eastbourne
 

Hi,

40 years old is really old to start your journey in Compliance, especially if you are thinking of AML. AML is a sunset industry that is being mass outsourced to cheaper countries, which is natural because the bulk of AML is started to be categorized as operations.

U join a sun set industry at 40 years old and in a junior aml position. In 5-7 years time when AML gets outsourced, the younger folks who started at 25 will be your seniors will likely keep their jobs while you lose yours.

Career track as kyc
 

Hi all, wondering if there are any chance of progression into aml/compliance role if I were to start as a kyc analyst in foreign corporate investment bank? Thinking hard if I should give up a perm role in a consumer banking​ for a contract role in foreign bank.

Thanks for the advice.

1200 indian
 

Not impossible. May I know what consumer banking are you doing? If you are happy with consumer banking then should just stay put. You have to be sure is kyc/aml a role that you want in the long run.

Thanks for your response.

I'm in sales now currently. Hitting 30, and getting tired of the current role.
So always fins compliance function to be of interest and want to take up an entry role towards compliance in the future.

So needed to make a decision whether I should give up the current role and take the step into kyc if that will bring me into compliance in future.

I am the same poster. I wont suggest you change if you are doing well. Firstly you will definitely get a pay cut. Secondly there is no guarantee that you can get into compliance. Thirdly you may feel tired of aml kyc after some time. Note that this role is of different nature of your sales job. I believe you have some exposure to aml kyc in your current sales role. So if you really want to change, don't just apply entry level roles. You can leverage on your experience and knowledge in sales to value add. Skills like stakeholder management, communication and knowledge of the business are important for aml kyc roles. Technical knowledge knowledge for aml kyc can be trained by daily work and taking up courses.

given that AML is a sunset industry and will be outsourced in a few years, would KYC then be a better choice for starting out in the industry?

erm, both AML and KYC will be outsourced together. Going forward the use of of 'KYC depositories', which are essentially centralised KYC service providers, will also increase, thus the prospects of AML/KYC dont look that bright also.

I must say this is very accurate
- a hiring manager

I see, in that case, where would be a good choice/area to start out in compliance, given that the prospects of AML/KYC are not bright? I ask this as I am a fresh grad looking to enter compliance.

As a fresh grad, the only chance of entering compliance are the large local banks/fund houses where they are prepared to train from scratch. It doesnt really matter where you enter, be it KYC/Regulatory Compliance/Investment Monitoring/AML Screening/Transaction monitoring. Just try to get a foot in, and once in, learn about the business and then think about specialisation later.