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Unregistered 02-10-2017 08:05 AM

Quote:

Originally Posted by Unregistered (Post 100520)
Isn't transaction monitoring considered under or a part of investigations? Or by investigators, do you mean level 3 transaction monitoring? The FIU?

Quote:

Originally Posted by Unregistered (Post 100539)
Actually what does AML investigation do exactly? Isnt transaction monitoring doing the investigation already?

L1, L2 and L3 TM vary from institution to institution. Only bigger FIs will have a segregation between TM and investigations. For smaller FIs, it a 1-stop shop. TM covers alerts generated from transaction monitoring, whereas investigation covers potentially suspicious activities/clients from all ranges (front office escalation, name screening, MAS checks, etc), including TM. Investigation will also be the final party to file the STRs.

The term FIU is now loosely used as the job scope of each team of FIU vary from one FI to another FI. You would actually have to READ the job description, to have a better understanding, on what each functions does.

Unregistered 02-10-2017 08:12 AM

Quote:

Originally Posted by Unregistered (Post 100540)
1) I am in transaction monitoring as my first job since i graduate. What is the prospect and career path of transaction monitoring?

2) I wanted to go into AML Advisory or sanctions. Is it hard?

At the highest level of TM, you would be the global head for TM, which is usually a MD level role. Within TM, there are also prospect and career path, but similar to all aspects (sanctions, advisory, investigations, ABC, compliance), its how you develop your role that progress you to the next level. I know a lady who started off as a TM analyst, but worked her way to become the deputy head of TM hub. Currently, she is the country head of AML. I am sure, if she is tired of her role as country head and don't mind relocating, she would be able to get an equally senior/more senior role in global TM space. The problem starts when you think you are an Ops person, and you start behaving like an Ops person. Once you do that, your career is down the drain because you will always think any task/projects is not what you should be doing.

Getting to AML Advisory or sanctions is not hard, if you study and prepare for it. If you get a chance for an interview, you should really study and understand what you have done, in the past, and translate that into the role that you are applying for. I have interviewed candidates who "claim" to have done 3-4 years of CID/TM contract work, but 2 interview questions down, it is crystal clear that the person don't understand the work that he is doing at all. If that is the attitude towards work, why is it shocking to realize that you have never landed on a perm role, or any other roles, to be honest?

Ultimately, it is the attitude you have, towards your work, that crave you to your next role. Each TM team always have a team lead, and if you think that team lead gets to be a team lead, by doing BAU, you are wrong. Similarly, for the team lead to move to the next level, it also goes beyond doing BAU and thinking everything should be BAU.

Unregistered 02-10-2017 08:14 AM

Quote:

Originally Posted by Unregistered (Post 100544)
So AML vs Sanctions, which one got better prospect?

After reading so much, you still dont know which has better prospect? Maybe you should switch fields.

Unregistered 02-10-2017 08:18 AM

Quote:

Originally Posted by Unregistered (Post 100595)
depens on what kind of investigations.many peoples idea of investigations is just tm alerts, which while not wrong, is not entirely correct.

Tm is system generated, typically will be looking at one months worth of clients transactions, depending how your alerts are generated. Case write up generally less complex.

Investigations usually much more complex, could involve multiple clients and accounts over a specific time period, and case resolution is typically much lengthier and spectrum of issues could be wider given the volume of info reviewed. All these has to b condensed into a readable and accurate report detailing your findings and highlight actions or recommendations.

Agree that alert clearing positions will b stuck at most to a vp as sad to say banks treat alerts as part of ops and something which doesnt need much skill or more for junior people. Real investigator role, may have more room for promotion but depends on the bank you are at. Many places do not differentiate alert clearing with investigations and do not have positions for more complex investigations.

End of the day, still about combing throught transactions to determine whether there are potential suspicions. But an experienced person will b able to identify risks which many so called investigators cant and conduct the investigations in an efficient manner. many people tend to dismiss certain issues easily for fear of doing more work, stirring **** etc.

If your choice is to do BAU work and be a standalone contributor, your career will be stuck at VP. Once you become a VP, there will be greater expectations to manage a team. It is impossible to remain as a VP and still clear alerts, in most banks, if not all banks. For investigation, it is still possible to conduct investigations and be a VP. However, at some point, you would need to take on managerial positions. You have to realize that managing AML risks goes beyond clearing alerts and conducting investigations. There are macros issues to consider. Stakeholders to manage. Changes to be driven and made. Those are the opportunities that will allow you to move to the next level.

Unregistered 02-10-2017 11:00 AM

Quote:

Originally Posted by Unregistered (Post 100610)
After reading so much, you still dont know which has better prospect? Maybe you should switch fields.

Not the person who posed the question. Sanctions is definitely more complicated and time sensitive. In the US, those with legal backgrounds, with JD etc are favoured for sanctions compliance, not the case for aml investigations where people come from diverse backgrounds.

Unregistered 02-10-2017 11:13 AM

Quote:

Originally Posted by Unregistered (Post 100611)
If your choice is to do BAU work and be a standalone contributor, your career will be stuck at VP. Once you become a VP, there will be greater expectations to manage a team. It is impossible to remain as a VP and still clear alerts, in most banks, if not all banks. For investigation, it is still possible to conduct investigations and be a VP. However, at some point, you would need to take on managerial positions. You have to realize that managing AML risks goes beyond clearing alerts and conducting investigations. There are macros issues to consider. Stakeholders to manage. Changes to be driven and made. Those are the opportunities that will allow you to move to the next level.

This is great advice. I think one should first aim to build depth of knowledge in their respective function, then move on to widen their breadth of knowledge for managerial responsibilities. Not forgetting that each function overlaps with another and it is those that can apply what they picked up in their domain to another that do well for interviews and in their career generally.

Unregistered 03-10-2017 06:52 AM

Quote:

Originally Posted by Unregistered (Post 100609)
At the highest level of TM, you would be the global head for TM, which is usually a MD level role. Within TM, there are also prospect and career path, but similar to all aspects (sanctions, advisory, investigations, ABC, compliance), its how you develop your role that progress you to the next level. I know a lady who started off as a TM analyst, but worked her way to become the deputy head of TM hub. Currently, she is the country head of AML. I am sure, if she is tired of her role as country head and don't mind relocating, she would be able to get an equally senior/more senior role in global TM space. The problem starts when you think you are an Ops person, and you start behaving like an Ops person. Once you do that, your career is down the drain because you will always think any task/projects is not what you should be doing.

Getting to AML Advisory or sanctions is not hard, if you study and prepare for it. If you get a chance for an interview, you should really study and understand what you have done, in the past, and translate that into the role that you are applying for. I have interviewed candidates who "claim" to have done 3-4 years of CID/TM contract work, but 2 interview questions down, it is crystal clear that the person don't understand the work that he is doing at all. If that is the attitude towards work, why is it shocking to realize that you have never landed on a perm role, or any other roles, to be honest?

Ultimately, it is the attitude you have, towards your work, that crave you to your next role. Each TM team always have a team lead, and if you think that team lead gets to be a team lead, by doing BAU, you are wrong. Similarly, for the team lead to move to the next level, it also goes beyond doing BAU and thinking everything should be BAU.

Thanks for the advice. 2 qns which i hope u can advise

1) what is the prerequsite to go into AML Advisory and Sanctions respectively?

2)Is it AML advisory is at least AVP and above? I have only transaction Monitoring and is at Associate level.

Unregistered 03-10-2017 08:17 AM

Quote:

Originally Posted by Unregistered (Post 100639)
Thanks for the advice. 2 qns which i hope u can advise

1) what is the prerequsite to go into AML Advisory and Sanctions respectively?

2)Is it AML advisory is at least AVP and above? I have only transaction Monitoring and is at Associate level.

1) It vary from banks to banks. Regardless of the prerequsite, you should still apply and try for it. Recruiters will probably won't put you up, but you can always apply directly via the FI's website. Similarly, you must be prepared for the interview, which is to actually study what each area covers. The reality is, there isn't so many candidates with direct AML Advisory and/or sanctions experiences floating around. Hence, some banks will take a stab with someone with the right thought process and right attitude.

2) No, this vary from banks to banks as well. If you are heading the team, you obviously cannot be at associate level. However, the head will still need a team to support him/her, and the team would range from associate to VP or even SVP.

Unregistered 03-10-2017 12:06 PM

How about transition from KYC to Aml advisory or another field?

I have been in KYC for 4 years. Am looking at what other roles that I can move on to.

Unregistered 03-10-2017 09:28 PM

Quote:

Originally Posted by Unregistered (Post 100641)
1) It vary from banks to banks. Regardless of the prerequsite, you should still apply and try for it. Recruiters will probably won't put you up, but you can always apply directly via the FI's website. Similarly, you must be prepared for the interview, which is to actually study what each area covers. The reality is, there isn't so many candidates with direct AML Advisory and/or sanctions experiences floating around. Hence, some banks will take a stab with someone with the right thought process and right attitude.

2) No, this vary from banks to banks as well. If you are heading the team, you obviously cannot be at associate level. However, the head will still need a team to support him/her, and the team would range from associate to VP or even SVP.

For those reading, the advice from Mr Learned Unregistered is the 100% accurate. Being one of the lucky few who worked from a junior contract role within a very niche FCC area to associate equivalent in AML and sanctions advisory within a relative short time span, you need dedication (I.e. attitude), network and luck.

Dedication to study areas that are not directly related to your current work, especially considering you're already learning on your job for your main mandate. Dedication to bite the bullet and work painstakingly hard in unfamiliar territories. Dedication to keep applying and interviewing for the roles you're keen for, despite being ignored by agents or FIs as well as being rejected by some after interviewers who remain unconvinced (e.g. FIs that are looking for more experienced people).

Attitude shows your mindset (as rightly pointed out) - do you challenge the status quo or are you just a robot? Do you think through what you do? Do you ask yourself tough questions? Do you try to exceed expectations and operate at a higher level? Do you show how you excel to the right people?

Network to ensure stakeholders, colleagues, bosses, underlings appreciate you. Is this just mere shoe shining? No, you can't please everyone, but you need to build your own reputation so that people listen to you and respect your opinion. Note I used "appreciate" instead of "like" - you don't need everyone to like you, but you need to be in a position to provide value to people.

Luck. All the above hinges on your luck - working for the right boss, working in the right role. Its also much easier to get picked out of a large group of candidates, especially for those inexperienced, if you get a referral. You bring over your reputation you built up by your dedication and attitude. But without luck, you wont be able to move to the role you want at the time you want at the FI you want.

Also, just a thank you to Mr Learned Unregistered for your truthful and learned advice which I personally vouch for its accuracy. Truthfulness is sometimes underappreciated on the internet...


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