What do you guys think about the view that Singapore is a high cost centre and processing activities (eg. KYC, AML related roles) will eventually move to low cost centres like India? Do you think it’s true or the quality of work in the low cost centres would be so bad that it’s eventually a higher cost to the firm too?
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Businesses in India aren't doing well because laws aren't business friendly. Taxes are high too. India is good for back-office jobs not involving critical decision making. Compliance functions are critical and essential. They can't move. |
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Challenge is not every part of the role can be outsourced. Some companies have incorporated these roles into business (i.e. client facing). There is also requirement for knowledge of regulations and working close to the business and regulator. |
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Anyone know of any bank which had outsourced KYC function? |
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does anyone know how much the bigger swiss private banks (UBS/CS) will pay for aml role for candidates with 5 yr relevant exp? currently drawing ~6-7k at another pb.
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Cdd analyst starting position
Fresh local accounting graduate with no experience in compliance. Got offered cdd analyst 6 month contract for 3.4k. Is it okay? The problem is they expect me to get back to them within 2 days and i am still receiving offers and second interviews at the moment.
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Take and go. But read the notice period. It's fine. You can leave within a week i think if u decide to take other offers. |
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Recently landed an offer of 7.5k for a non-aml compliance role at a bb (8.5k w/ estimated bonus). 6 years of experience. I’m moving from a short stint so initially they only wanted to match my current pay, but I managed to negotiate a slight increment.
I see people here already earning 8-9k+ base with similar or less exp and wondering whether I’m indeed lagging behind for now? Salary guides online don’t really state avg compensation vis-à-vis yrs of exp so I’m having trouble getting a sense of the real market rate. |
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Some banks may be willing to pay more. With 7 years exp I am at mid 8k and 10k w estimated bonus. |
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It will be my 3rd place. I stayed in my first for the bulk of my career. Moved to my 2nd earlier this year but am jumping ship cos of various reasons. |
Would industry veterans be aware of the accuracy of the following salary benchmark? Since ranks across banks differ widely, I'm not too sure which column to refer to if I have 3 years of experience in AML.
s://.efinancialcareers.sg/news/finance/compliance-salary-and-bonus-singapore |
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Analyst 1-3yeara Associate 4-5 years AVP 6/7+ years In order for the salary table to make sense? .efinancialcareers.sg/news/finance/compliance-salary-and-bonus-singapore |
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Anyone aware of avg performer bonus for compliance in UBS/CS? Got at least 1 month?
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Is an offer for $10,500pm for 10yrs experience in advisory within market rate? Total package is variable, could be anywhere from 140-160k.
If not, what would be a base that I should be expecting? Many of the JDs I've seen seem to hover around the 12.5k range, but not sure if it's realistic as I don't really share or discuss salary with my network. |
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What's the market rate for 7 years of exp in central compliance/compliance generalist?
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Let the next company knows your desired salary and see if it can match. With good experience you should have more bargaining power. If you are not desperate to leave your current job, take time to find the next good one with good increment. |
im drawing 4k in CDD onboarding, with 1 year of experience. it's unlikely that i can get a significant pay bump or promotion anytime soon.
with so little experience, would it better if i remain and farm for more working experience or should i start looking out for better opportunities? |
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The next company will ask you these questions. |
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Weak reason I know, especially for someone who's relatively inexperienced. |
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