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AML/Compliance/KYC professionals come in!

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  #641 (permalink)  
Old 12-01-2017, 09:11 AM
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Hi guys,

I would like to move to AML advisory in the future and am wondering if I should work at MAS for a few years first to gain work experience and network before joining back the private sector.

What do you guys think?

I have been working as a transaction monitoring analyst for the past 1.5 yrs and have another 1 yr exp as a CDD analyst under my belt

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  #642 (permalink)  
Old 12-01-2017, 09:48 AM
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Originally Posted by Unregistered View Post
Hi guys,

I would like to move to AML advisory in the future and am wondering if I should work at MAS for a few years first to gain work experience and network before joining back the private sector.

What do you guys think?

I have been working as a transaction monitoring analyst for the past 1.5 yrs and have another 1 yr exp as a CDD analyst under my belt
And you reckon you can get into MAS, just like that?

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  #643 (permalink)  
Old 12-01-2017, 10:25 AM
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And you reckon you can get into MAS, just like that?
I am asking if i should consider working at MAS or just stay at the private sector.
I do agree that I do not have a lot of exp in this field and may not be qualified for the openings there now. But if i decided to do so, i will build up my resume to work towards that goal.



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  #644 (permalink)  
Old 19-01-2017, 04:25 AM
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To clarify, you did not receive a 4000 offer for a summer intern pay in COMPLIANCE. So don't take the same measuring yardstick for all analyst jobs in bulge bracket. A compliance analyst role for someone with 0 experience like yourself does not start out at 4k salary lol. Hate to burst your bubble!
Hate to bust your bubble but there ARE BB banks that offer 4.8k as starting salary for compliance analysts. It's a competitive program of course but they have taken graduates without specific experience in a compliance role, but were able to show that their skills were transferable.
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  #645 (permalink)  
Old 20-01-2017, 01:52 PM
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This is what I gather from a compliance MD
Automated machine learning will replace some mundane manual AML/Compliance checks, so retrenchments are likely as the technologies are rolled out.
Trump will repeal some of the banking regulations, which will reduce compliance costs ( read human resources).
There is still need for high value compliance advisory work esp tax and cross border, but a law degree is preferred so competition from overworked lawyers crossing over to compliance
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  #646 (permalink)  
Old 20-01-2017, 04:22 PM
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What you have mentioned holds some merit but it should be taken with a longer-term perspective as well.

Technology will gradually replace the basic KYC, transaction monitoring as well as the more operational aspects of Compliance. But this sort of automated process is still at least 6 to 8 years away from being fully tested, developed and rolled out among the global finance industry. On the other hand, automated processes cannot replace the advisory nature of Compliance, in terms of AML, Sanctions and other high-value activities that require a human decision to be made, bearing in mind the multitude of variables that can affect a single decision. Business cannot simply input into a machine 'Do the activities of this client in this particular sector warrant a higher risk level or are there mitigants which reduce the risk exposure of the bank towards the client's activities?' and expect a decision to be made for them. I just do not see automation replacing these sort of human analysis.

USA is the biggest driver in the finance world, but it is still only a single jurisdiction. The major revenue drivers for banks aren't even in the States anymore, it's Asia and to a certain extent EMEA. I don't expect Asian and EMEA regulators to take their cue from USA on the regulation front. Beside, Trump will only be around for 4 years, and even given the highly unlikely event that he gets re-elected, his proposed loosening of regulations will only be enforced till the next major crisis/scandal. After which I expect the rubberband effect, surge in demand again for Compliance professionals.

Transversal tax issues don't fall into most major banks' Compliance domain anymore, if anything, they will be scrapping with the ex-auditors and Big 4 alumnis for a job, not the mainstream Compliance advisory professionals.
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  #647 (permalink)  
Old 21-01-2017, 11:19 PM
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How will the career path of a regulatory compliance specialist be compared with the other compliance officers such as CDD/AML specialist?

Will it be easy for a non-legally trained fresh grad to join as such regulatory specialist or to get a internal transfer to such a role from other other teams?

Salary? Vacancy? Stress?
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  #648 (permalink)  
Old 22-01-2017, 05:29 PM
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Hi all,

I was in Singapore for a short holiday in 2016 and loved the place so much I am interested in looking for a gig there.

Does anyone know the going rate for an aml analyst with one year experience in retail banking transaction monitoring/edd 2 years in fraud monitoring? I hold an undergrad degree and I am CAMS qualified.

Off topic: Whats the dating scene like in SG? You guys have some gorgeous women there!
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  #649 (permalink)  
Old 23-01-2017, 08:08 AM
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Hi guys, would like to seek some advice if it's the correct move to go from doing trans monitoring to contract kyc/cdd?
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  #650 (permalink)  
Old 23-01-2017, 09:29 PM
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Just need some general opinion.. Is it a good move from a cdd kyc role to transaction monitoring role? In terms of career prospects
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