AML/Compliance/KYC professionals come in!

Originally Posted by seojuns0310

Hi everyone, I need to gather some opinions here with you experienced professionals. I am a fresh grad and have been looking to land a role in compliance, preferably in banks as i feel there will be more exposure. Recently, i received this offer to work in the compliance team of an insurance company. I was hesitant to take up this offer, my first thoughts are to take up this job and gain some experiences but i am not sure if there is any transferrable skills when i want to move to the banking side in future. Can anyone share some insight on this? Thanks in advance

You can still explore your options. But as a fresh grad, you must bear in mind that no one job is perfect.

If you give up this offer, how long will it take to get another?

For transferrable skills, some areas of compliance are niche and it is very hard to enter without specific experience for banking.

I started in banking and switched to payments industry.

Banking is a good training ground but in terms of salary and work balance, some industries are better.

As I look back after 6 years of working experience, I will not want to return to banking.

Originally Posted by Unregistered

Hi

Can I check if the CAMS6-SG (IBF Level 2) Program is suitable to be taken up, for someone who is a new to Compliance?

I am wondering if this program would help me kickstart a career in AML/Transaction Monitoring. Currently, I am 6 months into my role as a Transaction Filtering Operator, dealing with Sanctions.

What exactly is sanctions screening? Is it a good area to work in? Got prospect?

Hello i would like to check which banks’ aml function are at changi biz park and which ones are at cbd?

1.credit suisse
2. Jp morgan
3. Deutsche
4. Ubs
5. Citi
6. Scb
7. Dbs

For transaction monitoring, how is the workload and OT situation for these banks?

Thanks in advance!

Hi I currently got a job at a 3rd party vendor for banks. The job description for my role stated performing transaction analysis and the position is stated as aml analyst. When I went for orientation this week, they gave the run down of the position and essentially it is a name screening position which can easily be outsourced to India which is what other banks have done. This company overpromised the role. Should I be looking elsewhere for another compliance or aml role or stick with it for a while? I am also looking into getting into regulatory advisory, what is the career path and education or certs needed for this move. I am currently 24 degree holder. Would a diploma in accounting or scams help? Do you think the aml industry is being outsourced or should I move into other pockets of compliance or take on a more permanent kyc or Cdd role at a bank? Thanks!

Originally Posted by Bbk

Hi I currently got a job at a 3rd party vendor for banks. The job description for my role stated performing transaction analysis and the position is stated as aml analyst. When I went for orientation this week, they gave the run down of the position and essentially it is a name screening position which can easily be outsourced to India which is what other banks have done. This company overpromised the role. Should I be looking elsewhere for another compliance or aml role or stick with it for a while? I am also looking into getting into regulatory advisory, what is the career path and education or certs needed for this move. I am currently 24 degree holder. Would a diploma in accounting or scams help? Do you think the aml industry is being outsourced or should I move into other pockets of compliance or take on a more permanent kyc or Cdd role at a bank? Thanks!

FCC investigator here. A diploma in accounting will not help in any direct way. Acams might but there have been people who got into AML without any AML certs. Both tm & kyc operations are increasingly being located offshore but usually their last level stays in Singapore. If you want regulatory advisory and not aml advisory, you should just try to start from regulatory asap. About your current predicament, you just got to weigh the factors but overall if you can help it, get a tm role instead of a name screening one for a good beginning.

[seojuns0310]

Hi there, how should a fresh grad looking to go into AML/KYC roles go about looking for a position? I tried applying to such roles through job finding portals, mainly went for the interview and they hired experienced people instead(experienced this quite a number of times over past few months). Kinda disheartening. I have heard from recruiters that it is easier to enter this line through doing maybe a ops role and get some experiences before jumping into this line. Not sure if this is true. Anybody who can shed some insight regarding these issues? Or perhaps you know of any openings at your workplace that you can recommend to me? Thanks in advance!

Originally Posted by Unregistered

Hello i would like to check which banks’ aml function are at changi biz park and which ones are at cbd?

1.credit suisse
2. Jp morgan (cbp)
3. Deutsche
4. Ubs
5. Citi (cbp)
6. Scb
7. Dbs (mbfc)

For transaction monitoring, how is the workload and OT situation for these banks?

Thanks in advance!

Here you go. Personal experience

Originally Posted by seojuns0310

Hi there, how should a fresh grad looking to go into AML/KYC roles go about looking for a position? I tried applying to such roles through job finding portals, mainly went for the interview and they hired experienced people instead(experienced this quite a number of times over past few months). Kinda disheartening. I have heard from recruiters that it is easier to enter this line through doing maybe a ops role and get some experiences before jumping into this line. Not sure if this is true. Anybody who can shed some insight regarding these issues? Or perhaps you know of any openings at your workplace that you can recommend to me? Thanks in advance!

you can get thru this either as a RM (handling CDD/KYC) or Project Management / Business Analyst role. The former gets much higher chance as AML team normally work closely with RMs for RFI, etc so you can slowly transition in. PM/BA path takes a bit more time but you will get into much senior role.

what i can see right now is that low level AML resources (e.g. clearing screening alerts, etc) are too abundant and hard to compete.

Originally Posted by Unregistered

Hi guys

Any advise?
I have around 2 years of Compliance experience in an international bank. I did the IBF level 1 Compliance cert already.

Now I have 2 offers
1 offer is from another international bank the role is a client regulatory advisory role.
1 offer is aml transanction screening/monitoring role in local bank.

If I take the first role, would it be considered a deviation from compliance? Would it be easy to go back to Compliance?

Might also be important to note that first offer got more than 20% increment. But second one only offering about 10% increment.

What is your advice?

I'll take the first role anytime. Having advisory experience will triumph over any other roles in compliance. Remember, the end goal of compliance is too help bankers do the right thing. All other controls (e.g. montiroing, screening, etc.) are just side work. At the end of the day, the result of all CDD/KYC, alerts, etc. will be tabled in front of the compliance advisor to make final decision.

Hi,
I saw several roles in BNP for kyc/on boarding officer. I have applied as well.
How long does the selection procedure take? French banks are slow to act but with the quarter end approaching, can I epxept speedy action? I want to join BNP soon.
Mercy boocoup