Thanks for sharing! Dun wish to burst your bubble but the AML certs would probably be more of value for ppl already with KYC/CDD ops experience and hoping to take their career to the next level. I can’t opine whether getting into a “banking ops” role as you suggest (do u mean like trade processing, reconciliation etc) is any tougher than a 1lod KYC/CDD role in banks.

My thought is that for those without relevant experience, having these certs could be an alternative to look for roles which require 1-3years of experience, e.g. associate. Is this possible?

The certs would definitely be a + compared to a candidate without both certs and without relevant working experience. However, can't guarantee whether you'd secure a job. You could be pitting yourself against ppl with years of relevant experience, some of whom may have taken such certs as well.

I know of people who have entered KYC/CDD fields without prior relevant exp before, they were doing something completely different. May be prevalent with contract roles which are more open to the kind of candidates they employ.

AML is one of the hardest parts of the bank to break into. You have a higher chance trying to apply for entry level operations / retail sales roles. Don't expect an associate position, your experience is not relevant and you will "restart" your career at an analyst level.

Ur chances are higher with a contract role if u have transferrable skillset. Otherwise, I don’t see why any hiring manager would hire you for a perm role. It’s already very competitive enough in the AML/FCC space.

Would appreciate if anybody can share your thoughts on doing compliance for digibanks!

exciting times for digibanks and you'd definitely be able to experience accelerated learning and growth building up processes and framework from scratch instead of mammoth dinos like your traditional banks which already have well-established programmes

Sifting gold from fool's gold
 

I am a recent grad and am interested in a career in compliance. I read that there is quite a distinction between front line KYC roles where the salary/progression is relatively stagnant vs compliance analyst roles where there will be a steady increase in pay. When looking at a job listing, how do I tell which is which? And for compliance analyst roles with steady increments in pay, do I have to get into a management associate scheme right out of uni, or are there other entrypoints into such roles?

Not straightforward especially if you are new to the field or banking in general. First line KYC roles are generally front-facing, working with RMs directly to put up account opening files, collate documents, ensure formalities, conduct name screening checks, etc. Second line FCC/AML compliance roles then to be more on checks and reviews particularly on higher-risk cases, approving deviations/exceptions, investigations on transactions, filing of STR/SAR, testing and assurance, etc.

Naturally 2nd line compliance roles are harder and extremely competitive to enter - think legal and audit folks (who want to jump in for better wlb) and 1st line kyc folks (who want better pay, progression and exposure). If you can’t secure a spot in compliance graduate prog, ur next best bet is big 4 advisory (forensics / AML) or compliance consulting just to name a few

Total 7 years of working experience across KYC onboarding (both 1lod and 2lod), document formalities, SOW corroboration, etc. Offered AVP for a compliance role in a local private bank, 8k base.

How fair (honestly) is this offer? In line with market? Latest salary benchmark from a recruiter firm says median for manager/AVP title is 105k = 8.75k base.

Seems like bos… quite low.
Was earning 9.6k with 7yoe

How does a fresh grad with a few internships in law firms acquire a compliance contract at local banks?

by searching jobstreet, linkedin, indeed, etc

Any advise to move from private sector to MAS doing AML supervision?
What is the salary range in MAS as AD with about 4yoe?

In your intv, focus on demonstrating your reason and urge to move to public sector, why you wanna go govt..

what is your current salary in private?

For experience with regulator mainly. Drawing around 6k.

A friend of mine was drawing around 5.5k and got a pay match with mas only. Thought said friend got a decent increment in 2023 and now drawing 6k

Why everyone here drawing so low? My friend 5yoe drawing 15k pm as compliance officer

VP rank, MNC bank (not American BB)

vp at 5 yoe? u smokin what

that guy on crack lmao. no way 15k pm after 5 years, and not even 10k for sure. may be near 10k but definitely nor above. Especially for banks. Not sure about NBFI or fintechs

s://.mycareersfuture.gov.sg/job/banking-finance/apac-compliance-surveillance-senior-compliance-specialist-wells-fargo-bank-national-association-f01be4eef8a6eb770b580158eee468a5

Up to 14.4k, 7YOE

With bonus 15k should be within range bah?

u must be on crack to quote the ceiling of the pay range featured by a company in a job posting meant to entice candidates. we all know obviously candidates don't just get offered the max budget. Check out the various salary guides and reports issued by recruiting / headhunting firms.

Not ceiling then lets say 12k I guess

3mth bonus to get 15k pm ok what, doesnt sound that unrealistic

1. it states 7 yoe not 5 yoe
2. no one counts monthly salary inclusive of bonus
3. highly likely they will offer u towards the lower band of the range

now even if it's 12k, that is 12k / 7yoe compared to the guy on crack quoting 15k / 5yoe.

total FACTS!!

Also a more realistic salary report here from Roberthalf. should be avp level with 7 yoe, around 8.75 - 11k base

Lol @ all the weirdo compliance people here trying to underbid thenselves

First time I see people want LESS money

lolololol thought tbh it's not a matter of want or not, but being factual and realistic

MAS does not pay competitively?

no - if compared to private sector
yes - if compared to other govt/ministries

no one is underbidding no one

just stating facts and calling out trolls that claims those extremely high salary

compliance will never earn as attractive as front office

yes! compliance pays better than ops, but similar to risk management.

With 4 years of experience in AML from consulting, what is the market salary if I were to a Chinese fin tech firm?

In Crypto compliance for a year, with prior PB Compliance experience for about 2.5 years, currently drawing about 7.4k.
Possible to go back to banks (i.e. private banks) and ask for more like 8k+?

dafuqqq you're on a roll bruv. why "i.e. private banks"? they pay more?

Banks are more stable. And private banks generally pays better

Depends on your total experience. Generally takes 6-7 YOE to reach 8k plus in PB compliance. If your total PB experience is only less than 3 years, I'd say its highly unlikely.

Agree.3-5 YOE is analyst/associate level max maybe 7k

s://.mycareersfuture.gov.sg/job/legal/legal-counsel-adobe-systems-9e08107db70d95bca1c6d4a138beb4bd

5yoe L&C role, 14-19.5k

Lol @ the amount of cope in this thread, just because youre underpaid doesnt mean others are as well

Laughing at this brainless dude using legal counsel role as an example

Legal & Compliance is an actual function, I know you find it hard to believe

Lmao stay poor, buddy