AML/Compliance/KYC professionals come in!

What do you guys think about the view that Singapore is a high cost centre and processing activities (eg. KYC, AML related roles) will eventually move to low cost centres like India? Do you think it’s true or the quality of work in the low cost centres would be so bad that it’s eventually a higher cost to the firm too?

Originally Posted by Unregistered

What do you guys think about the view that Singapore is a high cost centre and processing activities (eg. KYC, AML related roles) will eventually move to low cost centres like India? Do you think it’s true or the quality of work in the low cost centres would be so bad that it’s eventually a higher cost to the firm too?

Won't happen.

Businesses in India aren't doing well because laws aren't business friendly. Taxes are high too.
India is good for back-office jobs not involving critical decision making.
Compliance functions are critical and essential. They can't move.

Originally Posted by Unregistered

What do you guys think about the view that Singapore is a high cost centre and processing activities (eg. KYC, AML related roles) will eventually move to low cost centres like India? Do you think it’s true or the quality of work in the low cost centres would be so bad that it’s eventually a higher cost to the firm too?

There has been hearsay of outsourcing since many years ago but it didnt take place completely.

Challenge is not every part of the role can be outsourced. Some companies have incorporated these roles into business (i.e. client facing). There is also requirement for knowledge of regulations and working close to the business and regulator.

Originally Posted by Unregistered

There has been hearsay of outsourcing since many years ago but it didnt take place completely.

Challenge is not every part of the role can be outsourced. Some companies have incorporated these roles into business (i.e. client facing). There is also requirement for knowledge of regulations and working close to the business and regulator.

Anyone know of any bank which had outsourced KYC function?

Originally Posted by Unregistered

Anyone know of any bank which had outsourced KYC function?

HSBC is in the midst of offshoring their KYC functions, including client outreach, in commercial banking.

Originally Posted by Unregistered

Anyone know of any bank which had outsourced KYC function?

many banks

does anyone know how much the bigger swiss private banks (UBS/CS) will pay for aml role for candidates with 5 yr relevant exp? currently drawing ~6-7k at another pb.

Originally Posted by Unregistered

does anyone know how much the bigger swiss private banks (UBS/CS) will pay for aml role for candidates with 5 yr relevant exp? currently drawing ~6-7k at another pb.

Likely will bump 10-20% from your current pay so possibly anywhere from 7-8.5k.

[FATFMember]

Originally Posted by Unregistered

Likely will bump 10-20% from your current pay so possibly anywhere from 7-8.5k.

It depends on your current scope and what role you are applying into (e.g. team lead role or deputy). 5 yoe with your current compensation seems quite reasonable if it's a generalist role, so 10-20% will be a good ballpark figure.

Originally Posted by Unregistered

does anyone know how much the bigger swiss private banks (UBS/CS) will pay for aml role for candidates with 5 yr relevant exp? currently drawing ~6-7k at another pb.

What is the bonus like for these Swiss private banks? Do they pay good bonus for aml function?