AML/Compliance/KYC professionals come in!

Originally Posted by Unregistered

If u want to progress in banking its all about networking, not "skills". Otherwise no matter what experience you have you will forever just be a AVP/VP making <30k a month.

I will take a AVP / VP job that pays me $29K a month, anytime. I don't know any banks who would pay a AVP/VP for slightly less than $30K a month.

On the TM portion, more banks perceived this as an operational role, hence, you will be limited in terms of career progression (promotions) and bonus (operational roles are known to have lower bonus). In some PB, TM is part of AML advisory function. Hence, an option is to try a role in such PBs, so that you can still use your TM skills, while picking up advisory knowledge.

Originally Posted by Unregistered

If u want to progress in banking its all about networking, not "skills". Otherwise no matter what experience you have you will forever just be a AVP/VP making <30k a month.

Not really. I would say even up to SVP level (ie 400-600k) skillset, experience and certification is still quite important besides connection.

Only when you reach higher MD level then become all about who you know.

Hi!

When is the hiring period for AML KYC jobs, esp for fresh grads with no experience?

Is Financial Crime Compliance a good place to be in for future career progression? I've seen plenty of hiring now but like someone mentioned in the post, eventually most of such compliance roles will be converted mostly into ops in future after all the backlogs... so just wanna ask those in FCC whether they are able to switch to other roles such as advisory or risk more easily. Thanks!

yes! you can always change to risk/advisory in the big four or within the bank especially towards the internal audit role. But it is essential to have the correct qualifications for it (For big four, mainly: accting deg + CPA + CIA) - not sure about the exact qualifications but it is on their website

[Keep it real]

Hello all,

Currently working in AML sphere overseas, and it's great to chance upon this site to see that many are looking for a job in compliance area. In my opinion, compliance is an overarching term that people use / throw about loosely, and encompass many sub function. What I really wanted to say is, there is no one area that overshadows the other in the world of compliance. I see that there are many well meaning advisors on the net who try to advise on pay and share their experience, but remember what one person have or been in contact with is not a true representation of everything in this sphere.

Moving on, thepeople who truly succeed in this type of role are the ones who have an analytical mind, willing to put in the grit and be able to challenge your very senior stakeholders in a firm and respectful manner. I am not going to lie and say that pay is not important, it is and will be for everyone, but if it's the pay that motivates you, reaching top 5% of the food chain will be extremely challenging.

So..if you've read all the way here, congratulations. My golden nugget of advice to all aspiring compliance officers to be, you don't need an excellent education background, so please do not take the piss out of someone who did not graduate from the run of the mill university. Everyone who is hardworking and is willing to work smart, can earn equally as much as the next door local uni students. Do not let any empty vessels in this forum put you down!

Okay I promise, last paragraph... In essence, the fincrime and compliance function is definitely not as mature as the west. That being said, to get the most out of such roles in terms of exp does not lies (to a certain extent) with the number of years you've been working in this role. The maturity of a market and the exposure that you're given will build you up. Don't worry too much about exit opportunity, there will be. If you're young or without much commitments say, I say take a chance and as Nike slogan has put it rather aptly - just do it!

All the best! Toddles!

Your fellow Singaporean

and in the news today....

The salary for most assistant vice presidents is in the range of S$90 to $180,000, and this has remained largely unchanged since 2015, according to Chan. Salaries of director and head compliance have also remained largely the same since 2015.

Compliance professionals can typically expect a 15 to 25 percent pay rise when they move to a new role in another financial institution.

#justsaying

Source of news?

Originally Posted by Keep it real

Hello all,

Currently working in AML sphere overseas, and it's great to chance upon this site to see that many are looking for a job in compliance area. In my opinion, compliance is an overarching term that people use / throw about loosely, and encompass many sub function. What I really wanted to say is, there is no one area that overshadows the other in the world of compliance. I see that there are many well meaning advisors on the net who try to advise on pay and share their experience, but remember what one person have or been in contact with is not a true representation of everything in this sphere.

Moving on, thepeople who truly succeed in this type of role are the ones who have an analytical mind, willing to put in the grit and be able to challenge your very senior stakeholders in a firm and respectful manner. I am not going to lie and say that pay is not important, it is and will be for everyone, but if it's the pay that motivates you, reaching top 5% of the food chain will be extremely challenging.

So..if you've read all the way here, congratulations. My golden nugget of advice to all aspiring compliance officers to be, you don't need an excellent education background, so please do not take the piss out of someone who did not graduate from the run of the mill university. Everyone who is hardworking and is willing to work smart, can earn equally as much as the next door local uni students. Do not let any empty vessels in this forum put you down!

Okay I promise, last paragraph... In essence, the fincrime and compliance function is definitely not as mature as the west. That being said, to get the most out of such roles in terms of exp does not lies (to a certain extent) with the number of years you've been working in this role. The maturity of a market and the exposure that you're given will build you up. Don't worry too much about exit opportunity, there will be. If you're young or without much commitments say, I say take a chance and as Nike slogan has put it rather aptly - just do it!

All the best! Toddles!

Your fellow Singaporean

I don't see any value after you wrote so much!!

Originally Posted by Unregistered

and in the news today....

The salary for most assistant vice presidents is in the range of S$90 to $180,000, and this has remained largely unchanged since 2015, according to Chan. Salaries of director and head compliance have also remained largely the same since 2015.

Compliance professionals can typically expect a 15 to 25 percent pay rise when they move to a new role in another financial institution.

#justsaying

Recruitment firms are forever perpetuating inflated salaries to the public. It's immoral. AVPs do not make 90-180k. It's more like 60-120k, depending on years of exp, role and firm.

I guess in a realistic world where everyone needs to feed, everyone is entitled to lie, not just bankers right?