AML/Compliance/KYC professionals come in!

Originally Posted by Unregistered

Offer rate : 10% increment - I find this personally too Low compared to the risk I am taking converting from perm to contract. I am looking at 20%
Location : Changi business park

The pull factor here is - KYC private banking experience. High chance of conversion.
The main realm why I want to move is current bank has poor job scope ( date entry) and poor culture / boss.

JPM PB is quite messy now. A lot of existing employees (KYC Team) have left, before the bonus time. I have a friend who left without a job, largely because they were working on weekends, and very late every night. You should be prepared to work hard (i.e. long hours) if you want to join. At the same time, tough times are the times whereby hard workers can shine.

Any compliance peers care to share their bonuses?

French bank here (not hard to guess which), we are all expecting in the range of 2months.

Originally Posted by Unregistered

JPM PB is quite messy now. A lot of existing employees (KYC Team) have left, before the bonus time. I have a friend who left without a job, largely because they were working on weekends, and very late every night. You should be prepared to work hard (i.e. long hours) if you want to join. At the same time, tough times are the times whereby hard workers can shine.

Looks like the exact situation in my current bank. Looking like a risky proposition now.

Anyone here took ICA compliance cert on their own? I have one side of my friends from Credit Suisse saying it's just a paper / cert but most compliance openings ask for that. I am looking to jump from KYC AML to compliance.

Is AML not compliance

Originally Posted by Unregistered

Anyone here took ICA compliance cert on their own? I have one side of my friends from Credit Suisse saying it's just a paper / cert but most compliance openings ask for that. I am looking to jump from KYC AML to compliance.

I took the cert in AML, ard $1k after skills future deduction.

Originally Posted by Unregistered

Is AML not compliance

KYC / AML is more ops compared to compliance in my bank.

Originally Posted by Unregistered

The conversion rate is high along with good increment from the conversion and JPM has a strong emphasis on mobility. Opportunity is aplenty within the big organisation and people there are generally smart to work with. I think it is more sensible to land a job with a prestigious organisation than be thinking of bonus or AL in current economic climate whereby there are a pool of retrenched employee and fresh graduate in the job market.
Just google and you can find out why is JPM a top choice of employer for students entering the finance industry

From the way you speak, it's crystal clear that you are not an existing employee in this industry.

Please do not spread your baseless comments to others whom are in the industry planning
their move. 6 months contract and conversion rate is high with a big organization (who is just a branch in SG)??

Number 1, contract roles for 6 months are usually to cover maternity staff or adhoc work exigencies. If their budget was so good given they are a big organization, why not 12 months contract?
Number 2, increment from contract to permanent is good? (why in the first place are they hiring contract and not perm if conversion rate and increment is both good? Hire u for 6 months then convert u and give u increment? What makes you think the headcount budget will miraculously appear in current economic climate?
Number 3, opportunity aplenty? So your assumption that JP is open in allowing cross sector (i.e. Retail Business to Ops or Compliance) is common? This is common in local banks but not foreign banks.

Please focus on your studies and stop trolling around with your nonsense read from google!

Originally Posted by Unregistered

From the way you speak, it's crystal clear that you are not an existing employee in this industry.

Please do not spread your baseless comments to others whom are in the industry planning
their move. 6 months contract and conversion rate is high with a big organization (who is just a branch in SG)??

Number 1, contract roles for 6 months are usually to cover maternity staff or adhoc work exigencies. If their budget was so good given they are a big organization, why not 12 months contract?
Number 2, increment from contract to permanent is good? (why in the first place are they hiring contract and not perm if conversion rate and increment is both good? Hire u for 6 months then convert u and give u increment? What makes you think the headcount budget will miraculously appear in current economic climate?
Number 3, opportunity aplenty? So your assumption that JP is open in allowing cross sector (i.e. Retail Business to Ops or Compliance) is common? This is common in local banks but not foreign banks.

Please focus on your studies and stop trolling around with your nonsense read from google!

Well said! Why take the risk? Just Endure n keep a lookout!

Originally Posted by Unregistered

From the way you speak, it's crystal clear that you are not an existing employee in this industry.

Please do not spread your baseless comments to others whom are in the industry planning
their move. 6 months contract and conversion rate is high with a big organization (who is just a branch in SG)??

Number 1, contract roles for 6 months are usually to cover maternity staff or adhoc work exigencies. If their budget was so good given they are a big organization, why not 12 months contract?
Number 2, increment from contract to permanent is good? (why in the first place are they hiring contract and not perm if conversion rate and increment is both good? Hire u for 6 months then convert u and give u increment? What makes you think the headcount budget will miraculously appear in current economic climate?
Number 3, opportunity aplenty? So your assumption that JP is open in allowing cross sector (i.e. Retail Business to Ops or Compliance) is common? This is common in local banks but not foreign banks.

Please focus on your studies and stop trolling around with your nonsense read from google!

Generally, in terms of opportunities, foreign banks would facilitate your moves (i.e. retail business to Ops or Compliance) if you are more senior or they are really desperate (red flag that you shouldn't join). Otherwise, a lot of these roles (even the more inexperienced) are actually referrals or via word-of-mouth. Budget are getting more precious with more larger foreign banks moving their headcounts to lower cost locations (i.e. Malaysia, Philippines & India) and most managers would generally prefer to take on someone with no/minimum experiences but comes with a strong personal referral.

Based on my observations, there are generally about 5-10% conversion rate for contract staff converted to permanent employees. However, these conversion usually occurs after the contractor has been contracting for at least 1 - 2 years, with outstanding performance.