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

Unregistered 06-04-2017 06:44 PM

Which is better? AML or KYC analyst?

Unregistered 06-04-2017 06:45 PM

Quote:

Originally Posted by Unregistered (Post 96432)
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.


Thank you for your reply! What else should I take note? :/

Unregistered 07-04-2017 12:54 AM

what is the market rate now for a CDD/KYC analyst at an insurance sector if i have 6 months of experience in kyc already?

Unregistered 07-04-2017 08:18 AM

Quote:

Originally Posted by Unregistered (Post 96442)
what is the market rate now for a CDD/KYC analyst at an insurance sector if i have 6 months of experience in kyc already?

ask for 5k and above. Insurance is doing well now and i am sure they can pay for talent

Unregistered 07-04-2017 08:55 AM

Quote:

Originally Posted by Unregistered (Post 96444)
ask for 5k and above. Insurance is doing well now and i am sure they can pay for talent

Why don't you suggest he ask for $10K and see what HR counteroffer?

6 months of experiences means little to an organization. Please don't be delusional that this amount of experiences is going to equate to huge pay and you deserve such huge increments. If you are constantly moving around, you may gain increments short-term but you have learnt nothing. At some point, you will be the highest paid junior executive and you will never be able to move to a higher level. Focus to build your foundation, and once you have it, it is easier to progress upwards and this can happen much quicker.

More organizations are moving junior positions to lower cost locations and this behavior of constantly moving across organization to increase your short term pay is one of the drivers. Why would an organization pay someone with 6 months experiences $5K when they can go to KL and hire a AVP or VP with RM$15K or hire 3 junior executive with RM$5K each? Each time such thing occur in an organization, it trigger conversations among the budget conscious seniors, on whether the replacement should be located in a lower cost location? It is happening, and the more often such behavior occurs, more jobs are going to be moved to MY, PH and IN.

Unregistered 08-04-2017 05:13 PM

After 3 years of working in AML, earning around 60k, I'm looking for a change in job scope. Do I have any choices in banking other than moving to the other branches of compliance, without taking a dramatic pay cut?

Unregistered 08-04-2017 09:09 PM

How likely are the chances if one would like to transition from AML CDD to AML transaction monitoring / surveillance?

Unregistered 10-04-2017 09:24 AM

Quote:

Originally Posted by Unregistered (Post 96489)
After 3 years of working in AML, earning around 60k, I'm looking for a change in job scope. Do I have any choices in banking other than moving to the other branches of compliance, without taking a dramatic pay cut?

If you can move internally, it is unlikely that you will get a pay cut. To move to other branches of compliance, you will have a better chance if you are moving into a bigger organization, as they are generally more willing to train. Smaller setup will prefer someone who is familiar and ready.

Unregistered 10-04-2017 09:26 AM

Quote:

Originally Posted by Unregistered (Post 96497)
How likely are the chances if one would like to transition from AML CDD to AML transaction monitoring / surveillance?

It is possible but I won't recommend. It is more likely for AML TM to be outsourced to a lower cost location compared to AML CDD. AML CDD generally works closely with the business, hence, they are more likely going to stay in Singapore. What is your motivation to move to AML transaction monitoring?

fresh grad 10-04-2017 05:01 PM

hi all,

I am going to graduate from university and looking for first job right now, have a contract role offer in trade monitoring (not aml monitoring) and wondering if i should take it up as I think the kind of monitoring is niche as compared to AML transaction monitoring and i cant find a similar role available on job portal. can anyone advise or give feedback? TIA


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