Wow that's roughly 1K increment each year for both of you, its good to know that it's possible to attain such figures. And a bonus of 3-4 sounds great, I thought it'll be lesser. I'll be sure to work hard to provide for my family. Thank you guys for all your advice (:

sigh im sub-3 starting too. gd to see that pay is still salvageable with good increments. btw str filers did u all notice 2FA not being required for STROLLS anymore?

wont we have to switch company every year to get that kind of huge increment from 2k to 5k

Would like to enquire on the following:
1. What are the common compliance specialisations under FCC
2. Which of these specialisation has higher earning potential?
3. AML vs KYC vs FCC ? The industry seemed to use these words loosely. Any insider able to describe the exact difference between them ?
4. When people talk about compliance advisory, are they talking about product, regulatory advisory ?

Just want to distinguish between these compliance spec and understand the prospect of each of them. Realised the lines are very blur.

I was the 2nd poster to reply the fresh grad. 2.7k to 5.5k. For me, I jumped across 3 banks to attain such increments. Jumping is the key in the banking industry, don't think for a moment that banks reward loyalty. They don't. Yearly increments are a meager 3 to 6%.

Bonus-wise, the other poster is probably in a local bank or a NBFI. But the European and American banks I've been in only award 1-3 months bonuses on average.

Just to make things clear, I'm the same guy with the reply above.

FCC is referring to Financial Crimes Compliance. The only bank that I'm aware of that actually labels the whole compliance department as FCC is HS**. However, the majority of banks simply call the department 'Compliance'.

1) There are many different specialisations under the Compliance umbrella. Regulatory, Business Compliance, Sanctions, Transactions Monitoring, Advisory(AML/KYC), to name a few.

2) I came across this chart on efinancialcareers news section, regarding the difference in pay across the specialisations. Can't seem to find it now. Here's a older guide: ://news.efinancialcareers.com/uk-en/112535/how-much-can-you-earn-working-in-compliance-for-an-investment-bank-an-amalgamation-of-salary-surveys/

Not sure how accurate these charts are, but I do know the people in the Control Room and Advisory functions can pull in the most.

3) KYC is client due diligence. It's basically a tool to combat money laundering in the broader sense. Hence, KYC can be seen as a subset of AML. And in turn, AML is a subset of the broad range of topics covered under Financial Crimes. Hence, AML can be viewed as a subset of FCC.

4) There are many different advisory teams catering to different specialisations and business functions. Some banks group them under a core 'Advisory' subteam within Compliance, some banks don't group them and instead have such advisory services within the different specialisations. So when someone tells you that they are in advisory, it's good to find out more.

I don't think I'm 100% accurate on all of these, but hope these nuggets of information helps.

What r ur credentials? i started at 3000 but when i negotiate with new co they wont increase my pay that much like urs

I am the first poster that replied. Yes, this poster is right. I was from Asian banks. Western banks don't pay such high bonus. I can only share from my point of view. I focus more on adding value, learning and being humble. I dont ask for large increments at the start but instead I told them what I have done in my previous roles. Every role is strategic for me to learn new things. Each time the company will offer me more than what I asked. My advice is don't let people feel that you cant wait to leave to get more increment, I mean people know that. The moment they see your value, they are willing to pay you more.

1st job) 2.7k
2nd job) 3k (1 year contract)
3.7k (converted to perm at 6 month mark)
3rd job) 4.3k
4.6k (after increment)
4th job) 5.5k (rank jump + team lead role)

I hold a normal bachelors degree from an Aussie uni. No honors, no masters. Decent but not spectacular results.

How long you stayed at each job?