Uk university/ second upper

thanks!

Fresh grad in a local bank Compliance department?
$84000 p.a.

i dont even know if Management Associate get this kind of pay.

in the online world even poly grad can get 250k as a compliance adviser, what is 80k for map???

Just came back from an interview with the head of legal at a local bank. It was quite interesting but they pushed me to think very carefully because the work is very mundane and it seems they're quite worried of people doing compliance. after few months they want to move or a year other banks come, pay us 5x the salary and take us away.

i'm just confused - i mean there is some light after doing the dry work for few years right? Progression? and the way she made it sound like was it's like an admin job, check a list clear/flag/move on.

I was quite firm on saying I am interested because i'm thinking of the next 2-5 years not so much the 'boring' stuff now.

fresh grad - i guess do whatever to get up the ranks...

just join a few months in compliance and other banks can pay 5x the amount to poach u away!? sounds like wet dream to me...

Entry Level Compliance usually low pay and lots of OT clearing backlogs.
Increment also sibei low that's why people jump after getting experience for better pay.
But 5x Salary is BS.

Also you never mention which section of compliance you are doing.
Regulatory, KYC, AML, Surveillance.

Can't believe in this day and age still got people fall for such obvious BS. The interviewer i just trying to jack up the job like some superstar hot so that he can lowball you later on pay lah. Get headhunted for 500% increase after few months in the job? This kind of lame shiit you also seriously believe! LOL

What is the difference bet them all?

Not much difference actually. But a lot of people from each side like to look down on the other sides as inferior and not real specialist compliance. The usual dept A see dept B no up and think they should get superior pay.

Theres a lot of deluded grads out there who really think as long as step foot in a bank instant $$$ will drop from sky. Interviewers and HR is just feeding into the hype.

Sorry to hijack

I in IT, but I am thinking of doing CDD, do you it is possible that I try this:

://.jobstreet.com.my/en/job/2852014/origin/my?fr=23

I really wouldnt call them compliance. More banks r now separating the core compliance work from those.

Other than the regulatory part, nowadays cdd kyc surveillance bla bla r all grouped under as compliance ops or aml ops. I.e. u r doing the mundane groundwork for the folks above u to approve. N simply doing what u r supposed to based in the policies n procedures that they drafted n what they advised.

In short, its a ops natured kind of work but probably require some churning of your brain juices. But that doesnt mean they dont pay well... but of cos the holy grail will be the ones who r doing the advisory work.

What he says.
Usually path is tong 3-5 years doing compliance ops on KYC or AML and then try to jump to advisory role or become small team lead for kyc compliance ops.

I think a layman would think there is no difference.

Specifically, regulatory deals with regulators, including communication as well as reviewing regulations issued (i.e. MAS). This may includes regulatory reporting and very often, is part together with advisory.

KYC in most bigger banks is an operational role, whereby the team will review all the KYC information of the clients. In smaller banks, this is part of AML functions.

AML has a lot of by-functions, so similarly, it depends if you are looking at a bigger/smaller banks. In a smaller banks, it covers everything including regulatory, KYC, surveillance, investigations, etc. In a bigger bank, it is more specialized.

Surveillance in general, refers to transaction monitoring. If you are the team that reviews the initial transaction monitoring alerts, they are considered AML operations. If you are the team that design the monitoring scenarios, and/or review the thresholds for optimizations (usually mathematicians), you would be part of the AML functions.

How is the money and future for each?

This is pretty spot on. My perspective from a mid-tier foreign bank...

Basically operational work are offshored/contract (transaction monitoring, KYC/CDD...) to cheaper locations. In terms of $ and future, they are the worst. During the 'hot season' meaning past 2 years, people get average 30% each jump but these days we are seeing 15-20% as the market cools.

Those that involve more brain-work (advisory, project...) is difficult to get in; they face limited candidates in the market hence pays the best (as well as FO). Not a lot of job-hopping seen in these functions which make senses...

I'm just wondering after 2-5 years of being in compliance
Can you actually cross over to other areas in a bank and from that progress further in hierarchy?

Depends on which part of compliance you were doing in that 2-5 years.

Operational work almost brings you no-where further than moving up the ranks. I do know some lucky ones moving into advisory role or take on other compliance-related projects...

Advisory work could propel you into consultancy practices or moving into management of the operational side.

Rarely hear people move into other functions within the bank but more about other functions moving into compliance these days...

Many compliance are moving to investment or asset management side, but the important thing is must know the right people.

Even without product knowledge? U mean compliance for asset mgmt companies?

i am thinking of moving to risk management.. particularly within the area of mkt risk.

about 2.5 years into compliance now sitting within the advisory team. Part of my job scope covers the dealing floor's activities.. but im not monitoring the limits since thats taken care by the risk dept.


then again, im not entirely bent on heading to the risk side. Up till now most of my work r pretty qualitatively based, across all major business lines from PB to CB (writing policies/procedures, reviewing proposals or investigating cases escalated by my ops or from our dear beloved MAS/CAD. My work is mostly 75% on AML/CFT while 25% are on general compliance stuffs and managing other regulatory projects.

I am thinking of taking up courses / certifications that can complement my existing job scope. For the trading floor stuffs, other than insider trading n partially mkt abuse, the rest is pretty much covered by the other dedicated risk teams. hence i am thinking of either a PRM / FRM to help me fill up the gap in that area... at least i would have a clearer picture of the trading activities n perhaps increase my marketability :(

What do u guys think? I heard its pretty tough to study alone for those courses (i know nus RMI teaches FRM but thats like 1.5hours travel back home after lesson...)

Would like some advice unsure if it is covered within the thread but will double check ,

I'm a recent UK graduate (business) have 6mo work experience (insurance sales) prior to completing degree , just accepted a position at a tech start up doing sales although very aware that this is not the career path I want (I want to be within financal sector).

Would it be feasible to complete a ICA Advanced Certificate in AML and then try and get an assistant/junior type job in AML or are AML roles (not at managerial levels) very hard to obtain without relevant experience?

No point asking in a forum whether is it hard or not to get it. Just apply and hope for the best.

overseas allowance
 

hi anyone knows how much is the overseas allowance from singapore to country in asiapacific region, internal audit or compliance dept. thanks

you know APAC is very wide.. incl Jpn or ex J?

Anyway, bump for you. Interested to know as well.

yes, including japan

position designation
 

What is the equivalent of Manager rank position in japanese bank with local banks and US banks??

I have similar situation as yours. Thinking to move to risk after having 2.5 yrs compliance exp. But I'm still not sure if wasting my compliance exp is a wise decision. I think risk management have about the same earning potential. Why do you want to move to risk dept?

Well i'm still in my 20s, thought might as well try something new but not too far fetched from what i am currently doing... conceptually i guess one can group risk n compliance under the same domain.

How about u?

Usually its either SVP in banks with conservative titles or a junior MD for big title banks.

Places like Japan & HK should start from 40% of basic salary, for more developing countries can go up to 100%.

Unregistered
 

I was from software sector. Then, I took MFE before I came to compliance space. I was looking for risk position but got this job by chance. My bos was looking for someone who is able to solve market compliance problem by using technology.

Now I have both risk and compliance perspective. Although they seem from the same domain, the transferable skill between these two function was not that much; perhaps, it is less than 30%.

I had several opportunities of transfering to risk. However, since I'm still enjoying good progression and there is still a lot of exiting project within this department, I dedicated to let the opportunities go.

Hi all,

Can anyone with knowledge of trade/market surveillance analyst role share their knowledge on the role Please?

Would like to know more about the scope of work, potential skills that can be acquired and possible career progression. Thanks in advance for any sharing as I come from market ops background and has not much knowledge in the compliance ops domain.

She is Head of Sanctions Compliance - Asean and South Asia? Doesn't seems like a junior role? You can see that her corporate rank is VP and SVP (Citi & DB) previously.

somebody already explain the concept of external title in citi earlier. also i think she is adviser, not dept head

you are just upset that a diploma holder is doing better than you.

If thats the case would FRM be any useful? Mkts compliance is one of my options too. I've got many calls and emails from recruiters for AM / manager level positions dealing almost the whole spectrum of aml/cft.
I cover mostly in structured finance and PWM at the moment. Though my boss was telling me of the intention having me exposed to the mkt side as well, but i have no idea how long that would take..

dun be childish...

I don't know about FRM. Assuming FRM and MFE teach the same technique for market risk, the answer is then no. IMO, Market Compliance/Surveillance (MCS) has a closer proximity with market. In MCS, you will not analyse market price movement to prepare for the worst and protect your company going bust. Instead, you will analyse how the orders and trades executed by traders, and see if they have bad intention to abuse the market, or cheat their client. So, you will also need to understand the mechanic of order book. The only valuable skill if you are not from MCS is the skill gained from being a trader itself. Which will never be happening as there will be no high-salaried traders are stupid enough to downgrade themself to become compliance officer.