Think this is pretty decent! May I enquire what area of aml/kyc you're in?

You should be expecting a 100k all in package with 6 years of experience at a BB.

Kyc onboarding

Are you at avp level?

Cool beans! First job?

What’s the general range for an avp in a foreign bank? Will there be opportunity for in role promotion or have to wait for an avp to leave before getting a chance of promotion?

Where I'm at (foreign bank), internal promotion for an AVP is largely hard to come by. Competition is very stiff and foreign expats at > Director level take up most of the resourcing budget. Also, the bank seems to prefer to hire AVP / VP externally rather than internally promote qualified staff who have been working for a long time.

No concrete proof but based on hearsay, if internally promote to avp it's around 10-20% pay bump. If externally hired, of course they bump from your current salary but from s://.mycareersfuture.gov.sg, the range could go anywhere from $7k to $12k.

bump for like-minded individuals

What is an ideal salary package (excluding bonus) in this field for 2 years of experience?

Thanks.

anyone knows progression of KYC analyst in DBS?

Hi fellow compliance peers, can anyone explain what is the difference between aml and kyc?

For example, in some banks they have positions for both aml and kyc e.g. A) AML analyst and B) KYC analyst

I spent much of my time sending applications for AML compliance role but was offered a KYC role in a bank instead

Whats the diff between the them and is doing kyc useful for switching into aml compliance role in future?

Which bank is it? And do you have prior AML experience?

Bump thread

Up-skills, upgrade your self from time to time with short courses and certification is key to compliance careers, law and regulations changes on a weekly, monthly and on annual basis.

It is the only way to move around and stay relevant in my opinion.

bumpinggg 10 char

any recommended courses?

ICA and CAMS

Anyone able to share experience on the usefulness of ACAMS vs ICA?
I have been in operations and controls and have moved to advisory and policy making.

I have browsed Level 1 & 2 ACAMS and Level 1 ICA from my friends and do not find the ACAMS material particularly useful as it mentions and makes some questions around history, such as the setup of organisations or principles.
My previous workplaces encouraged ACAMS although they were admittedly openly biased towards it, knowing people on the board and claimed the material is alot fresher than ICA.
A friend who is a senior on an operations team, queried the usefulness of either and the hiring manager only cares about work experience and team fit.
ACAMS requires a ''refresher'' certification every 3 years and sounds like a money-grabbing tactic.
The subscription to AML/CTF news seems useful if extracting for training and being kept up to date.

On other hand ICA, some of my friends mentioned that the coursework/tests are more practical such as designing frameworks and policies. I have not seen the advanced course material and have seen fewer people with this certification.

Based on my understanding, both terms may be used interchangeably, and you should look into the job description to understand the job scope that you'll be doing.

In a general realm of things, Anti-Money Laundering (AML) is a very broad term to represent combating against financial crime. There are several pillars within it such as Sanctions, Anti-Bribery and Corruption, KYC, Tax Evasion, etc. Important to note is that knowing your client (or KYC) is the first and one of the most fundamental requirement, without which, how else are you able to ascertain other risks? For e.g., how do you validate if your client is indeed a sanctioned individual, if the Beneficial Owner has any adverse news or convicted of any criminal wrongdoing) or what attributes of client info (geography, industry, account structure, etc) do you need to ascertain its risk scoring for risk-based assessment?

The job scope would provide further clarity - is it a maker (1LOD) or a checker (2LOD) role? Account opening or client periodic reviews? Are you dealing with BAU operations work or advisory/policy to ensure the FI meets local 626 requirements and banks' global standards?

To your question on the "helpfulness", it depends on what the KYC work entails, your responsibilities and the skillsets achieved. If it's merely a KYC maker role (i.e. obtaining documentation from RM/client and marking it off the checklist/guidelines) - it is less value-adding compared to one that entails reviewing submissions, reviewing potential exceptions and risk-accepting deviations, analysing and escalating to specialist desks for holistic assessment, conducting gap analysing, enhancing framework/policies/projects/processes to strengthen and update the banks KYC/CDD framework.

I have taken the ICA dip and CAMS. Your observations are spot on. ICA may be a little more helpful in practical context, and this is only a may. I qualify i have not taken the advanced certs.

Most importantly is are you funded? If you are not, i suggest you forgo unless there are more positive experiences about a particular cert shared to you.

Yeah I've started CAMS as it's funded at about 80-90% depending on the cutoff date of passing.

I have been advised by ex-colleagues to pursue a law degree if I want to continue in PB and draft policies. Are the recognised unis, SMU,NUS and SUSS necessary or is a diploma/other uni good enough to work in those fields given that I do not intend to pass the bar.

Alternatively, I would go into data analytics instead.

I prefer CAMS more than ICA in view that you can attend many seminars to keep yourself up to date on current affairs. Bear in mind risk management is ever changing, what works in the past does not apply to the present. Your risk assessment requires broad depth of knowledge to work on. A law degree is only useful if you have the practical experience as it only helps in understanding the legal nuances of regulations.

bump thread ..

Fresh grad salary
 

I graduated from UOL last year and recently got an offer of 3.2k and only 1 month bonus from an investment management firm for compliance role. I didn’t have any compliance exp before, only non-related work experience during my school hols. Is the salary and bonus too little? What should I be expecting?

Wow not bad at least you got an offer without any prior experience. How are you so certain of the 1 month bonus anyways? Bonus is rarely reflected in your offer letter nor would the managers/HR be able to disclose/advise as it varies due to multiple factors?

I heard from an acquaintance that the company is hiring so I applied for it. The offer letter states 1-3 months bonus but the acquaintance working there said based on norm it’s 1 month bonus.

Company name starts with F?

Mid career
 

Hi is it easy for mid careers (37 years old) to join this industry? Not sure if will take drastic paycut?

Private uni grad, work temp job for 6 months before in compliance and now looking for perm job. How much should I be asking?

shldnt the qns be what r the salary range of jobs that u r able to secure at least a 2nd rd intervw?

I’m not sure if the salary range as most job posts didn’t state.

hi guys,

hopefully can get some quotes here....

I am a 11 months contract staff in 1 of the local bank and someone has resign. My supervisor told me that i will be next in line to be converted....

I do not have prior experience before the 11 month. Degree is non-finance related...

Current job scope is KYC. Mostly documentation for onboarding & periodic review and adhoc work.

How much should I expect?

Not enough information, but 3k sounds right. It's not a high value task. Anyone can do it with 6mths of training.

Compliance in? 6months fresh grad scope is quite limited. It also depends on what are you interviewing for.

With digital banks seem to be hiring aggressively, will it be worthwhile to join as the pioneer of the team?

Hi, you are right, anyone can do it with 6months of training. Was planning to ask for 3.5k but seems like I am over-asking.

Genuinely asking, what task/scope will be considered as a high value task in AML/KYC/CDD? I was planning to take a cert in transactional monitoring and not sure whether it will bring value to the team

Advisory / policy related. Transaction monitoring is definitely needed but I do have the impression most people do get stuck there over time

TM roles, you need data analytics to do well. It will be replaced by AI eventually.

Thanks for sharing, could you provide some real examples of the use of analytics in transaction monitoring? What tools may be used?

You clearly don't know what you're talking about. Analytics is used to enhance efficiency in TM/NS processes such as reducing false positives. How on earth will AI replace CDD / TM analysts? Imbeciles who don't know **** about the tech always coming up with cretinous vague projections like these without giving any specific details.