Salary.sg Forums

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

Unregistered 09-10-2021 06:00 PM

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 itís true or the quality of work in the low cost centres would be so bad that itís eventually a higher cost to the firm too?

Unregistered 09-10-2021 11:38 PM

Quote:

Originally Posted by Unregistered (Post 185772)
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 itís true or the quality of work in the low cost centres would be so bad that itís eventually a higher cost to the firm too?

Won't happen.

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.

Unregistered 10-10-2021 07:38 AM

Quote:

Originally Posted by Unregistered (Post 185772)
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 itís true or the quality of work in the low cost centres would be so bad that itís eventually a higher cost to the firm too?

There has been hearsay of outsourcing since many years ago but it didnt take place completely.

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.

Unregistered 10-10-2021 04:12 PM

Quote:

Originally Posted by Unregistered (Post 185801)
There has been hearsay of outsourcing since many years ago but it didnt take place completely.

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.


Anyone know of any bank which had outsourced KYC function?

Unregistered 11-10-2021 06:40 PM

Quote:

Originally Posted by Unregistered (Post 185817)
Anyone know of any bank which had outsourced KYC function?

HSBC is in the midst of offshoring their KYC functions, including client outreach, in commercial banking.

Unregistered 11-10-2021 09:27 PM

Quote:

Originally Posted by Unregistered (Post 185817)
Anyone know of any bank which had outsourced KYC function?

many banks

Unregistered 11-11-2021 04:02 PM

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.

Unregistered 14-11-2021 08:47 AM

Quote:

Originally Posted by Unregistered (Post 189722)
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.

Likely will bump 10-20% from your current pay so possibly anywhere from 7-8.5k.

FATFMember 15-11-2021 09:04 PM

Quote:

Originally Posted by Unregistered (Post 189959)
Likely will bump 10-20% from your current pay so possibly anywhere from 7-8.5k.

It depends on your current scope and what role you are applying into (e.g. team lead role or deputy). 5 yoe with your current compensation seems quite reasonable if it's a generalist role, so 10-20% will be a good ballpark figure.

Unregistered 19-11-2021 04:52 PM

Quote:

Originally Posted by Unregistered (Post 189722)
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.

What is the bonus like for these Swiss private banks? Do they pay good bonus for aml function?

Unregistered 19-11-2021 11:21 PM

Quote:

Originally Posted by FATFMember (Post 190112)
It depends on your current scope and what role you are applying into (e.g. team lead role or deputy). 5 yoe with your current compensation seems quite reasonable if it's a generalist role, so 10-20% will be a good ballpark figure.

Hey thank you for sharing. Could you clarify what you mean by a generalist role? Also, trying to rationalise how 5 YOE can reach 6-7k. Not easy to secure a perm role in big private banks if you have no exp, so likely that one would start from ground 0 at a local bank / smaller firm (some potentially in a contract role), starting from 3-4k??

Unregistered 25-11-2021 01:07 AM

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.

Unregistered 26-11-2021 08:13 AM

Quote:

Originally Posted by Unregistered (Post 191371)
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.


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.

Unregistered 26-11-2021 08:51 AM

Quote:

Originally Posted by Unregistered (Post 191371)
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.

Accept first and you can decide again if you want other offers.

Unregistered 30-11-2021 06:40 PM

Quote:

Originally Posted by Unregistered (Post 189959)
Likely will bump 10-20% from your current pay so possibly anywhere from 7-8.5k.

you were spot on, managed to get the job and it was right between that range.

Unregistered 03-12-2021 09:52 PM

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. Iím 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 Iím indeed lagging behind for now? Salary guides online donít really state avg compensation vis-ŗ-vis yrs of exp so Iím having trouble getting a sense of the real market rate.

Unregistered 04-12-2021 07:30 AM

Quote:

Originally Posted by Unregistered (Post 192437)
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. Iím 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 Iím indeed lagging behind for now? Salary guides online donít really state avg compensation vis-ŗ-vis yrs of exp so Iím having trouble getting a sense of the real market rate.


Some banks may be willing to pay more. With 7 years exp I am at mid 8k and 10k w estimated bonus.

Unregistered 04-12-2021 09:36 AM

Quote:

Originally Posted by Unregistered (Post 192469)
Some banks may be willing to pay more. With 7 years exp I am at mid 8k and 10k w estimated bonus.

man...thanks. hope ill be able to get there in the next 1-2 years, or i may jump again after the 2.5 year mark.

Unregistered 04-12-2021 03:10 PM

Quote:

Originally Posted by Unregistered (Post 192437)
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. Iím 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 Iím indeed lagging behind for now? Salary guides online donít really state avg compensation vis-ŗ-vis yrs of exp so Iím having trouble getting a sense of the real market rate.

Frankly 7-8k base sounds pretty desirable for 6 years of experience so congrats on that! How many companies were you at prior to this new role?

Unregistered 04-12-2021 04:34 PM

Quote:

Originally Posted by Unregistered (Post 192497)
Frankly 7-8k base sounds pretty desirable for 6 years of experience so congrats on that! How many companies were you at prior to this new role?

I do hope that I'm not too off the right pay scale!

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.

Unregistered 08-12-2021 03:03 PM

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

Unregistered 08-12-2021 03:49 PM

Quote:

Originally Posted by Unregistered (Post 192892)
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

Quite accurate for AVP level which is at least 6 years and above. You should still be at analyst level.

Unregistered 08-12-2021 04:25 PM

Quote:

Originally Posted by Unregistered (Post 192896)
Quite accurate for AVP level which is at least 6 years and above. You should still be at analyst level.

I see, thanks. I'm an Associate at my current place but nowhere near 90k as mentioned in the website. Would it be right to say

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

Unregistered 08-12-2021 06:29 PM

Quote:

Originally Posted by Unregistered (Post 192906)
I see, thanks. I'm an Associate at my current place but nowhere near 90k as mentioned in the website. Would it be right to say

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

Yes around that range but it is not a fixed rule. Associate could just be your job title but actual rank is analyst.

Unregistered 18-12-2021 10:41 AM

Anyone aware of avg performer bonus for compliance in UBS/CS? Got at least 1 month?

Unregistered 18-12-2021 07:51 PM

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.

Unregistered 18-12-2021 08:21 PM

Quote:

Originally Posted by Unregistered (Post 194166)
Anyone aware of avg performer bonus for compliance in UBS/CS? Got at least 1 month?

Average is around 1 month. Can range anywhere from 0.5 - 2 months.

Unregistered 18-12-2021 08:31 PM

Quote:

Originally Posted by Unregistered (Post 194212)
Average is around 1 month. Can range anywhere from 0.5 - 2 months.

thanks! would you know about average increment as well?

Unregistered 18-12-2021 09:34 PM

Quote:

Originally Posted by Unregistered (Post 194214)
thanks! would you know about average increment as well?

no annual increment. if you're lucky, slight revision (~5% or so) after 3 years

Unregistered 18-12-2021 09:59 PM

Quote:

Originally Posted by Unregistered (Post 194218)
no annual increment. if you're lucky, slight revision (~5% or so) after 3 years

No increment by default? Dang. I thought it'll be at least 1-2%...that sucks to have to stay 3 years to see a slight increase in pay.

Unregistered 24-12-2021 08:37 PM

Quote:

Originally Posted by Unregistered (Post 194223)
No increment by default? Dang. I thought it'll be at least 1-2%...that sucks to have to stay 3 years to see a slight increase in pay.

Welcome to ubs/cs :)

Unregistered 24-12-2021 09:20 PM

Quote:

Originally Posted by Unregistered (Post 194223)
No increment by default? Dang. I thought it'll be at least 1-2%...that sucks to have to stay 3 years to see a slight increase in pay.

Just hop lo.

Unregistered 25-12-2021 04:02 PM

What's the market rate for 7 years of exp in central compliance/compliance generalist?

Unregistered 25-12-2021 05:27 PM

Quote:

Originally Posted by Unregistered (Post 195085)
What's the market rate for 7 years of exp in central compliance/compliance generalist?

Nothing less than 10K.

FATFMember 26-12-2021 12:20 PM

Quote:

Originally Posted by Unregistered (Post 195091)
Nothing less than 10K.

I would argue that 8k++ would be a better ballpark figure, especially if you are not a specialist or leading a team.

Unregistered 26-12-2021 05:21 PM

Quote:

Originally Posted by FATFMember (Post 195143)
I would argue that 8k++ would be a better ballpark figure, especially if you are not a specialist or leading a team.

Yup I was referring to a sole contributor role as I'm not too keen on taking up managerial responsibilities atm. Not sure whether 8k or 10k would be a more accurate estimate. Have been in my current place for 3 yrs and drawing 7.3k with total 7 yoe. Thinking of hopping soon.

Unregistered 26-12-2021 08:05 PM

Quote:

Originally Posted by Unregistered (Post 195172)
Yup I was referring to a sole contributor role as I'm not too keen on taking up managerial responsibilities atm. Not sure whether 8k or 10k would be a more accurate estimate. Have been in my current place for 3 yrs and drawing 7.3k with total 7 yoe. Thinking of hopping soon.

It does not matter whether 8k or 10k would be more accurate estimate.

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.

Unregistered 26-12-2021 08:25 PM

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?

Unregistered 26-12-2021 11:03 PM

Quote:

Originally Posted by Unregistered (Post 195189)
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?

Not sure if this is contract role. Any pressing reason for leaving? What is better opportunity?
The next company will ask you these questions.

Unregistered 27-12-2021 12:56 AM

Quote:

Originally Posted by Unregistered (Post 195207)
Not sure if this is contract role. Any pressing reason for leaving? What is better opportunity?
The next company will ask you these questions.

Perm. No pressing reason, just that progression seem slow and stagnant. I'm holding the same rank as my seniors who have 4-5 YOE, and presumably drawing similar pay. Attrition rate is extremely high and my colleagues have gotten 20-40% pay bump by jumping to other banks.

Weak reason I know, especially for someone who's relatively inexperienced.


All times are GMT +8. The time now is 09:30 PM.

Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2