AML/Compliance/KYC professionals come in!

Hi, thanks for replying.

Yes, it is under finance and my role consists of reviewing financial transactions and its related activities to prevent fraud or improper conduct.
Providing guidance to staff in handling their account file and Procurement matters with reference to the company financial guidelines(r&r)
I also assist in preparation of monthly audit checklist and reports to ensure that audit observations are recorded down for staff to follow up before commencement of internal/external audit checks
Develops and plan briefing session to update ground staff of the audit observations and updated financial guidelines

I have been applying for contract compliance jobs as well but I highly doubt that banks will take me in without prior Exp :/

Originally Posted by Unregistered

Hi, thanks for replying.

Yes, it is under finance and my role consists of reviewing financial transactions and its related activities to prevent fraud or improper conduct.
Providing guidance to staff in handling their account file and Procurement matters with reference to the company financial guidelines(r&r)
I also assist in preparation of monthly audit checklist and reports to ensure that audit observations are recorded down for staff to follow up before commencement of internal/external audit checks
Develops and plan briefing session to update ground staff of the audit observations and updated financial guidelines

I have been applying for contract compliance jobs as well but I highly doubt that banks will take me in without prior Exp :/

It seems like only reviewing financial transactions could be useful. You need relevant experience to get into roles in banks. Neverthelss you should apply and focus on how do you detect fraud and share an instance where you findings led to an actual misconduct. I believe these are impt.

Hi everyone,

Would like to seek some advice for my career. 24 this year with a local diploma. Currently drawing 2350 in a stat board doing very administrative jobs with some sai kang from time to time. Contract position.

Went for an interview with a bank 2 weeks ago which I was a contract staff previously, the HR told me I'm the top choice for the position (AML related) and currently pending the approval from the top. Status as of now is keen to offer. However as I do not have the relevant exp, I would definitely get a pay cut.

In terms of future prospects, would you recommend resigning from the stat board and join th Bank if I get offered maybe with a salary of 2000/2100 or continue staying in the stat board continue drawing 2350? I'm definitely very interested in making AML/compliance as a Long term career for myself.

Thanks in advance for any kind advice!

Hello. I just need some advice from professionals who are working in the banking compliance sector. I'm going to be a fresh grad from uni soon.

I have been offered a banking compliance job with a starting pay of ~$4k, kyc/aml/regulatory advisory related.

I do think that the pay is above the average for normal graduates in today's job market.
However, I have no idea what its like as a full time entry level compliance officer in a bank.

Are the working hours relatively long, with regular OT? Is there room for meaningful career progression after a few years in this field? Also, one of my concerns is that my future career choices will be very restricted (if this ends up to be something I dont want to commit to in the long run), as this seems to be a very specialized field.

Any constructive advice would be greatly appreciated. Thanks!

nobody would put a fresh grad into advisory role. do revisit the JD and make your decision again

Originally Posted by Unregistered

Hi everyone,

Would like to seek some advice for my career. 24 this year with a local diploma. Currently drawing 2350 in a stat board doing very administrative jobs with some sai kang from time to time. Contract position.

Went for an interview with a bank 2 weeks ago which I was a contract staff previously, the HR told me I'm the top choice for the position (AML related) and currently pending the approval from the top. Status as of now is keen to offer. However as I do not have the relevant exp, I would definitely get a pay cut.

In terms of future prospects, would you recommend resigning from the stat board and join th Bank if I get offered maybe with a salary of 2000/2100 or continue staying in the stat board continue drawing 2350? I'm definitely very interested in making AML/compliance as a Long term career for myself.

Thanks in advance for any kind advice!

Any kind souls can advise me?

Originally Posted by Unregistered

Any kind souls can advise me?

A few questions:
- Do you plan or are you furthering your studies, i.e. getting a degree?
- Which stat board are you with, currently? Or specifically, do you see a career path, staying in the current stat board? If no, is there an opportunity for you to move to another stat board that can offer you a better career path?

There are some pressures from MAS for banks to hire diploma holders, for Compliance and AML roles. Hence, this is one of the potential reasons why you are considered for an AML role. However, you should be aware that at your age and with the amount of experience you have, regardless if you are in stat board or a bank, you are likely going to be doing a lot of administrative work and sai kang for a few years. This is a reality that you have to learn to accept, regardless of your decision. You have zero relevant experiences to prove that you can do certain jobs, and no banks is going to let you do any advisory work at this stage.

Personally, I came from a polytechnic as well, but the diploma did not stop me from working hard. Its ultimately up to you, on what you want to achieve in your work and career. I have ex-classmates who sells properties and insurance. I have ex-classmates who works in operations. I have ex-classmates who are selling unit trusts/mortgage loans/car loans in the bank. If you prefer a simple life, non-challenging career path, have regular/fixed hour, stat board will be suitable. If you are ambitious and is willing to work hard, a banking environment (or private sector in general) is more suitable.

Originally Posted by Unregistered

A few questions:
- Do you plan or are you furthering your studies, i.e. getting a degree?
- Which stat board are you with, currently? Or specifically, do you see a career path, staying in the current stat board? If no, is there an opportunity for you to move to another stat board that can offer you a better career path?

There are some pressures from MAS for banks to hire diploma holders, for Compliance and AML roles. Hence, this is one of the potential reasons why you are considered for an AML role. However, you should be aware that at your age and with the amount of experience you have, regardless if you are in stat board or a bank, you are likely going to be doing a lot of administrative work and sai kang for a few years. This is a reality that you have to learn to accept, regardless of your decision. You have zero relevant experiences to prove that you can do certain jobs, and no banks is going to let you do any advisory work at this stage.

Personally, I came from a polytechnic as well, but the diploma did not stop me from working hard. Its ultimately up to you, on what you want to achieve in your work and career. I have ex-classmates who sells properties and insurance. I have ex-classmates who works in operations. I have ex-classmates who are selling unit trusts/mortgage loans/car loans in the bank. If you prefer a simple life, non-challenging career path, have regular/fixed hour, stat board will be suitable. If you are ambitious and is willing to work hard, a banking environment (or private sector in general) is more suitable.

Thanks a lot for the information bro!

To answer your questions:

1) Yes, I do plan to further my studies as I will be taking a PT degree.
2) I do not see a career path with the current SB that I'm with (MAS). As for other SBs, I don't think I will want to venture into them as well.

Just a brief on what I'm doing, everyday I'm just providing administrative support to the executives. Basically clearing emails and sending/collecting/delivering stuff to other organizations or partners. Like you mentioned, it's really admin work and sai kang which I don't really enjoy.

As for my age, I'm currently 24. I understand with 0 exp in AML, I would definitely start from the bottom up. But I'm confident in my work and I believe I can progress quickly. My current job doesn't give me any challenges. Given my type of working style, I lean more towards challenges, analyzing and solving problems which there's almost none to existent currently.

I do not prefer a simple life, I think it's too smooth sailing. Although the salary right now I'm drawing is 2400, I would much rather take a paycut to move over to a bank and do something that I will be interested in. As I was previously employed by the bank before serving NS, I'm aware of the culture and work styles there which I enjoy much more than in a SB.

My current status that I know of from the HR is they are "keen to offer" but are required to clear certain internal processes such as getting approval from the group division head. After saying all this, I'm pretty certain that I want to make the jump but the only obstacle now is whether I will get the offer which I have no control over.

anyway, still thanks a lot for the time to write up much information for me bro

In some kind of dilemma here. I have 4 yrs experience doing compliance/aml in a brokerage. Got offered an AML role in a foreign bank with a 20% increment on my current package. But I just received a 10% promotional increment so the incentive to move becomes just 10%. Is it still worth it to take the offer? I understand that it's not easy to make a move to a bank without banking exp. I'm just thinking with my new title and package, will it be easier to find a role that pays more? I've tried negotiating further with the bank's HR and it seems that the amount they offered is the highest they can go.

Originally Posted by Unregistered

I'm a pte uni student who's planning to leave audit (non big8) aft a year to join aml/kyc ops. What starting salary shld i ask for?

Currently caught in a similar situation, would the audit experience increase my chances of getting offers? (perm/contracts) Many thanks