AML/Compliance/KYC professionals come in!

Originally Posted by Unregistered

I see..how much did you start with?

UOL Grad
My 3 years of KYC career as follows:

6 Months Contract SG Bank $1900

3 Months Contract EU Bank $2500

3 Months Contract JP Bank $2600
3 Months Contract Same JP Bank Another Department $2600
3 Months Contract Same JP Bank Another Department $2600

Converted to Perm in same JP Bank $3000
1 Year as Perm in same JP Bank $3100
Currently 1 year 9 Months as Perm in Current Position.

Total Banking Experience in KYC 3 Years 3 Months.
Total Period as a contract 1 Years 6 Months.
Total Period as a perm 1 Year 9 Months.
Total Period in current bank including contract days 2 Years 6 Months.

Currently drawing $3100 for doing KYC for RM full time.

Originally Posted by Unregistered

UOL Grad
My 3 years of KYC career as follows:

6 Months Contract SG Bank $1900

3 Months Contract EU Bank $2500

3 Months Contract JP Bank $2600
3 Months Contract Same JP Bank Another Department $2600
3 Months Contract Same JP Bank Another Department $2600

Converted to Perm in same JP Bank $3000
1 Year as Perm in same JP Bank $3100
Currently 1 year 9 Months as Perm in Current Position.

Total Banking Experience in KYC 3 Years 3 Months.
Total Period as a contract 1 Years 6 Months.
Total Period as a perm 1 Year 9 Months.
Total Period in current bank including contract days 2 Years 6 Months.

Currently drawing $3100 for doing KYC for RM full time.

Ok thanks for this information. The main thing is you accepted a lousy package when you Ist started. You should not have accepted a 1900 offer which is not for grads. You could have gotten a perm role. Dont ever go into contract again. And you hop too much at the initial stage and without little experience ( 3 month contracts in a yr) will not do you good. My advice to you is go for a proper perm role in a good company and build on your skills. I was from SIM as well started with retail banking. After 2.5 yrs I went to KYC. So total I have been working for 4.5 yrs. Greatest regret was when I got into 9 mths KYC contract after my retail banking role. After than I immediately went to a perm role. Contract just dont get the deal. Some go for contract for huge base increment (this is a trap). Ultimately it can play against you. As a perm you are a proper headcount to the company. Contracts are not.

Originally Posted by Unregistered

Ok thanks for this information. The main thing is you accepted a lousy package when you Ist started. You should not have accepted a 1900 offer which is not for grads. You could have gotten a perm role. Dont ever go into contract again. And you hop too much at the initial stage and without little experience ( 3 month contracts in a yr) will not do you good. My advice to you is go for a proper perm role in a good company and build on your skills. I was from SIM as well started with retail banking. After 2.5 yrs I went to KYC. So total I have been working for 4.5 yrs. Greatest regret was when I got into 9 mths KYC contract after my retail banking role. After than I immediately went to a perm role. Contract just dont get the deal. Some go for contract for huge base increment (this is a trap). Ultimately it can play against you. As a perm you are a proper headcount to the company. Contracts are not.

Unfortunately, things didn't work that way for me.
I hop 5x contract for 1.5 years spamming on the side line until i finally get converted to perm after contract in 3 different dept in same JP Bank clearing KYC backlogs.

Now i am stuck in a kyc role with no progression helping rm to clear their kyc saikang.

One off topic qn, any one noe if increment and bonus r usually received in the same mth? Or do more banks give bonus perhaps in Dec den increment in some other mth (not same mth give one)? Thx guys

Compliance Manager
Trafigura
://.linkedin.com/jobs/view/190450169

Originally Posted by Unregistered

Unfortunately, things didn't work that way for me.
I hop 5x contract for 1.5 years spamming on the side line until i finally get converted to perm after contract in 3 different dept in same JP Bank clearing KYC backlogs.

Now i am stuck in a kyc role with no progression helping rm to clear their kyc saikang.

how old are you?

If I had to venture an educated guess, you are probably in B**U, am I right?

This bank is well known for lowballing employees. It is high time that you look out for other opportunities.

Originally Posted by Unregistered

If I had to venture an educated guess, you are probably in B**U, am I right?

This bank is well known for lowballing employees. It is high time that you look out for other opportunities.

BTMU aka MUFJ?

MUFJ monthly salary is lower than others, but they pay relatively stable bonus of 6-8 months which is higher than other banks, so the total package is about the same.

Originally Posted by Unregistered

thanks for advice.
that's what i am thinking too.
going to take CAMS exam at the end of the month.
if need be i willing to take pay or contract role to go into aml.
after all my pay miserable 3k only.
can 2.5k aml contract role i also happy liao.

AML is regarded as a cost function that banks are looking to isolate and monitor (a.k.a reduce head count locally, outsource to cheaper countries)

You'll be taking a big risk giving up your 3k perm job for a 2.5k contract AML job, which in another 2.5 to 3 years there is a high chance you'll still be a contract staff earnig 3k to 3.3k?

This means that for your 5.5 to 6 years of experience you will be earning 3k+ only. This is an overrated industry that many naive fresh grads think is attractive. May seriously want to reconsider this industry altogether.

Originally Posted by Unregistered

AML is regarded as a cost function that banks are looking to isolate and monitor (a.k.a reduce head count locally, outsource to cheaper countries)

You'll be taking a big risk giving up your 3k perm job for a 2.5k contract AML job, which in another 2.5 to 3 years there is a high chance you'll still be a contract staff earnig 3k to 3.3k?

This means that for your 5.5 to 6 years of experience you will be earning 3k+ only. This is an overrated industry that many naive fresh grads think is attractive. May seriously want to reconsider this industry altogether.

Oh no I thought AML is safe... Sigh headache