Thanks, as the role is mainly project management related, any chance that this exp will be relevant for future BAU type roles?

If it states "project management", this means that there is a remediation resulting from a backlog, usually identified by audits / MAS. There are usually a group of people doing the BAU transaction monitoring, and most banks will put in a place a separate team to cover the remediation. There are usually attrition in the BAU team, so if you performs well in the remediation, you are likely to be offered a permanent role in the BAU team.

If you are completely out of the AML world and is trying to find a way to get in, remediation will be a good way to get one foot in. Most people doing remediation has a sluggish attitude, so if you have a positive attitude and do well, it is often recognized and roles will open up. There are too many movements within AML, especially at the junior level. Many people are moving for a few hundred dollar increments, but that is very short sighted. You barely have any foundation and you are moving for more money. Hiring managers are getting more cautious about such people as well.

Would AML experience gained in insurance/investment firms be considered relevant to an AML job in the banking industry? Most/all entry-level AML roles in banks require experience, considering doing AML in other industries to gain exp.

Thanks for the insight. Apart from remediation, are there other ways to get in? Would internal movement within the firm be another option as well? I get that experience is impt in compliance, but would internal transfers be considered as well?

What's the earning potential for compliance like? (VP, Director level)

I've heard of senor Compliance heads earning up to $700k, don't know if it's true.

Yes and no. It depends on what kind of AML you are doing in insurance/investment firm and what role you are looking for in banking industry. It will push you up, in terms of relevant experiences, but it is always dependent on the existing pool of candidates you are competing, at the point of job applications. Certain period, there are a lot of strong candidates, and certain periods, every candidate are rubbish.

In global organizations, internal transfers are generally preferred, to encourage mobility, which HR is always marketing. However, it also depends on the role that you applied versus the role that you are doing.

If you are doing internal audit, and applying for a compliance/AML role, your chances will be very high. If you are doing technology and applying for a compliance/AML role, your chances are lesser (unless you are doing compliance technology). It also depends on the business you are in, and which business you are applying for. If you are with consumer business and you are trying for a compliance/AML role in private bank, you shouldn't be surprised if you are not shortlisted at all.

If you are in the same business for the role that you want to apply (i.e. Private bank Ops applying to be Private bank Compliance/AML), I would always recommend for you to speak to your direct supervisor first. If your direct supervisor can put in a few good words on your behalf to the Compliance/AML hiring manager, it helps. Where possible, you should also explore possibility to double-hat (i.e. continue your existing role and take on the Compliance/AML work) as well. This exhibit a positive work attitude (to both supervisors and trust me, this will go a long way in your career path) as well as relieve the stress on both supervisors almost immediately. Your direct supervisor can have more time to find your replacement, hence, more likely to give you a winning recommendation. The hiring supervisor will also be more keen to go for you, as he/she can get someone (even if its 50%) immediately.

If you are a MD level, yes $700K is possible including bonuses. If you are a Global Head for a Global bank, it will be 7 figures. Of course there are only a few of them on this planet.

VP and Director ranges are huge, as it varies from local banks to foreign banks. Someone have posted this before, so you can just browse the older pages to see the range. If you are too lazy to even browse the pages, then you are probably too lazy to ever be a VP or Director, anyway.

Seeking advice
 

Hi all, I'm currently in a Premier relationship manager role in a foreign bank. Had a short stint with the bank's remediation exercise, and coincidentally got offered a position as a KYC/Ops role for a specific market, Japan FI. Pretty decent offer, but it's with a outsourced company for a private bank. Essentially I'm moving from sales to ops role. Any opinion on this? And I'm new to my current role about 6 months, so this change could mean a small step towards the AML/Compliance scene. I prefer to do this as I'm tired of chasing the numbers, but at the same time I wonder about the prospects.