Correct me if im wrong but why would people move to big4 advisory if they are in banks' compliance?

obviously to hong all the chio bu fresh grad mei mei....

sometimes it happens. for e.g. a well connected AVP for compliance in a bank might be offered a jr partner advisory in big4.

127
 

Currently working for TR as FCC researcher and I have a chance to join an american bank for Ops aml role under band 6 without bonus. I am getting a 18% increment but my base with TR was already (about 3.1). Can i get more advice on this? surprised that there is no bonus.

I assume it's BAML you are referring to. They are well known for having 'inbuilt bonus' in their basic salary. How many years of relevant experience do you have? Personally, I'll be looking at a minimum of 20%.

Do keep in mind that they have a generous flexible benefits scheme of 3k, in which I suppose you can manually transform to cash. Don't think I need to teach you how to do it.

Thanks for the insight. yes that is right. They did mention about the flexi benefits 3-7k depending on band. I wasn't too sure on the banding since I assumed that with 2 years of experience (excluding 1 yr internship exp) i would be under band 5?

Any advice for the operation role. Senior ex colleagues and recruiters shared that BAML is a good brand and place to learn. Ops is also good for juniors like me before moving to advisory roles in the next 5 years?

I don't know how the banding works over there, but you are probably considered a junior banding, very sure the flexi benefits will be 3k rather than more. You can check with the HR again regarding this.

You mentioned that your current pay is 3.1k? No offense intended but I think this is way too low for 2 years of quality, relevant experience. The market rate for such candidates like yourself is 4k +/-.

Tbh, in this domain, all mainstream banks will be regarded as the same on your CV. Ops is fine for now but do note that the jump from Ops into the advisory roles under Compliance will be difficult and scarce. It is not easy to make the jump, as the knowledge gap is actually much wider than most would expect.

Having said that, KYC ops is a perfectly fine place to be in at the moment, and even establish a career in. Do talk with your agent/the HR and make it known that you are aware of the market rate... don't leave anything on the table. It'll have a negative butterfly effect on your remuneration as you move on in your career.

definitely agree on this. i'm doing aml and already drawing 4.8k in my 2nd yr.

I am a fresh grad who started work in 2014 with TR and as many of you guys know TR is not doing too great. increment and bonus are meagre hence the reason for me to explore an opportunity with a bank where I can learn more. with regards to career prospect I did talk to a senior recruiter on the path of Ops aml kyc and she said its the usual path if you want to go into advisory role. Plus with my 2 years and low pay, this is certainly an upgrade atleast in the short term (another2-3 years?) I am hoping the yearly increment will be better in banks!

were you a fresh grad too? I think for fresh grad TR was offering 2.8 and I had to negotiate to 3. Maybe if I started off in bank I would have been offered more?

I have a friend who is Credit suisse compliance prog and his base is 3.3 with no bonus for 2 years. lucky for him he manage to secure a role after 2 years but some of his batch colleagues did not.

What does TR stand for?

Fresh grads typically start out at that range, no doubt. The main concern is that your pay has stayed relatively stagnant after 2 years, which is not a good sign. In a non front-office banking role, the key is to jump and jump often in order to secure big increments. Don't be afraid of being labeled a job hopper at this juncture of your career, it's the norm for junior executives nowadays to have a nomadic CV.

The CS compliance programme is a load of crap designed to pay minimal sum for a group of people to 'immerse' themselves in the compliance culture aka cheap labour to support their core compliance function.

Looking back, 18% is actually a fairly satisfactory increment that BAML is offering you. Although you are still below the supposed average, I think this is a fair deal that they have for you.

With regards to bank increments, don't bother. It varies between 1-7%. Pathetic.

TR:Thomson Reuters. I was offered a role before graduation and I thought this might be a good chance to get into financial crime/compliance industry. however I was shocked to see 0 or 4% increment after my first year. really thanks for your insight. Are you from the compliance industry?

I know how you feel. I have a similar background, my 1st job out of graduation was at a investment research firm specializing in alternative assets, as a research analyst. The starting pay was 2850. I am now with a European bank's Compliance Control/Advisory team. In total, I have moved 3 times with a little less than 3 years working experience and am drawing >1.75x my 1st paycheck.

Banks do not reward loyalty within the same function, will not recommend people in our shoes to stay committed in a firm for an extended period of time. After all, we are not the 'elite' IBs or part of sales/trading. We have to create and generate uplifts in our incomes with what we have.

The starting pay was 2850. I am now with a European bank's Compliance Control/Advisory team. In total, I have moved 3 times with a little less than 3 years working experience and am drawing >1.75x my 1st paycheck.

wow which means you change job every year?? I hope to emulate your career some day. however how do you build your expertise and skills if you move regularly especially in compliance where there is so much to learn?

I stayed at the research analyst role for 6 months before moving onto a Client Onboarding/KYC role for about 9 months. Moved onto another KYC role and stayed there for 17 months. Not really 1 year per job la.

KYC is not compliance. KYC is operational by nature, whereas Compliance is more control and in some teams, advisory-based. Tbh, KYC is not difficult to pick up and excel in. If you can do well in school and have good command of English, which at TR I'm sure you must have, you can easily become proficient in the essential skills within a year. I believe BAML's AML team is one and the same with their KYC team?

1398
 

yes that is right. They do more of kyc aml remediation and COB. they also have internal / external auditing projects hence i feel good opportunities to learn. I didnt ask them if they send their employees for acams exam. do you think acams and ICA diploma are vital in these field? according to some, these are merely certs.

looks like you did contract jobs? banks are now hiring contract employees for the aml kyc obligations and the base salary is higher too so that could be the reason why he earns more than you now. contract jobs are good way to get experience if you are keen in compliance in the future. good luck!

I have no doubts you will learn a lot there. Whether it's about KYC/AML or the banking sector in general, it will be a decent learning experience. If you are looking to break into Compliance, or establish a career in Compliance, Compliance certs are almost a necessity for promotions and could be the difference between you and the other candidates. I'm looking to take my ICA Diploma within the next 12 months, just not decided on which specialty yet.

And to answer the above post, my first job out of graduation was a permanent role which I gave up to move into a contractual KYC role. My subsequent roles were in a permanent capacity.

Currently in a global bank doing TM

However, because of the compressed aml function here, am parked in compliance doing all(most?) levels of alert clearing, up to investigation/review of escalated STRs and subsequent lodgement

would like to inquire if the above exp is relevant for a move to advisory, or would onboarding/CDD knowledge still be necessary

Hi,

As a fresh grad, is it a good idea to source for these contract jobs through public job portals such as Indeed.com, jobstreet and so on? Or is it much wiser to browse the individual firms career websites to find said contract jobs?

im almost the same as u... started with a contract aml job when i just grad, then shortly moved on to a perm comp ops role then finally moved on to the advisory/control function. Coming nov will be my 3rd yr anniversary of working.. salary wise suprisingly almost the same as yours. I guess ppl in our years of exp in this field r paid this amt?

but man, a full fledged compliance role isnt easy. is no longer just dealing with TM or KYC but moving on to broader topics. OTC derivatives, syndication loans, basic onboarding n kyc stuff r done by the middle office.

its really stressful...many times in the meeting room i almost flipped the table at the other person

I'm not the person you are quoting, but here's my advice, as someone who has jumped around a fair bit.

As a fresh grad, all the job portals are your best friend. jobsdb, jobstreet in particular. efinancialcareers and linkedin are more suitable for experienced hires. Nowadays, a huge amount of jobs out there are taken up by agents who then search for suitable candidates. There's nothing wrong with going through an agent, they are pretty much a necessary middleman in the industry now.

I know what you mean, Compliance is a whole different ball game. The stress, especially when the ops team and Business starts quoting what I said in the past... zzz

Looks like contract jobs are the way to go to gain entry into aml kyc since they are paid higher than perm roles like mine in thomson reuters. only the brand is the selling point. does anyone know if its easy to jump departments in banks? try my hands at various roles.

what kind of broader topics? I am in my first 3 months at a jap bank and I am looking to gain some advice. Any books or website should I read regularly? I was told by my manager that it is good to be proactive in KYC AML role.

I agree though many recruiters are quite scheming (from my own experience). most of my interviews were through contacts such as seniors in university or ex colleagues. don't be afraid to approach your seniors or any of your contacts.

I have been a contractor and interacted with contractors before when I became a perm elsewhere, honestly I've never met a contractor that was paid more than a perm, taking experience and role into consideration as a apple to apple basis.

Typically, internal mobility has criteria like staying in the same role for 24 months with certain performance criteria to be attained, before you can apply for another role internally.

I don't have any books to recommend, but I generally scour the regulatory websites of the jurisdictions that I cover, looking into the papers they publish as well as for any regulatory news and issues. Otherwise, for technical skills, you can consider looking into taking up ICA modules or ACAMS.

Read the news. Best source of info. Understand what is coming. Sg to sign /implement aeoi hence applying crs. Learn how will this affect banking.

Broader topics i mean areas outside the realm of aml kyc and this involves alot of reading. Know wat laws r cross border n has effect in sg... If u r tech savvy, learn how the systems in your current workplace works. Knw the matching algorithms, source feeds, outputs etc. This would prove helpful in helpin u to manage change projects and to detect glitches or flaws.

Many many other things. But u need to keep up with the news.

How much should I expect if I have 1 year experience in KYC ops?
Just wanna gauge whether I am underpaid or overpaid.

2525
 

I have 0 experience and I made a switch to KYC/AML in banks. Offered 48,000 a year. 2.5 yrs work experience.

Hi, that is quite good. Is 48,000 the base salary? May I know 2.5 yrs work experience in which area?

It really depends on how much you started at. There are 1 year analysts that started out at 36000 p.a. and there are 1 year analysts that started out at 46000 p.a. If you are talking about expectations for a jump at the 1 year mark, take that base X 10 - 15%

What are the more recognised professional certification for AML/ Regulatory compliance professionals??

Interesting transfer of wealth from the sales guys in Wall Street to the law abiding ones.

CAMS, ICA Diplomas

17607
 

I joined an information consultancy / provider which covers political risk etc. made a switch. I started at a very low base like any other fresh grad. Realise quite a no wants to go into compliance consultancy / advisory and the path might be long and tough. impt to gain some experience as per my seniors.

any idea if banks send their aml kyc ppl for such certs? or it is OTOT?

typically they do offer sponsorships for 1st passed sitting. however, some have criteria like the employee has to have worked a certain duration etc.

Andy
 

Hi all, I been offered a ops role in bank but starting with client onboarding team. Any advice? should I go for it? I have 0 bank experience. Would it be a good start?