44 PM

Quote:

Originally Posted by Unregistered (Post 56337)
Depends on what kind of ops, duh.

im being generic as i dont know the full spectrum of ops. so far, only seeing my friends in settlements area which i assume its the least well paid area. maybe you can shed some light on it as well.

Unregistered 18-09-2014 09:57 PM

Quote:

Originally Posted by Unregistered (Post 56340)
why is this so? and how's the salary like?

and prospects?

coz they got screwed upside down by regulators in the US.

Now SG is their hub for aml

Unregistered 19-09-2014 02:29 PM

Quote:

Originally Posted by Unregistered (Post 56290)
All depends . But can be sure, different bank has different corporate ladder. Depending on which department. For my case, I am an asst mger after 1 yr of exp.

Wow. May I know where you graduated from and your prior work experience? Thanks in advance..

Unregistered 19-09-2014 04:10 PM

fresher trying to get into compliance, AML
 
hi, im a recent banking and finance graduate with no prior experience in banks. Can anyone advice me on how and where to apply for jobs in compliance, AML sector? as of of the job requirement stated all require some sorts of experience in compliance, AML, banks..

Thanks in advance.

Unregistered 21-09-2014 05:20 PM

Quote:

Originally Posted by Unregistered (Post 56642)
Wow. May I know where you graduated from and your prior work experience? Thanks in advance..

Starting corporate title for HSBC (deg holders,freshies) - Asst mgr. Ultimately, it all comes down to the pay package and responsibilities. In my dept there are analysts drawing 5ish (with about 4yrs xp) but the things their doing are diff from the typical "analyst" work..

Unregistered 24-09-2014 09:31 AM

Quote:

Originally Posted by Unregistered (Post 56727)
Starting corporate title for HSBC (deg holders,freshies) - Asst mgr. Ultimately, it all comes down to the pay package and responsibilities. In my dept there are analysts drawing 5ish (with about 4yrs xp) but the things their doing are diff from the typical "analyst" work..

Is there a progression "plan" for the analysts in your department (drawing 5ish ones) or its gonna be status quo for the foreseeable future?

Unregistered 27-09-2014 08:32 PM

Quote:

Originally Posted by Unregistered (Post 56799)
Is there a progression "plan" for the analysts in your department (drawing 5ish ones) or its gonna be status quo for the foreseeable future?

the associates are drawing about the same as those "analyst" who r drawing in the 5s range. And the progression plan is slightly different for them as they r double hatting different job roles. That is - they actually have another reporting line or also known as another boss in other dept to report to (related to the technology side). Which means their appraisals will be done by 2 different bosses (my dept and the other dept).

But i guess they are okay with the current status quo (only 2 of them in total) , the managers really give them a lot of freedom. Our work hours r really flexible plus all the perks they get, i doubt they'll be moving any time soon

Unregistered 28-09-2014 02:18 PM

How is the day - to - day life of a kyc due diligence ops analyst like?
And how do people get into the job in the first place?

Unregistered 05-10-2014 10:41 PM

Quote:

Originally Posted by Unregistered (Post 56980)
How is the day - to - day life of a kyc due diligence ops analyst like?
And how do people get into the job in the first place?

mainly you would be handling account openings by RMs. Every quarter/month there would be samples picked for periodic reviews. Other ad-hoc duties will include answering compliance queries by front office people and clearing alerts generated by system.

people get in via different routes. Some join straight after graduating in perm roles (previously had intership done with compliance dept). Others join as contract staff assisting in kyc/aml procedures (eg. background checks) before getting converted. The rest join from different functions like ops, risk mgmt, IA or even external audit.

hope it helps

Unregistered 10-10-2014 08:02 PM

and prospects wise - is it good? sounds like a very dead-end job to me

Unregistered 11-10-2014 10:22 AM

Day to day involves collecting names and screening names of clients.
This could be on an annual or bi annual basis
This job tasks are pretty straightforward.

toto 18-10-2014 12:01 AM

Hi all, I'm going to graduate soon and am quite interested in compliance. Can I ask if I need to have a strong background in maths to be able to excel in this field? And also, what other skills would be useful? Thanks for the help! :)

Unregistered 19-10-2014 12:17 AM

No you cannot ask

Unregistered 02-11-2014 08:08 PM

How different is the career prospects of compliance officers between banks/ oil&gas/ FMCG?

Unregistered 03-12-2014 11:21 PM

Bank vs MAS
 
Currently i am working in a bank, dealing directly with MAS regulators.

Is it worth it to apply and attempt to jump into MAS, ie be a regulator.
OR to stay long term in banks?

Considerations mainly in term of working hours, stability, career progression and remuneration package.

Local uni business bachelors grad here.

Unregistered 04-12-2014 04:06 PM

Contract roles
 
Quote:

Originally Posted by Unregistered (Post 52835)
There's a difference... but usually companies call onboarding roles as AML/KYC in general because it's part of the AML process when u onboard a new client.

AML analysts are usually your transaction monitoring/reviews guys, AML officers are usually those who provide advisory or file suspicious reports.

KYC remediation, as the name suggests, refers to redoing/refreshing KYCs... Usually there are contract roles and u will be kick out after the project ends.

KYC for corporate and private banking is very different. They types of documents required and the level of depth differs greatly. Corporates you need to identify the directors who are empowered to operate the accounts, while private banking u need to dig deeper (i.e. trust structures)... identify their source of wealth etc etc.

I'm currently trying to move out of operations and was offered a contract role in KYC remediation. As mentioned, it is a project and I will be kicked out after the project ends. I would like to ask is it possible to advance my career progression in compliance by just having this contract role as a relevant experience a few months down the road?

Unregistered 05-12-2014 01:03 PM

Quote:

Originally Posted by Unregistered (Post 59678)
I'm currently trying to move out of operations and was offered a contract role in KYC remediation. As mentioned, it is a project and I will be kicked out after the project ends. I would like to ask is it possible to advance my career progression in compliance by just having this contract role as a relevant experience a few months down the road?

i think it'll be useful but you should look for a role in a reputable bank.

Unregistered 21-12-2014 02:28 PM

anyone move from front office (sales etc) to compliance before?

Unregistered 21-12-2014 02:41 PM

Quote:

Originally Posted by Unregistered (Post 57580)
Day to day involves collecting names and screening names of clients.
This could be on an annual or bi annual basis
This job tasks are pretty straightforward.

For which role?
Where gt so easy?
I would say for compliance, most impt thing is analytical skills.
Must have brains.

in3deep 22-12-2014 01:08 PM

Does working in Mas n building experience help in crossing over to bank compliance?

Unregistered 23-12-2014 06:00 PM

Yep. Worked in MAS for 4 years. Easily crossed over to compliance 2 years back for a 30% pay jump.

in3deep 23-12-2014 07:17 PM

Quote:

Originally Posted by Unregistered (Post 60419)
Yep. Worked in MAS for 4 years. Easily crossed over to compliance 2 years back for a 30% pay jump.

so im gguessing you were AD in MAS?

can i ask wats the title u get in bank when u crossed over?

Unregistered 25-12-2014 03:01 PM

my gf crossed over from sales (corporate) to compliance.
she shared with me her sales exp helped cos when onboarding companies, she has to do alot of KYC of all areas and sometimes when the internal bank system fail the first level of check, the sales folks/RMs have to write detailed supporting reports with alot of background work to seek clearance.

Unregistered 25-12-2014 03:26 PM

Quote:

Originally Posted by Unregistered (Post 60482)
my gf crossed over from sales (corporate) to compliance.
she shared with me her sales exp helped cos when onboarding companies, she has to do alot of KYC of all areas and sometimes when the internal bank system fail the first level of check, the sales folks/RMs have to write detailed supporting reports with alot of background work to seek clearance.

Does corporate sales pay better or compliance in her opinion?

Unregistered 03-01-2015 10:04 PM

Quote:

Originally Posted by Unregistered (Post 60483)
Does corporate sales pay better or compliance in her opinion?

there was definitely a pay cut initially as there is no commission for compliance. however she said the overall package did get better after awhile and has surpassed sales now. moreover, pay for compliance is more stable, it is less stressful than sales and she gets to leave office earlier. :)

Unregistered 03-01-2015 11:31 PM

Quote:

Originally Posted by Unregistered (Post 60946)
there was definitely a pay cut initially as there is no commission for compliance. however she said the overall package did get better after awhile and has surpassed sales now. moreover, pay for compliance is more stable, it is less stressful than sales and she gets to leave office earlier. :)

Sounds great. Mind sharing whats her pay like at the moment? thanks

Unregistered 05-01-2015 12:32 AM

Quote:

Originally Posted by Unregistered (Post 60948)
Sounds great. Mind sharing whats her pay like at the moment? thanks

Kyc/aml is a small subset of compliance
Is she doing the real compliance or merely kyc screening

Unregistered 05-01-2015 06:21 PM

need help
 
guys need your advice.

i'm doing regulatory work at a law firm now. around 5months. i heard this is a sure way to compliance in a bank but im not really keen in joining compliance. would my skills be relevant in some other department? i wanna break into finance if possible.

thanks!

H.Naka 11-01-2015 09:33 PM

Quote:

Originally Posted by Unregistered (Post 60946)
there was definitely a pay cut initially as there is no commission for compliance. however she said the overall package did get better after awhile and has surpassed sales now. moreover, pay for compliance is more stable, it is less stressful than sales and she gets to leave office earlier. :)

Able to share which FI is she working? Thanks.

Unregistered 12-01-2015 09:14 PM

Hey guys,

I understood that most of the AML/KYC/Compliance related positions are filled by fresh degree holders, be it local or private. May I ask if there are lower level positions for diploma business graduates?

I intend to find positions for entry-level diploma positions in these field, while pursuing part time degree at SIM (UOL B&F). So, may I understand if there are any positions for diploma at all? Or is it strictly degree level only?

Unregistered 15-01-2015 05:37 PM

Quote:

Originally Posted by Unregistered (Post 61281)
Hey guys,

I understood that most of the AML/KYC/Compliance related positions are filled by fresh degree holders, be it local or private. May I ask if there are lower level positions for diploma business graduates?

I intend to find positions for entry-level diploma positions in these field, while pursuing part time degree at SIM (UOL B&F). So, may I understand if there are any positions for diploma at all? Or is it strictly degree level only?

There are KYC roles out there that employs diploma holders, but it's pretty much the exception rather than the norm. There is a bank whose head office here in Singapore is along Collyer Quay (opposite Butter Factory). Not going to name it outright, but it's not hard to find out.

As a diploma holder, be prepared to accept a contractual role in this field until you get your degree.

Unregistered 15-01-2015 05:45 PM

Quote:

Originally Posted by toto (Post 57814)
Hi all, I'm going to graduate soon and am quite interested in compliance. Can I ask if I need to have a strong background in maths to be able to excel in this field? And also, what other skills would be useful? Thanks for the help! :)

I doubt Math would be highly regarded in the Compliance field. The optimum major will be Law (Business or otherwise) without question. Banking & Finance is the most common major among my peers too.

On a side note, regarding the questions about when to jump etc. From my personal experience, fresh out of university I got a permanent role at a investment research firm which was a glorified date entry role at a salary of 2.9k. Left after 6 months and joined an American bank's KYC team as a contractor at 3k. Left after 7 months and joined a offshore bank at 3.75k. Jumped to my current bank when my ex manager at the American Bank called me up. 10% base increment and also AWS. Hence, effectively 19.2% increment.

Dont be afraid to jump, do it early on in your career when you're young and relatively junior. Staying stagnant and comfortable will not get you far in terms of salary.

ryanlinr2 19-01-2015 11:02 PM

I'm an undergrad due for completion of studies in March, and im interested in entering compliance. What would be the best method or channels to get into this industry (apart from knowing someone of course)?

I have tried looking at some of the job portals (jobstreet, jobsDB) but its kind of frustrating when you're searching for an entry level job and these jobs appear as your search results but requires 2-3 years experience :(

Unregistered 22-01-2015 01:29 PM

Quote:

Originally Posted by gwk (Post 52624)
How best do I do a career switch into AML when all the job adverts requiring at least 3 years experience? I almost completed my ICA dip in AML though. But everyone is looking for some form of experience.

Hi GWK, have u successfully switched to compliance?
I am thinking of entering into compliance as well, but having an engrg degree just like u. I plan to sign up for the ICA dip in AML to increase my chances. But not sure whether it will help...Any advice are appreciated.

gwk 22-01-2015 09:22 PM

Quote:

Originally Posted by Unregistered (Post 61734)
Hi GWK, have u successfully switched to compliance?
I am thinking of entering into compliance as well, but having an engrg degree just like u. I plan to sign up for the ICA dip in AML to increase my chances. But not sure whether it will help...Any advice are appreciated.

Hi, yes I managed to switch into AML compliance. I completed my ICA dip in aml last year.

And yes, the ICA dip did help as according to my boss, they hoping to equip employees with at least an aml dip. Coincidentally, I manage to arm myself with that.

There's also project management experience that I did previously that sort of help.

Unregistered 23-01-2015 10:55 AM

got an offer from a jap bank at 2.9k perm role... i have 7 months of working experience in kyc role at a european bank contract role.. wonder if 2.9k is too low?

Unregistered 24-01-2015 02:25 PM

currently work as KYC/Client onboarding in a local FI, 2 years exp.

Plan to shift to compliance, can anyone advice will it be difficult for the switch ?

VanBasten 24-02-2015 11:22 PM

Running the Compliance function at a small foreign bank here, so perhaps I get give a little inside track here.

Compliance is one of the few sub-sectors in banking that has been doing exceptionally well these past few years. This is probably down to global clampdown by regulators post-crisis, amplified by the fact that most banks (especially foreign ones) would prefer to hire people with relevant experience who can hit the ground running.

You don't need a law degree to enter Compliance, although it does come in handy. Many of my fellow practitioners are in fact accounting trained. It would certainly help if you have an ICA diploma or ACAMS though. Every bit of advantage helps.

I would say generally speaking this is how it works:
Background - MAS/Industry > CAD/CPIB > ICA/ACAMS
Prospects - Compliance > AML/KYC

While a career in Compliance offers decent pay and relative job stability, fresh entrants should ponder if this is really where their passion lies. For most part, Compliance is not a very sexy or glam job, and chances are you won't be the most popular guy in office. Money can only motivate a person so much. Some food for thought.

Happy to offer my 2 cents if there are any questions. :)

Unregistered 24-02-2015 11:35 PM

better to quick, window of opportunity is closing soon as many banks have beefed up their compliance function and is currently reaching steady state, not expansionist state

for those who enter compliance, used to the least glamorous function, 10yrs ago, many of them are already at MD level now getting base 600k upwards. Some did better than the FO traders who are joblesss due to implications from libor/fx fixing scandals

Quote:

Originally Posted by Unregistered (Post 61817)
currently work as KYC/Client onboarding in a local FI, 2 years exp.

Plan to shift to compliance, can anyone advice will it be difficult for the switch ?



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