AML/Compliance/KYC professionals come in!

Originally Posted by Unregistered

I think a layman would think there is no difference.

Specifically, regulatory deals with regulators, including communication as well as reviewing regulations issued (i.e. MAS). This may includes regulatory reporting and very often, is part together with advisory.

KYC in most bigger banks is an operational role, whereby the team will review all the KYC information of the clients. In smaller banks, this is part of AML functions.

AML has a lot of by-functions, so similarly, it depends if you are looking at a bigger/smaller banks. In a smaller banks, it covers everything including regulatory, KYC, surveillance, investigations, etc. In a bigger bank, it is more specialized.

Surveillance in general, refers to transaction monitoring. If you are the team that reviews the initial transaction monitoring alerts, they are considered AML operations. If you are the team that design the monitoring scenarios, and/or review the thresholds for optimizations (usually mathematicians), you would be part of the AML functions.

what about reviewing of escalated cases from ops/BUs or alerts, and STR reporting to CAD? does this also fall under aml ops? are the skills transferable to advisory roles?

Is there non advisory regulatory?

Originally Posted by Unregistered

what about reviewing of escalated cases from ops/BUs or alerts, and STR reporting to CAD? does this also fall under aml ops? are the skills transferable to advisory roles?

Second this. I'm interested to know as well. Purely reviewing cases and decides whether to close or have the respective BUs to follow up and provide more information to substantiate their justifications. Aside from that, also have other compliance/regulatory projects to manage and implement... and also have to oversees other controls involving other BUs including trawling through dealing room chats

Originally Posted by Unregistered

Second this. I'm interested to know as well. Purely reviewing cases and decides whether to close or have the respective BUs to follow up and provide more information to substantiate their justifications. Aside from that, also have other compliance/regulatory projects to manage and implement... and also have to oversees other controls involving other BUs including trawling through dealing room chats

as long as it's monitoring function it should be aml ops function, especially you only get BU to follow up and dont even file STR. I know some setup where the ops will review 1st level and if deem suspicious will escalate to compliance to follow through (more in depth investigation and file STR thereafter if needed).

Originally Posted by Unregistered

as long as it's monitoring function it should be aml ops function, especially you only get BU to follow up and dont even file STR. I know some setup where the ops will review 1st level and if deem suspicious will escalate to compliance to follow through (more in depth investigation and file STR thereafter if needed).

what does STR filing fall under then?

Originally Posted by Unregistered

what does STR filing fall under then?

aml transactions monitoring?

Hi,

How bout market surveillance role? Where can I branch or expect to learn on the job?

Hi all,

I've recently been offered a fresh grad role under Compliance - Sanctions, would like to find out more about the prospects in this area and for some kind advice from the seniors doing related work in this.

Thanks!

Originally Posted by Unregistered

Hi all,

I've recently been offered a fresh grad role under Compliance - Sanctions, would like to find out more about the prospects in this area and for some kind advice from the seniors doing related work in this.

Thanks!

May I ask if you are placed under graduate program? Local or foreign bank? I would say good prospect. and there is opportunities for rotations within the division, so i suppose you will get exposed to not only sanctions, but transaction monitoring, anti-fraud, etc.

Originally Posted by Unregistered

as long as it's monitoring function it should be aml ops function, especially you only get BU to follow up and dont even file STR. I know some setup where the ops will review 1st level and if deem suspicious will escalate to compliance to follow through (more in depth investigation and file STR thereafter if needed).

well i do file STR as well, and also liaise directly with CAD or MAS to follow up on some cases or matters related to fraud, etc. Sometimes will also sit in the room to "interview" with the banker on his client's activities n walk through with all the possible follow up actions, including asking them to close the bugger's account.