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-   -   AML/Compliance/KYC professionals come in! (https://forums.salary.sg/income-jobs/3243-aml-compliance-kyc-professionals-come.html)

Unregistered 15-05-2016 04:12 PM

Quote:

Originally Posted by Unregistered (Post 84489)
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

Correct me if im wrong but why would people move to big4 advisory if they are in banks' compliance?

Unregistered 15-05-2016 08:05 PM

Quote:

Originally Posted by Unregistered (Post 85574)
Correct me if im wrong but why would people move to big4 advisory if they are in banks' compliance?

obviously to hong all the chio bu fresh grad mei mei....

Unregistered 16-05-2016 10:09 AM

Quote:

Originally Posted by Unregistered (Post 85574)
Correct me if im wrong but why would people move to big4 advisory if they are in banks' compliance?

sometimes it happens. for e.g. a well connected AVP for compliance in a bank might be offered a jr partner advisory in big4.

shenry 16-05-2016 12:03 PM

127
 
Currently working for TR as FCC researcher and I have a chance to join an american bank for Ops aml role under band 6 without bonus. I am getting a 18% increment but my base with TR was already (about 3.1). Can i get more advice on this? surprised that there is no bonus.

Unregistered 17-05-2016 10:33 AM

Quote:

Originally Posted by shenry (Post 85603)
Currently working for TR as FCC researcher and I have a chance to join an american bank for Ops aml role under band 6 without bonus. I am getting a 18% increment but my base with TR was already (about 3.1). Can i get more advice on this? surprised that there is no bonus.

I assume it's BAML you are referring to. They are well known for having 'inbuilt bonus' in their basic salary. How many years of relevant experience do you have? Personally, I'll be looking at a minimum of 20%.

Do keep in mind that they have a generous flexible benefits scheme of 3k, in which I suppose you can manually transform to cash. Don't think I need to teach you how to do it.

shenry 17-05-2016 11:25 AM

Quote:

Originally Posted by Unregistered (Post 85628)
I assume it's BAML you are referring to. They are well known for having 'inbuilt bonus' in their basic salary. How many years of relevant experience do you have? Personally, I'll be looking at a minimum of 20%.

Do keep in mind that they have a generous flexible benefits scheme of 3k, in which I suppose you can manually transform to cash. Don't think I need to teach you how to do it.

Thanks for the insight. yes that is right. They did mention about the flexi benefits 3-7k depending on band. I wasn't too sure on the banding since I assumed that with 2 years of experience (excluding 1 yr internship exp) i would be under band 5?

Any advice for the operation role. Senior ex colleagues and recruiters shared that BAML is a good brand and place to learn. Ops is also good for juniors like me before moving to advisory roles in the next 5 years?

Unregistered 17-05-2016 05:51 PM

Quote:

Originally Posted by shenry (Post 85633)
Thanks for the insight. yes that is right. They did mention about the flexi benefits 3-7k depending on band. I wasn't too sure on the banding since I assumed that with 2 years of experience (excluding 1 yr internship exp) i would be under band 5?

Any advice for the operation role. Senior ex colleagues and recruiters shared that BAML is a good brand and place to learn. Ops is also good for juniors like me before moving to advisory roles in the next 5 years?

I don't know how the banding works over there, but you are probably considered a junior banding, very sure the flexi benefits will be 3k rather than more. You can check with the HR again regarding this.

You mentioned that your current pay is 3.1k? No offense intended but I think this is way too low for 2 years of quality, relevant experience. The market rate for such candidates like yourself is 4k +/-.

Tbh, in this domain, all mainstream banks will be regarded as the same on your CV. Ops is fine for now but do note that the jump from Ops into the advisory roles under Compliance will be difficult and scarce. It is not easy to make the jump, as the knowledge gap is actually much wider than most would expect.

Having said that, KYC ops is a perfectly fine place to be in at the moment, and even establish a career in. Do talk with your agent/the HR and make it known that you are aware of the market rate... don't leave anything on the table. It'll have a negative butterfly effect on your remuneration as you move on in your career.

Unregistered 17-05-2016 06:39 PM

Quote:

Originally Posted by Unregistered (Post 85650)
You mentioned that your current pay is 3.1k? No offense intended but I think this is way too low for 2 years of quality, relevant experience. The market rate for such candidates like yourself is 4k +/-.

definitely agree on this. i'm doing aml and already drawing 4.8k in my 2nd yr.

shenry 18-05-2016 09:58 AM

Quote:

Originally Posted by Unregistered (Post 85650)
I don't know how the banding works over there, but you are probably considered a junior banding, very sure the flexi benefits will be 3k rather than more. You can check with the HR again regarding this.

You mentioned that your current pay is 3.1k? No offense intended but I think this is way too low for 2 years of quality, relevant experience. The market rate for such candidates like yourself is 4k +/-.

Tbh, in this domain, all mainstream banks will be regarded as the same on your CV. Ops is fine for now but do note that the jump from Ops into the advisory roles under Compliance will be difficult and scarce. It is not easy to make the jump, as the knowledge gap is actually much wider than most would expect.

Having said that, KYC ops is a perfectly fine place to be in at the moment, and even establish a career in. Do talk with your agent/the HR and make it known that you are aware of the market rate... don't leave anything on the table. It'll have a negative butterfly effect on your remuneration as you move on in your career.

I am a fresh grad who started work in 2014 with TR and as many of you guys know TR is not doing too great. increment and bonus are meagre hence the reason for me to explore an opportunity with a bank where I can learn more. with regards to career prospect I did talk to a senior recruiter on the path of Ops aml kyc and she said its the usual path if you want to go into advisory role. Plus with my 2 years and low pay, this is certainly an upgrade atleast in the short term (another2-3 years?) I am hoping the yearly increment will be better in banks!

shenry 18-05-2016 10:01 AM

Quote:

Originally Posted by Unregistered (Post 85654)
definitely agree on this. i'm doing aml and already drawing 4.8k in my 2nd yr.

were you a fresh grad too? I think for fresh grad TR was offering 2.8 and I had to negotiate to 3. Maybe if I started off in bank I would have been offered more?

I have a friend who is Credit suisse compliance prog and his base is 3.3 with no bonus for 2 years. lucky for him he manage to secure a role after 2 years but some of his batch colleagues did not.


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