AML/Compliance/KYC professionals come in!

Originally Posted by Unregistered

The closure of BSI Bank in Singapore shows how important the Ops role are. The lack of proper management of ops people has partially led to their downfall. Ops in bank is a huge vacuum now and alot to learn. take pride in it! The future is bright if you play your cards well

Actually, it highlights the importance of Compliance. But certain Ops roles will benefit from this trend as well.

Double-edged sword... I would hate to be part of the Compliance team from BSI. Will be a permanent black stain on my CV.

Originally Posted by Unregistered

Actually, it highlights the importance of Compliance. But certain Ops roles will benefit from this trend as well.

Double-edged sword... I would hate to be part of the Compliance team from BSI. Will be a permanent black stain on my CV.

Agreed. MAS indeed are sending some strong signals to private banks/bankers. Huge market to be in now. on the hindsight due to china crash and weak asian markets, Investment banks/bank are quite down now. if your banks focus alot on IB, it can be worrying. Private banking is lucrative industry in asia, because of high net worth individuals here.

Hi, I'm a fresh grad from NUS (non-business/finance related course), 2:1 with no prior experience in compliance or banking. How likely is it to get an entry level analyst job in compliance in a bank/FI? Thanks in advance!

Originally Posted by Unregistered

Hi, I'm a fresh grad from NUS (non-business/finance related course), 2:1 with no prior experience in compliance or banking. How likely is it to get an entry level analyst job in compliance in a bank/FI? Thanks in advance!

Pretty likely. The compliance field is opening up their junior positions and i see many fresh grads coming in. This is unlike the past where the compliance field generally consisted of experienced banking professionals.

Originally Posted by Unregistered

Pretty likely. The compliance field is opening up their junior positions and i see many fresh grads coming in. This is unlike the past where the compliance field generally consisted of experienced banking professionals.

Hi thank you for the reply really appreciate it!

I have searched several bank websites for openings as a compliance officer and most of them require at least a relevant finance/econs degree and 2-3 years experience in a similar function. Same goes with many other recruitment agencies' ads. My question therefore is how and where do I start? Would it be wiser to apply to banks directly (well knowing that they might trash my resume upon seeing my unrelated discipline of study) or should I turn to recruitment agencies instead?

Originally Posted by Unregistered

Hi thank you for the reply really appreciate it!

I have searched several bank websites for openings as a compliance officer and most of them require at least a relevant finance/econs degree and 2-3 years experience in a similar function. Same goes with many other recruitment agencies' ads. My question therefore is how and where do I start? Would it be wiser to apply to banks directly (well knowing that they might trash my resume upon seeing my unrelated discipline of study) or should I turn to recruitment agencies instead?

Hi, I am another poster. You can apply through all sources you have mentioned. Your discipline doesnt matter. I have an econs degree and been in the field for 2 years. Prior to joining this field, I was from banking operations. To be honest, there are many contract roles out there and I know of many people going from contract to contract, from perm to contract etc. There are still perm roles out there, but you need to apply to the right company. Apply to the perm roles. Contract roles wont provide you with the career progression.

Originally Posted by Unregistered

Hi, I am another poster. You can apply through all sources you have mentioned. Your discipline doesnt matter. I have an econs degree and been in the field for 2 years. Prior to joining this field, I was from banking operations. To be honest, there are many contract roles out there and I know of many people going from contract to contract, from perm to contract etc. There are still perm roles out there, but you need to apply to the right company. Apply to the perm roles. Contract roles wont provide you with the career progression.

There are many instances of contracts being converted to perm, but obviously your performance and attitude must impress the hiring manager, there must be a available perm headcount, in order for that to happen.

And as what the reply stated, apply through all available sources. Positions in Compliance that accept fresh grads are much fewer than compared to Operations and Settlements for example. But don't give up, keep looking.

Originally Posted by Unregistered

There are many instances of contracts being converted to perm, but obviously your performance and attitude must impress the hiring manager, there must be a available perm headcount, in order for that to happen.

And as what the reply stated, apply through all available sources. Positions in Compliance that accept fresh grads are much fewer than compared to Operations and Settlements for example. But don't give up, keep looking.

Yes this is provided there is a headcount. And you are competing against other contractors.
There is a reason why there are many contract roles in the first place. Lesson has taught me not to ever get a contract role (Unless you really cannot find a perm role). Why shortchange yourself by going for a contract role?

Originally Posted by Unregistered

Yes this is provided there is a headcount. And you are competing against other contractors.
There is a reason why there are many contract roles in the first place. Lesson has taught me not to ever get a contract role (Unless you really cannot find a perm role). Why shortchange yourself by going for a contract role?

Obviously contract roles are a last resort. I'm just stating that it's not the end of the world to accept a contractual role.

On the flip side, I have seen perms jumping over to contractual roles, for a pretty substantial pay increment. I'm talking about 30-40%. So yes, it happens.

Originally Posted by Unregistered

Obviously contract roles are a last resort. I'm just stating that it's not the end of the world to accept a contractual role.

On the flip side, I have seen perms jumping over to contractual roles, for a pretty substantial pay increment. I'm talking about 30-40%. So yes, it happens.

Yes you have pointed out the truth. Those who go from perm to contract mainly do so for the increment.
I am not against them from doing so but personally I am not for it. I was asked to go for a 6 month contract and the company can pay me 30% at least of my whole package.