AML/Compliance/KYC professionals come in!

Hi all

I'm currently within the aml compliance space in a small set up, covering full spectrum from policy, advisory, aml ops and leading a small team. I'm recently considering a position in aml audit within a large local bank, but with no reports. Wondering if this is a good move since this is sitting outside compliance (technically 3rd line of defence now) and with no reports now? I thought it would be good exposure for me, since this is my first foray to a bank..but just want to get some thoughts. Anyone doing in house AML audit care to shed some light?

Originally Posted by Unregistered

Hi all

I'm currently within the aml compliance space in a small set up, covering full spectrum from policy, advisory, aml ops and leading a small team. I'm recently considering a position in aml audit within a large local bank, but with no reports. Wondering if this is a good move since this is sitting outside compliance (technically 3rd line of defence now) and with no reports now? I thought it would be good exposure for me, since this is my first foray to a bank..but just want to get some thoughts. Anyone doing in house AML audit care to shed some light?

It looks a worst exposure to me, you are moving further away from the business, and moving from having reports to no reports. Seems like a lot to give up just to move from a smaller outfit to a bigger bank.

Your scope will also be less, from full spectrum to just covering audit. Unless audit is your end goal, or else i dont really see much benefit in this move.

Originally Posted by Unregistered

Hi all I have been in an AML operations EDD role at a foreign bank for roughly 10 months and I am getting tired of the whole repetitive 'widget-on-a-conveyor-belt' feeling, I am still very much interested in the financial crime field and would ideally want to move into policy/products or even forensics, can someone give me a bit of guidance?

I have got an bachelor and ACAMS qualified

Thanks

As for policy, i supposed you are referring to the advisory function? That heavily depends on how your bank is being structured.
As for products, again depends on what you can bring to the table.

You'd want / like to move there doesn't mean the other party would reciprocate .

General rule of thumb - with just 10 months into your role what value you can bring to the team for them to bring you onboard. Having paper qualifications dont play any significant part for experienced hires.

I dont know what exactly you're doing or what segment you're covering, but i am pretty sure you know it better yourself.
Best to make yourself stand out from the hordes who are in aml ops too. How to do it? Better for you to search the answer on your own as there are no one size fits all prescription.

Originally Posted by Unregistered

As for policy, i supposed you are referring to the advisory function? That heavily depends on how your bank is being structured.
As for products, again depends on what you can bring to the table.

You'd want / like to move there doesn't mean the other party would reciprocate .

General rule of thumb - with just 10 months into your role what value you can bring to the team for them to bring you onboard. Having paper qualifications dont play any significant part for experienced hires.

I dont know what exactly you're doing or what segment you're covering, but i am pretty sure you know it better yourself.
Best to make yourself stand out from the hordes who are in aml ops too. How to do it? Better for you to search the answer on your own as there are no one size fits all prescription.

Hi thanks for your reply.

I am in the retail banking sector with the bulk of the work centred upon PEP name screenings, to determine if they are a true match, filling out templates after template for edd purposes and writing STRs.

There are around 50-70 of us and I honestly don't feel there are any opportunities to move an advisory role, given all of them are staying put and won't be going anywhere anytime soon.

I cant see a future here with all the op bits getting offshore and I have no desire to move into a leaders position managing offshore teams and like I said I hate the 'another-widget-off-the-belt' feeling associated with operations.

Would appreciate some advice on how long I should stay and what to do to position myself for a more mentally stimulating role.

Thanks

Originally Posted by Unregistered

Hi thanks for your reply.

I am in the retail banking sector with the bulk of the work centred upon PEP name screenings, to determine if they are a true match, filling out templates after template for edd purposes and writing STRs.

There are around 50-70 of us and I honestly don't feel there are any opportunities to move an advisory role, given all of them are staying put and won't be going anywhere anytime soon.

I cant see a future here with all the op bits getting offshore and I have no desire to move into a leaders position managing offshore teams and like I said I hate the 'another-widget-off-the-belt' feeling associated with operations.

Would appreciate some advice on how long I should stay and what to do to position myself for a more mentally stimulating role.

Thanks

Dont worry too much about the current jobscope. You got to start from somewhere. Nobody is going to hire you into an compliance advisory role fresh out of school.

Make use of your time now to interact more with the front office, and demonstrate how you can add value. Network more and make yourself more visible and try to understand other parts of the business well. Like you said, there are 50-70 of you, try to think of ways to make yourself more outstanding.

In the end, moving up to the next level depends a lot on who you know.

Originally Posted by Unregistered

Dont worry too much about the current jobscope. You got to start from somewhere. Nobody is going to hire you into an compliance advisory role fresh out of school.

Make use of your time now to interact more with the front office, and demonstrate how you can add value. Network more and make yourself more visible and try to understand other parts of the business well. Like you said, there are 50-70 of you, try to think of ways to make yourself more outstanding.

In the end, moving up to the next level depends a lot on who you know.

Agreed.

Even with 50-70 of you, i dare say bulk of them are just going through the motion and/or simply fixated at following whats written in the procedures/ policies set by your compliance / management.

If you really like to venture deeper into this field, do learn as much as possible about the work you're doing, the guiding principles behind the policies or specific clauses within the regulations.

Not asking you master everything under the sun for FCC but at least be very good and understand fully what you're doing and the outcome/ results it brings.

Originally Posted by Unregistered

Agreed.

Even with 50-70 of you, i dare say bulk of them are just going through the motion and/or simply fixated at following whats written in the procedures/ policies set by your compliance / management.

If you really like to venture deeper into this field, do learn as much as possible about the work you're doing, the guiding principles behind the policies or specific clauses within the regulations.

Not asking you master everything under the sun for FCC but at least be very good and understand fully what you're doing and the outcome/ results it brings.

I think you have all missed the most important point.

"I have no desire to move into a leaders position managing offshore teams and like I said I hate the 'another-widget-off-the-belt' feeling associated with operations."

To me, if you are not keen to step up, and take on a leader position or take a job that nobody wants, being interested in something means nothing to a supervisor or a senior. In all truth and honesty, nobody wants to do jobs that everyone thinks is shitty, ranging from traveling to India, to dealing with difficult/challenging teams, or raising your hand to take a job that has been vacant for a significant amount of time. However, you have to take a view that this shitty job, is a stepping stone to the next job that you want. It may not be related but it reflects a positive work attitude, and its the work attitude that a lot of seniors are interested in.

Who doesn't want to earn $500,000 pa, have 3 hour lunches, start work at 10am and leave office at 5pm? You have to realize that most functions within AML, do not require a special talent to be outstanding and working endless of hours means nothing to a senior. You do not need to be a genius to understand how transaction monitoring work, how to conduct an investigation, how to dispose name screening alerts, or even to be part of the aml advisory team. However, you need to have a strong work ethnics and get business to support your decision/advice.

From a personal experience, I raised my hand twice, to take on roles that nobody wants. Both situations were the worst time of my career, because of the amount of work, people that I have to deal with, hours that I have to endure for 6 months to a year. The result, I got promoted twice in the past 6 years, and I am currently earning 4 times of what I was earning, when I first joined the bank.

hello everybody, I am looking for professional advice for my career orientation.

My background: I'm a foreign Law graduate (LLB and Masters) with a Singapore degree (Masters of Law and finance from SMU). Experience wise, I have done internships in Singapore Law firms but I have no relevant experience in the financial/banking field.

My Goal: work in the AML/compliance as Compliance officer. I wish to make use of my law background to get into the field and work on matters related to the advisory part such as providing advices on the applicable laws and regulations,participate in the preparation of internal policies to ensure that the bank’s obligations are respected….

Compliance officer requires experience in banking sector which i don't have. However, I have been offered the operational position of "KYC analyst".

My issue:is KYC Analyst a good stepping stone toward my goal as compliance officer. In other words, would an working as a KYC Analyst be considered as relevant experience for a job as compliance officer? and how valuable is my legal background and experience in that field?

thank you very much for your time.

Originally Posted by Unregistered

hello everybody, I am looking for professional advice for my career orientation.

My background: I'm a foreign Law graduate (LLB and Masters) with a Singapore degree (Masters of Law and finance from SMU). Experience wise, I have done internships in Singapore Law firms but I have no relevant experience in the financial/banking field.

My Goal: work in the AML/compliance as Compliance officer. I wish to make use of my law background to get into the field and work on matters related to the advisory part such as providing advices on the applicable laws and regulations,participate in the preparation of internal policies to ensure that the bank’s obligations are respected….

Compliance officer requires experience in banking sector which i don't have. However, I have been offered the operational position of "KYC analyst".

My issue:is KYC Analyst a good stepping stone toward my goal as compliance officer. In other words, would an working as a KYC Analyst be considered as relevant experience for a job as compliance officer? and how valuable is my legal background and experience in that field?

thank you very much for your time.

Is there a reason why you decided not to pursue a legal career, and choose t o a compliance/AML related role?

Within Compliance / AML, there are always many people who are legally trained, but they are usually performing an advisory role or investigation role. KYC analyst may not be the best stepping stone and your pay is unlikely going to be exciting. You should try for an in-house legal position in a bigger organization, and see if you can switch to a compliance/aml advisory role, within the same business.

Hi guys

I have 2.5 years financial Crime / KYC experience and I would like to seek a career in SPF CAD department. Does anyone have experience working there or currently working there?
PleAse advise.