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-   -   AML/Compliance/KYC professionals come in! (https://forums.salary.sg/income-jobs/3243-aml-compliance-kyc-professionals-come.html)

Unregistered 04-04-2017 06:40 PM

Which area do u guys think have better long term prospects?
AML investigations, regulatory or kyc?

Unregistered 04-04-2017 09:48 PM

aws/bonus for local banks
 
I'm a fresh grad with an offer for an entry level compliance role at a local bank. i have been shown the written offer recently and realized that the bank does not pay AWS and yearly bonus is purely based on performance.

Is this the case for most banks in sg? I'm also wondering if it is more likely to be a bank-wide policy or a clause just catered to fresh grads because of our inexperience.

More specifically, what kind of performance-based bonus would I be expecting as a fresh grad? I'm not expecting an extravagant figure, but is getting average ~1-2 months a long stretch in compliance?

I have a few more days to decide whether to accept the job, and ive pretty much set on taking it. Just wanted to see if anyone here could provide some insights regarding this.

Thanks!

Unregistered 04-04-2017 10:34 PM

Quote:

Originally Posted by Unregistered (Post 96367)
I'm a fresh grad with an offer for an entry level compliance role at a local bank. i have been shown the written offer recently and realized that the bank does not pay AWS and yearly bonus is purely based on performance.

Is this the case for most banks in sg? I'm also wondering if it is more likely to be a bank-wide policy or a clause just catered to fresh grads because of our inexperience.

More specifically, what kind of performance-based bonus would I be expecting as a fresh grad? I'm not expecting an extravagant figure, but is getting average ~1-2 months a long stretch in compliance?

I have a few more days to decide whether to accept the job, and ive pretty much set on taking it. Just wanted to see if anyone here could provide some insights regarding this.

Thanks!

Is it a perm role or contract role? Local or foreign bank?

I think most banks do this nowadays, they like to omit the bonus part and just tell you it's based on performance so they don't have to commit to anything.

Unregistered 04-04-2017 10:57 PM

Quote:

Originally Posted by Unregistered (Post 96367)
I'm a fresh grad with an offer for an entry level compliance role at a local bank. i have been shown the written offer recently and realized that the bank does not pay AWS and yearly bonus is purely based on performance.

Is this the case for most banks in sg? I'm also wondering if it is more likely to be a bank-wide policy or a clause just catered to fresh grads because of our inexperience.

More specifically, what kind of performance-based bonus would I be expecting as a fresh grad? I'm not expecting an extravagant figure, but is getting average ~1-2 months a long stretch in compliance?

I have a few more days to decide whether to accept the job, and ive pretty much set on taking it. Just wanted to see if anyone here could provide some insights regarding this.

Thanks!

Yes this is normal. I have been in banking since 2012. Bonus is mainly based on performance. AWS only applies to union workers. As a graduate employee we are not entitle to AWS. If you want AWS go to govt sector, don't join banking. But I do heard of AWS in banking too from my friends. But I guess this is not the norm.

Your bonus is dependent your performance and bank performance.

Unregistered 05-04-2017 12:43 AM

Thanks for the above two replies. The role is a perm position at a local bank. I guess I'll be accepting the offer this week if this is what banks are doing more or less, as the other terms seem fine to me.

Just hoping that my performance will be enough to earn me 1-2 months at least, in the compliance function.

Unregistered 05-04-2017 08:44 AM

Quote:

Originally Posted by Unregistered (Post 96373)
Thanks for the above two replies. The role is a perm position at a local bank. I guess I'll be accepting the offer this week if this is what banks are doing more or less, as the other terms seem fine to me.

Just hoping that my performance will be enough to earn me 1-2 months at least, in the compliance function.

All the best!

Anyway just curious what sort of compliance function will you be doing? :)

Unregistered 05-04-2017 10:22 AM

AWS has been phased out in most banks for graduate level employees, which is a good thing. The component is now part of your annual 12-month package, instead of 13-months.

The only big bank that I am aware is still on a 13-month package is HSBC. This is for their Band 7 aka Assistant Manager (glorified title), which most grads in their middle/back office start out as. This sucks as it might affect your future jumps and convincing your next employer to look at your remuneration on a annual basis and not a monthly basis.

Unregistered 05-04-2017 10:32 PM

Quote:

Originally Posted by Unregistered (Post 96376)
All the best!

Anyway just curious what sort of compliance function will you be doing? :)

I will be in the aml team although not too sure what the exact work will be like as I haven't worked in compliance for a bank before (just have a brief idea from research).

And for the previous poster who replied about AWS. Well it's good to hear that it's not just my offer without aws. But on the other hand it just means my offered monthly pay is actually lower than what it seems as the "13th month" is sort of factored in. Gotta work hard for that bonus and promotion then!

Unregistered 06-04-2017 03:06 PM

Hi feel like most of yall very easy to find compliance jobs in bank! Im a local dip holder trying to find a role in banks but to no avail. I have no banking exp. pls enlighten me ): and which uni are y'all mostly from! Im taking a pte degree now...

Unregistered 06-04-2017 06:30 PM

Quote:

Originally Posted by Unregistered (Post 96425)
Hi feel like most of yall very easy to find compliance jobs in bank! Im a local dip holder trying to find a role in banks but to no avail. I have no banking exp. pls enlighten me ): and which uni are y'all mostly from! Im taking a pte degree now...

It is always difficult for diploma holders to break into the banking sector, regardless of function. What I can advise is, aggressively seek out contractual roles in KYC/AML operations, that's your best bet. Recruit Express and Randstad has the highest % of contractual mandates in the market, you can try your luck with them.

This experience will definitely help you upon your completion of your degree, transition into a permanent role and the broader compliance sector will be slightly easier as well.


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