AML/Compliance/KYC professionals come in!

Originally Posted by Unregistered

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?

I would like to experience multiple areas of AML, such as CDD and TM.

Originally Posted by Unregistered

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?

Well... CDD faces the prospects of being outsourced to lower cost centre too.

Technically, many compliance surveillance controls can be outsourced to lower cost centre too and/or be automated.

In that regard, many decision makers are still based at where the businesses are, advising / instructing / taking further actions on cases which already have its first cut prepared by folks in the lower cost centres.

Though not mandatory, but it is almost an unspoken requirement for the decision maker (i.e. senior compliance staff) to know the mechanics of such controls and of course, the relevance of those cases to the organization and to the relevant laws.

for instance, current hot topic is now CRS. But those with a foot in it would know many elements of CRS can be automated (not entirely but at least 3/4 of it). Still, you would need someone locally at the booking centre to advise the businesses / audits / management accordingly.

Same goes to TM / CDD. There is no universal prescription to every single case. Most cases end up with the same treatment but doesn't mean it would adhere to the same each time. When an exception occurs, who can best give advice to the business to address the issue. In the case of tuning, what sort of approach is suitable for the branch based on the figures compiled through statistical inferences.
Those who have / regularly deals with MAS directly would know how much emphasis they are placing on AML TM / screening / CDD these days and the kind of qns your liaison officer would send you each time.

My take on this - good to learn all these. But how well you can absorb and apply to your everyday work and to your businesses will of course be dependent on yourself mostly.
The prospects of outsourcing / automation is very likely ; notwithstanding, it is still important for professionals within the compliance field to know TM/CDD/whatever else.

Hi everyone. Reading this forum for a few days. I need help. Currently I'm working as compliance officer for local money changer. I have so far done aml cft and era for the company. I also do the screening for pep and other requirements by MAS For the company. I have 2 year experience, workshop certificates on aml/cft and era and also a 2nd upper class cert in business management from overseas uni. Does my experience push me above the fresh graduates payslip if I want to work for private sector banks or companies ? Roughly how's the pay grade and the future prospect for compliance matter in general in Singapore?
Thanks

Originally Posted by Unregistered

Hi everyone. Reading this forum for a few days. I need help. Currently I'm working as compliance officer for local money changer. I have so far done aml cft and era for the company. I also do the screening for pep and other requirements by MAS For the company. I have 2 year experience, workshop certificates on aml/cft and era and also a 2nd upper class cert in business management from overseas uni. Does my experience push me above the fresh graduates payslip if I want to work for private sector banks or companies ? Roughly how's the pay grade and the future prospect for compliance matter in general in Singapore?
Thanks

Will be challenging but can negotiate for more than 4k with your experience and qualification if any corporation is willing to consider your candidancy. Compliance is in hot demand, jump into any area and will still command good money.

Anyone successfully transition over to AML OPS from doing client on-boarding? thanks!

[gwk]

What's the prospect of moving into audit space/role for sanctions, AML, FCC from a AML/sanctions screening role?

any gurus here is able to advise what is the prospects of being a CRS/FATCA analyst? are the two mentioned a part of compliance?

and also if one were to be doing CRS/FATCA, will it be easier/tougher to transition over to AML? Thanks in advance!

Originally Posted by Unregistered

any gurus here is able to advise what is the prospects of being a CRS/FATCA analyst? are the two mentioned a part of compliance?

and also if one were to be doing CRS/FATCA, will it be easier/tougher to transition over to AML? Thanks in advance!

Do u know what crs / fatca means and what it entails?

Common reporting standards and the compliance act for foreign accounts lor. I am totally new to compliance, hence asking for advice from experienced seniors here.

Originally Posted by Unregistered

any gurus here is able to advise what is the prospects of being a CRS/FATCA analyst? are the two mentioned a part of compliance?

and also if one were to be doing CRS/FATCA, will it be easier/tougher to transition over to AML? Thanks in advance!

FATCA/CRS falls under compliance, specifically tax compliance. It touches a lot on CDD/KYC so not really transit-able to AML usually (excluding networking/luck). Despite being niche, there are transferable skills depending on which part of FATCA/CRS you are working for (project/implementation, BAU, advisory)...