Please don't come in here and BS when you obviously know nuts. I can count with one hand the number of bank compliance people with 600k base in the whole of Singapore.

Pay is decent but not outrageous. Many people don't realise that part of the remuneration is to compensate for the legal liability assumed.

Also, this is an unforgiving environment whereby one screw-up can cost you your entire career. There's no way back because it's a very small sector and word tends to go around. Nobody wants a compliance person with a blemished track record.

Hi, possible for ops to switch to kyc/aml? Esp already in 30s.
Tot of doing something different fr ops but recruiters always look for relevant experience.
Any areas ops can switch to?

Maybe you come from a small outfit where the only compliance work is kyc. So you never seen the real big fish out there earning this range.
The liability is not as bad, every job in the bank carries some liability, be it the cfo who signs off financial statement, cro who manages risk, fo who trades

Fatca compliance SVP - legal background with tax experience- 480k base

Nah, I am just fortunate enough to have had the broad-based exposure to refute the authenticity of the claims. The people I know earning close to those amounts earned them the hard way, slowly rising through the ranks and making great sacrifices, so please don't belittle their achievements.

Even if this is an un-moderated forum, it is important not to mislead potential entrants on monetary reward issues which are close to heart.

True, no individual has ever been convicted so far although banks have been slapped with penalties left right centre. It's obvious that the incentive system is perversed - people get rewarded for earning above-budget returns but are getting away very lightly with losing other people's money.

The recent HSBC tax evasion case could be an inflection point - it tests the political will of the US and other governments in lifting the corporate veil and ensuring that the responsible individuals get their just desserts. Personally, I'm sceptical that this will happen. Till this day happens (the rectification of the incentive system), the effectiveness of having more stringent regulations like Dodd Frank, Basel III, AML, etc. will be very limited.

Many ex-FO switch to compliance esp on product compliance advisory. Compensation is very good on risk weighted basis. 600k for conpliance MD is nothing compared to FO MD who get multiples of that. Seriously you havent seen the true spectrum of compliance compensation

Don't try to skew the debate. Let's compare apples to apples here. Obviously FO earns much more because they are the ones that bring home the dough and face bottom-line pressures. I'm totally with you on that. There are loads of FO MDs around for that reason. How much of the compliance population actually get to MD level? I would say 3 to 5% tops. Take out the ex-FO people and the group shrinks further. Seems like it's you who needs to consider the true spectrum, from analyst all the way to MD, not just a handful of outstanding performers that skew the mean.

Obviously BS. If you have not made MD and earn 600k, it doesnt mean your counterparts in Tier1 banks are not progressing well and earning big bucks, open your eyes!!!

What is the usual bonus for compliance/aml professionals?

There were arguments on "who knows better" abt the industry but when there are people asking for advice, none wants to help.

Hi Guys,

May know how is the KYC/AML/Compliance working life or culture in big firm like UBS, credit suisse, JP Morgan?

Advice needed
 

Need some serious advice here...

I am 28 years old this year and I have been working for almost 3 years in the operations in a foreign bank. Though my current role does not require me to work late like most operations roles, I do not see any career progression in it and I feel that there is nothing much more I can learn.

I wish to enter the AML/Compliance/KYC functions as I can see clearly the progresssion in it and I feel that there is alot I can learn. Initially I wanted to ask for an internal transfer to the KYC team in the bank I am working for but unfortunately the bank has announced a major restructuring and so I have to dismissed the intention of moving there. Therefore there are some questions I will like to ask from all of you here.

1) Is it too late to enter into AML/Compliance/KYC functions now?
2) Where can i start to look for such roles as I notice even the most basic roles such as KYC / AML officer requires some relevant experience.
3) How can I leverage on my 3 years' experience working in other operations functions?
4) Will I need to take a pay cut?

Would really appreciate all the kind advices here..

Share more about yourself? What degree U have? How much are you making now?


The easier way without prior exp
If you have a good honors from local University at least,
U can considering join the ministry of home affairs under CAO (Commercial Affairs Officer) scheme.Work a few years there, and gain the relevant experience.

Unfortunately I only have a Bachelor of Science degree from NUS (no honours). I am making close to 4k per month right now.

I did consider the Commercial Affairs Department (CAD) but i guess with just a general degree and no honours, there is no chance for me to join the department. Moreover, I understand that the civil service still favours people with a better degree.

Therefore is there any way I can start to get into the compliance functions without any relevant experience?

prospects of Credit Suisse's Compliance Professional Practicum
 

hi, anyone here is from Compliance Professional Practicum offered by CS? i am aware that the job has no guaranteed job placement after the 2 years, where do people usually end up with after the program?

and how much salary to expect from your new employer after you have finished the program?

Burning question:

How much to expect for a bank compliance officer

Profile: Singaporean, male, local uni

Fresh grad @ 25: 4K ?
3 years exp @ 28:
5 years exp @ 30:
10 years exp @ 35:

Thanks !!

I am 30 this yr and just joined the compliance dept late last year.
Prior to that was working in a foreign bank 3 yrs ago, supporting the biz development team to check the account opening docs for customer, e.g. kyc related.
Jumped to a asia bank in deposit dept mid last year and handled kyc checks for new accounts opened.

What i can say is IMO I find it really hard to get into this role if you do not have any prior experience.
Joining the foreign bank was because it has kyc related job scope which i felt could help me in securing a future role in compliance dept or a kyc related dept.
It helped as i managed to secure the position in the asian bank to do kyc checks.
Thereafter I managed to join the FI in the compliance dept doing all AML/ regulation and policy related job scope.

1) It is still possible to join, as long as you show the correct attitude and have the believe to learn.
2) Just look through recruitment website or apply through the bank's recruitment link.
3)Focus and emphasize on your job scope that is kyc or aml related that will help you in your role in a compliance dept or kyc dept.
4)Probably you will as they may take you as a fresh kyc analyst. Furthermore you are going into a totally different dept with no relevant exp. Same as if you are jumping from e.g. ops to trade finance etc.
hope this helps.

IMO less than 4k for freshie. Banks usually take in ppl with exp.
Hard to get in for fresh grads with no relevant exp at all.



Anyone has same thoughts?

refer to post 137.
Start somewhere with KYC related job scope. You need to start somewhere in order to make your way into the dept. Like i said, best chance is KYC dept, but probably a pay cut.

Whats with the sudden influx of ppl wanting to join compliance?

I am in the compliance function (not solely kyc / cdd / aml desks) but the actual compliance advisory team itself. For most big banks, these kyc/cdd/aml functions r done by the ops team and they will only escalate cases to us when it is potentially in violation of our policies.

Well my point is, like almost 95% of the freshies u will not be joining the "decision making" team...(or maybe remaining 5% of you would make it there but definitely not the ones making decisions). Market pays well for ppl who have direct experience in handling regulators, projects, advising and developing framework/SOPs/guidelines, etc but not any better for those at jr level...

Sure u can gain exp n try to move on nxt time .. but can u endure for that 1st few yrs before having a "chance" to move up the ladder? I've seen many ppl giving up halfway through because the work is just too boring / dull and mundane at the lower levels..

300k is no problem for compliance for most compliance folks at age 35. That why you see many lawyers switching to become compliance for half the workload but with 75% of their legal pay

Fresh grad @ 25: 4K - Analyst
3 years exp @ 28: 6k - Associate ( at this point, a stint in MAS banking supervision can be a good detour)
5 years exp @ 30: 10k - AVP
10 years exp @ 35: 15k-20k - VP/SVP at a mid-tier bank (with one job-hop) overseeing one line of business product compliance advisory, or one in specialized field e.g. financial crime, regulatory compliance, etc

How would the bonus work out on average for the above compliance officers?

Anyone knows which is a better place to start in order to progress further under the aml/financial crime compliance umbrella, kyc or transaction monitoring?

Why is it that someone a few pages back wrote to gain experience in aml then jump over to kyc??

from experience, TM / sanctions screening will be a better start. Honestly, kyc/cdd (i.e onboarding, periodic reviews, exiting,etc) is not that hard...everyone in the industry knows that. But ultimately, you would want to be good at all these functions since these r like the bread n butter for anyone thats in FCC.


FCC houses aml/cft advisory, which encompasses control measures like TM/ payments scrning/ kyc. If u r a fresh grad or someone with no prior relevant exp, kyc will be a easy for u to get into..

Bonus is not as good as FO, but the total compensation is very good. I know AML MDs in early 40s are paid in total SGD600k+. This comp is as good as front office Executive Director level who brings in 10mm revenue/yr for the Firm.

From efinancialcareer
"You can earn USD$340k (£224k) after 10 years in anti-money laundering
You’ll have to wait longer for gigantic pay in anti-money laundering, but it will come. AML used to be a bit of a backwater in compliance, but with giant fines at HSBC and Standard Chartered it’s suddenly become a hot topic. Tomas Strelczak, compliance recruitment manager at Robert Walters, says anti-money laundering pay has increased faster than other areas of the compliance market in recent years. “It’s an incredibly in-demand area, a lot of teams are building out headcount considerably,” he tells us."

You are slightly out of touch with the market. There has been at least 10% pay rise in last 2 years for most compliance staff to prevent jumping ship. Many are re-negotiating for a pay raise, or banks will counter-offer easily at this level. Talk to a seasoned head-hunter who can advise you better.

Im currently at the associate level and can confirm the basic is around 6k. However, I cant see myself making 10k/mth in 2 years time at this current rate..

Any constructive feedback on securing AVP pay/positions other than the MAS route?

Currently in a mid-size compliance setup doing more aml-focused work

Basic at $6k at associate level? Which area of aml compliance are you in? Compliance advisory?

2016 : 10% increase to 7.2k - assuming average compliance wage inflation
2017 : 15% increase to 8.2k - grade jump to avp.
Job-hop to another setup for another 20% hike to reach 10k

Try to move to FO compliance advisory work. This requires upgrade in financial knowledge to level of CFA, and u get faster pay jump but with higher stress.

I am sim graduate with no honours, take a contract job in aml in 2009. After 6 yrs in aml in trade finance transaction, and with 2 job hop, getting 10.5k now as AVP. I think my secondary school mates who got into SMU, avoided compliance as it was considered back-waters, now they are regreting as they feel stuck in deadend audit 12hrs/day jobs

I'm currently in private banking compliance.

Also thanks for the feedback received. Will continue to look towards FO compliance and/or Corporate Banking compliance exposure...hopefully increments will still maintain for the next few years (fingers crossed) and with 1-2 job hops will be able to secure the coveted 5-figure monthly income.

Hey there !
How long have you been in PB compliance and what are your total years of exp (including those non-aml related)? I've recently moved to a small sized PB doing aml focused compliance work (advisory / POC for escalations, etc) and i have <3yrs exp covering corp banking aml/cft work. Money is reasonable given my overall years of exp (basic would be high 4s, adding in bonuses will bring me close to high 5s)

Hmm actually what exactly does compliance do? What is the difference between compliance advisory and aml/kyc? For which one will mas experience help?

I see that the money is pretty good.... but is the job scalable and interesting to keep one there long? My only idea of compliance is doing checks... transaction monitoring.... implementing aml policies and systems... assessing suspicious transactions etc? What else other than these?

No exp entry in KYC
 

Anybody got connection to get in to KYC/AML? I have no exp. Its getting frustrating guys, since im getting no calls after online application

1st Interview
 

1st Interview:
Invstmt bank/Age:35/ AML:no exp (5yrs genral work exp)/ Work for APAC speaking local language/ Could I ask 4.5k?

depends on the position, seniority and job scope we're talking about. I do know of ppl working in cdd/kyc getting paid <4k in GS. You need to share more info

Then try other jobs? Whats so hard...

Is compliance a good area to go into for fresh grads?

Compliance is overhyped back office.
Media promoting to fill up vacancies.

How good can back office be?

I accepted a 3 months contract for AML role at Mizuho Bank. Any insights on what would I be doing? The work environment?