thread starter here! after working for 5yrs since i first started this thread back in 2013 ... I am currently drawing around 8950 (am 30 this year) doing wm aml. Have done kyc, TM and led big projs before. Have not read team lead position yet.
I've been lurking around this thread all these years...seen some good and bad advice. Anyway, for starters... financial crime space isn't as hot as it was 5- 8 years ago. At least, FIs are not paying premium for newbie jobseekers... the Banks who are though... just be careful. They are paying a premium over other competitors in the market for very simple/mundane job scope. The kind of pay where it's almost impossible to get a higher match elsewhere given the mundane nature of work - hope you'll get the drift. there are really no easy shortcuts though.. i was lucky that along the way i met some really helpful senior managers who are willing to guide/coach me and pushed me up for better pay. Over the last 5 yrs++ that i've worked i have changed job 2 times but for legitimate organizational-wide reasons (sorry can't say). If you're already in some sort of FCC role, my advice to you is be on the ball and don't be scared of taking up harder/new responsibilities... at the same time please make new friends and get along with everyone (but with moderation pls!)... i can't stress the importance of networking! Lastly, don't shy away from learning new processes / general knowledge. If you're in TM, go make fnds with your MO/payments colleagues to understand how various processes work... you'll be surprised how handy it would be for you. If you're in KYC/onboarding type of role, pls make an effort to read up and broaden your general knowledge and regs in where yr FI is based and/or main clientele base is at. Don't be too fixated on "advisory" in your work... sounds fancy yes but what sets the really good ones apart in terms of market rep (this is where your network built over the years come into play) are the ones who are able/willing to roll up their sleeves to get into the action when necessary. sorry for the long post above, sounds like a generic copy and paste post but sadly... it is what it is. |
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Kyc
Hi guys,
Looking for new jobs as kyc/AML or advices. I've been working in the banking industry for 3y4m as kyc analyst. But for the past 3 years I've been in a contract role for foreign banks and even local ones. Recently for the past 4 months I've entered this current bank as a perm role, however this jobscope is not entirely kyc related, it is more to 40% ops and 60% kyc. Why I decide to take this role when I know ops is involved, becuase I'm sick of contract and I'm almost 27 now I need the stability. |
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if this is true, then congratulations, you are the 1 in 100,000 to do it. but whoever is reading this, my advice is take it with a pinch of salt. |
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I personally converted a contractor getting 2+k to 3+k (~60%) because that's what other fresh grads were getting while HR was proposing 15-20% then. He still considered slow as he only getting fresh grad pay after 1 year contract exp. Luck plays a big part. |
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His described scenario as an experienced hire, earning an already relatively decent level, and yet being able to move/promote into an internal un-related role (and project management support or whatever is not exactly a revenue generating or 'premium' job within most FIs that I know of) with a 2k-ish increment? It goes against basic internal equity guidelines hence my comment. |
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I have worked in a large UK Bank in Singapore before. Commonly named by 3 Letters. They have a reputation for being a generous paymaster. Nevertheless, I find it hard to believe that moving internally is able to get 34% increment. They have a formula to follow when internal staff promote to the next level. Need to peg to market rate and not more than mid point of next internal band. So far, my friends working in Compliance at US, European and local banks do not have that kind of increment. Probably CSB or super outliers on track to be MD.
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just gonna put it this way.... the "special" things that i was doing were not supposed to be handled by someone of my level at that point in time... but due to some special circumstances no one was willing to take it up at all... so i did... those things eventually gave me enough bargaining chips to re-nego again my package and helped me to pushed for a big pay jump 1 yr ago... not as much as the gentleman who had >30% through an internal trsf... but close... again i stress - i dont work in a big bank but i have heard stories about how the salaries are being pegged in some of those institutions. |
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Would you want to remain in FCC ? I have been in KYC for 5 years and wanted to know if it is possible to switch over to FCC. I am happy with my current role but may want to change to something different in future. |
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Many freshies these days fail to unstd that its not just the compliance topics that they have to be familiar with but also various back to front office processes as well. |
hello, 27 this year and thinking of switching industry and thinking of joining compliance as my friend is currently working as a financial crime analyst. Not sure if it's too late to start and any valuable advice?
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totally unrelated to compliance, but hoping to switch since there's not much growth in my current company. I read quite a few pages but still kind of lost since there's so much going on. Understand that the prospects of compliance is not as good as last time because it's too saturated, and not sure which area will be better to specialize in?
And there's also a lot going on, like outsourcing so not sure which area of compliance is still in demand and for entry- level, which area should I venture into? |
Never too late to start but this is an industry which heavily favours those who are “experienced”, though not many r worth their weight in salt. Or also depends on how quickly you pick things up, in which organisation and whether your boss favours you.
If u r talking about aml compliance typically most starters will start off with transaction monitoring at big organisations, which is also the very ops like of it. U look at clients transactions for potentially suspicious activity, and u usually have a monthly quota to meet. Or depending on the set up you may need to bao gar Liao, i.e client reviews/risk assessments transaction monitoring blabla. Such opportunities are better for growth but teams are usually very lean and small footprint. Another area which is somewhat related are what you call kyc Analysts who do not sit with the aml compliance function, and deal more with client documentation requirements/matters. There is some carryover but I do not see this an area you should venture into for it is quite different from actually performing aml assessments or investigations |
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does anyone know if it is possible to move into compliance from KYC analyst? if yes, what should we do to improve our chances?
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But practical advice is understand the principles why u r doing certain things and not do for the sake of doing, if u r interacting with aml folks show your good work and develop your reputation and network which makes u a candidate for internal mobility if positions open. Probably for Internal transfer that’s the way to do it. Also consider taking a scams to show u r serious about aml |
Hi, I am a fresh graduate and I would like to know more about the Compliance industry.
Here are some questions: 1) What does a Compliance Analyst actually do? 2) What are the industry jargons/terms often used? 3) Do the banks usually pay for professional examinations? |
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Second - Many, just read the Notice and its related. Third - There are many who graduated from ICA (not immigration hor) and have failed to secure a job. Mind you, they went the extra mile to do either a 5 days course approx 1.2k or a 13k diploma. |
career aspirations
aml/kyc fellows, what are your career aspirations?
i was recently asked this question, and i realised i havent fully thought this through. become a team lead, mlro, local / regional head? does it stop there? i am now trying to build up experience in various areas of FCC. i started off in very specialised areas and now looking to do more generalised roles, hopefully to synergise all these into a role and become master of all trades (if that's even possible). i actually have no idea where this will lead me, especially when large banks divide their fcc depts into very specialised teams. or should one just stay specialised? |
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1) It is MAS 626. There are also other publications that important such as ABS guideline on AML. 2) Read, interpret and convey to business units and other stakeholders. 3) ACAMS or Diploma in ICA is usual route. However, having the relevant experience is more important than anything. |
2 cents
Having chance upon this thread, I find its quite interesting but nonetheless thought I would post to just join in the fun.
Compliance space is a very interesting area, neither front (though we meet prospects/clients as part of the DD process), middle (since we are between the sales and ops) nor back office since we do not just plainly process sheets of papers. Yet, amongst the none front office persons, we are easily one of the highest paid. When I turn 30 (seemingly an age a lot of you reference here), I was drawing around $10k fixed with variable depending on company and individual performance and by mid 30s, I was banking around $15k as a head of company for a mid size outfit with my own team. Life was different in each part of my career, from flying 50% of my time, not seeing gf enough till partying on weekends so much to make up for the loss of time on weekdays. All in all, it depends on what you want to achieve, career vs family or if you seek balance in both. Good luck to all intending to join, remember, it job pays well but be expected to be driven. I have my fair share of asking those who do not make the cut to change career but have also given reference to others who are good and are now themselves Heads/Chief Compliance Officers. |
Bonuses for compliance executive
Hi!
I just started out in a compliance role in a local brokerage firm. I’m just wondering what’s the industry standard for bonuses ? I was previously a contractor KYC in a foreign bank for about a year and half. |
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Thanks for your answers! |
Spf aml
Hi !
Should I join SPF with a specialisation in AML (Commercial affairs department), gain experience, then hop over to a compliance related role in the private sector in the future (ive heard that there are ex officers working in the private sector at companies such as FB). Thank you in advance for your advice :) |
[QUOTE=HelpThisKid95;118682]Hi !
Should I join SPF with a specialisation in AML (Commercial affairs department), gain experience, then hop over to a compliance related role in the private sector in the future (ive heard that there are ex officers working in the private sector at companies such as FB). Not the best path out there. The compliance sector is already getting saturated and you'd have to work several years at CAD before they take you, but even then you'll only be taken at the analyst level at the local banks / tech companies. Take it only if it's the only offer you have. |
Hello everyone~
I just received a call from recruiter and she said: fresh grad, local bank = 2.2k some experience but not relevant (aka me), local bank = 2.4k I was taken aback by the quote. Understand that it is probably a oversupply market now but 2.4k just seems so.... low? My profile: private deg with some work experience Was wondering if anyone else got conveyed the same amounts, thanks guys. |
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Only 3+ years experience onwards can get you 4k to 7k range. |
What are the typical roles for compliance officers should they want an exit?
What are these roles: - within the banking industry? - exiting the banking industry? |
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