PB - More "grey" and hence challenging, exciting, dynamic and fun!

Do you need to do SOW profiling for BOs for corporate & investment banking?

no, just have passport and bank statement will do

haven't done CIB sorry. and i'm in the 2lod aml function, not kyc, so can't advise.

How possible is it to enter the Private Equity or Hedge fund space to do compliance? I heard that the salary scale in these type of companies are through the roof, especially when it comes to bonus. Is 5 years of banking compliance advisory enough?

What is the monthly average for 10 years of relevant working experience?

just got laid off... fk aml kyc job all go india to do cb....

Which bank and what role exactly ?

KYC and AML roles in PB and IB are not outsourced and won't be. This must be some garbage institution that you're working for.

goldman sachs, part of 4k layoff

Congratulations lolol

Sorry to hear this. There are some open roles out there in the job portals, hope you can find something that suits you.

What exactly in GS do you do? KYC onboarding? TM?

due diligence kyc

Thanks for sharing and again, sorry to hear this. For which division? PB or IB?

Changing career from HR to Compliance
 

Looking to change career from HR to Compliance, is this advisable?

Worth to sacrifice 10 years of HR experience for junior compliance role.
Zero compliance experience, and got offered a junior compliance role at 3.5k.

10 yoe in HR at least 10k and u want to jump to 3.5k role... u dumb or what?????

what's your basis for wanting to go to compliance? any pull factors?

aml kyc > compliance

Salary is higher as I progress along.
Average HR manager salary range is 5 to 6k in Singapore.
For compliance 5 to 6k is mid-senior level, which means the salary range is wider than HR.
Of course, all these i based it from job portals, might not be accurate, so came here to get advise.

sorry, 10 years in HR does not give me 10k, and thus I am thinking of switching. At most 5k only.

The average people will always earn average money.
You should think about it this way: what should I be doing differently to get a better role with my 10 YoE in HR?
HRBP in a good company can earn 10k+
Also, HR is a role reserved for the locals and it will never be totally outsourced. While AML roles can be outsourced any time.
All companies neee some kind of HR service, but only some companies need AML people.

didn't quite catch the "compliance 5 to 6k is mid-senior level".. in fact, 5 to 6k is average for junior / associate level in many banks

what are you referring to by "compliance"? What areas of compliance?

i'm 100% certain you're being seriously underpaid. in US / euro banks, 2 yoe can already get u 5k. for local banks, 5 years to hit 5k is easy. no way with 10 yoe you are drawing just 5k

Nope, there's no such thing as "reserved". HR is open to everyone. My company's HR is from a certain infamous region.

10 years in HR and not drawing 5k? what the hell have u been doing the last 10 years

I've never heard such a moronic take in my life. A first line operational AML/KYC role is relatively easy and straightforward, requiring little education and subject matter expertise. You can be proficient in such a role without a degree and minimal training.

A compliance role deals with high risk clients, escalations, policy drafting and risk assessment, requiring an actual expert in AML. First line ops personnel are easily replacable grunts in contrast.

i assume forumers refer to "aml/kyc role" as first line onboarding / periodic reviews - yes barrier to entry of these roles are generally lower, and more supply of such roles since they are largely operational and need more warm bodies to clear the cases.

for aml/fcc 2lod roles, there are a spectrum of roles within it such as transaction monitoring, investigations (reviewing escalated txns, filing STRs on them, imposing further actions) or advisory/policy etc. The latter 2 especially have a relatively higher barrier to entry

compliance role easy to join too... pretty much useless and brain dead job.. don't go into support non rev generating roles

This guy's probably a bum who works in some shitty retail bank. We're not talking about compliance in some shitty malaysian retail bank like RHB, clown.

Compliance roles in reputable PBs and IBs are highly selective and not easy to break in, especially goldman and jpm.

Categorically false and clearly coming from an ignoramus. The fact that the role is not directly revenue generating does not render it a dead-end role. Compliance professionals have better career prospects than ARMs in PBs. Compliance VPs and directors, MLROs in bulge brackets make upwards of 15-20k+. These are ranks that most FO staff won't be able to attain.

Compliance teams are super lean and tough to get in. You should know this since you're clearly not in one.

By definition, compliance deals with complex, high risk cases, in other words, non braindead cases which would be handled by first line ops.

The importance of compliance should be self-evident. Given the increasingly complex regulatory landscape and greater fines for non-compliance, compliance professionals are integral in managing risks that could otherwise cost a bank millions in punitive fines, remediation exercises and reputational damages.

Its clear you know nothing about the industry, but as usual, empty vessels make the most noise.

man getting so butthurt that u have u try to justify compliance earn more than FO? lololol try harder

Justification is a valued competency in regulator liaison. Please go get your next order in Grabfood and stop bothering us thanks.

Sorry, 5 to 6k is a junior Compliance role. Senior Compliance roles earn much more than that.

If you claim to work in HR for 10 years but still don't know what mid-senior compliance folks are getting I don't know wtf you have been doing all this time.

Maybe you can start by learning the difference between advise vs advice

I didn't generalize that compliance professionals outearn FO professionals, work on your comprehension skills instead of embarrassing yourself.

Two things - there are various roles in the front office, not all FO roles are high paid with stellar progression. People who generalize about FOs typically have no idea what they're referring to, they're just operating under some vague assumption that client facing = good. ARMs for instance, are part of FO but their pay and progression is not great.

The fact that you think FO is by default superior to other roles within a bank is a sign that you don't have much work experience. I myself know several seasoned compliance professionals who outearn FO staff with similar experience. FO staff is viewed as highly expendable and don't command the sort of salary that you think they do.

That's 100% accurate. I'm in a local bank with 3 years of compliance experience and drawing 120k annual base salary. My VP base for last year was more than 250k. Compliance is the best department, screw FO.

3 years at local bank earning 120k? continue your bs dude... this is why compliance or any back office is useless... all u do is to come here and troll with inflated numbers...

It's the truth. I'm an associate at a US bank doing purely compliance, no operations, and taking home close to 15k per month. This is the hard truth.

Obviously you won't make 15k pm doing compliance with 3YOE. That sort of salary is reserved for VPs with well over 8 YOE.

Do you think that everyone else on the forum is stupid? It takes just 10 seconds to go to MyCareersFuture and see the real salary range