AML/Compliance/KYC professionals come in!

Originally Posted by Unregistered

Thanks for the info. Would AML exp be better than KYC exp for progression to compliance/advisory roles, or are they roughly the same?

Is there a specific area you are thinking of, in terms of compliance / advisory roles? If you are thinking of becoming Country Compliance Head, AML is closer to compliance than KYC. However, in order to be a country compliance head, you need more than AML or KYC experience. You would need compliance experiences as well, and a bigger bank that allows you to rotate, will facilitate that. You also need experiences to deal directly with MAS.

Originally Posted by Unregistered

Is there a specific area you are thinking of, in terms of compliance / advisory roles? If you are thinking of becoming Country Compliance Head, AML is closer to compliance than KYC. However, in order to be a country compliance head, you need more than AML or KYC experience. You would need compliance experiences as well, and a bigger bank that allows you to rotate, will facilitate that. You also need experiences to deal directly with MAS.

Thanks for your input! I would like to go towards compliance in the future, therefore would AML experience be more valuable? Am I right to say that entry level AML roles are roles such as transaction monitoring, or what other entry level roles are there in the AML space?

Also, what kind of roles can people in KYC eventually progress to?

Anyone worked in OCBC Group Compliance before? How is the working culture, hours, politics and bonus like?

Originally Posted by Unregistered

Thanks for your input! I would like to go towards compliance in the future, therefore would AML experience be more valuable? Am I right to say that entry level AML roles are roles such as transaction monitoring, or what other entry level roles are there in the AML space?

Also, what kind of roles can people in KYC eventually progress to?

Honestly, there are few people who moved from AML to Compliance. In comparison, there are more demand for AML people. If you are fresh graduate, you can try for junior compliance roles in a bank. Given the current environment, there are more promotions within AML because there are more high profile projects and remediation. If you are willing to put in hard work, you can progress fairly quickly. Compliance, on the other hand, is more mature and stable, hence, progress may not be fast.

Entry level AML roles are not necessarily transaction monitoring. There are entry level advisory roles as well, covering sanctions, KYC, etc.

People in KYC can moved into different aspects, including AML, Compliance or COO office. In most organization, there is a COO office (each bank calls it differently) and they handle most non business driven objectives, like system enhancements, remediation projects, operation initiatives, etc. The most senior person, is obviously the COO, who is one down from the CEO.

Originally Posted by Unregistered

Honestly, there are few people who moved from AML to Compliance. In comparison, there are more demand for AML people. If you are fresh graduate, you can try for junior compliance roles in a bank. Given the current environment, there are more promotions within AML because there are more high profile projects and remediation. If you are willing to put in hard work, you can progress fairly quickly. Compliance, on the other hand, is more mature and stable, hence, progress may not be fast.

Entry level AML roles are not necessarily transaction monitoring. There are entry level advisory roles as well, covering sanctions, KYC, etc.

People in KYC can moved into different aspects, including AML, Compliance or COO office. In most organization, there is a COO office (each bank calls it differently) and they handle most non business driven objectives, like system enhancements, remediation projects, operation initiatives, etc. The most senior person, is obviously the COO, who is one down from the CEO.

Thanks, i'm just fairly confused after reading through many pages of this thread as some people refer to KYC and AML as 2 separate areas whereas some regard KYC as a subset of AML. Would KYC roles be part of the entry level AML roles that you have mentioned?

Originally Posted by Unregistered

Thanks, i'm just fairly confused after reading through many pages of this thread as some people refer to KYC and AML as 2 separate areas whereas some regard KYC as a subset of AML. Would KYC roles be part of the entry level AML roles that you have mentioned?

Every organization are different. In some banks, KYC is performed by AML or reports into AML, in some organization, it is a separate function, some reporting directly to Business while some reports into Operations. It is not a standard formula. If you are confused by this... KYC or AML might not be suitable for you.

Fresh local uni grad here. Any idea on the starting salary for a entry level position in a AML/KYC role? Thanks.

Originally Posted by Unregistered

Fresh local uni grad here. Any idea on the starting salary for a entry level position in a AML/KYC role? Thanks.

To share my experience as a fresh local uni grad also entering the aml/kyc field...

I accepted an offer for 3.9k at a local bank. I have several compliance and regulatory related internships to aid my application. At the same time, I have friends who entered compliance at the lower 3k range. During my job search, I also inquired at two recruitment agencies the average compliance starting pay and was quoted 2500-2800.

Not too sure about the big foreign or private banks though.

In short, I would say you can realistically expect anywhere from 2800 to ~4000.

Originally Posted by Unregistered

To share my experience as a fresh local uni grad also entering the aml/kyc field...

I accepted an offer for 3.9k at a local bank. I have several compliance and regulatory related internships to aid my application. At the same time, I have friends who entered compliance at the lower 3k range. During my job search, I also inquired at two recruitment agencies the average compliance starting pay and was quoted 2500-2800.

Not too sure about the big foreign or private banks though.

In short, I would say you can realistically expect anywhere from 2800 to ~4000.

This is pretty accurate. Take note that this poster has the relevant internships to boost his CV before entering this field, hence the relatively high offer. Check your expectations with what you have on your CV in mind.

Originally Posted by Unregistered

To share my experience as a fresh local uni grad also entering the aml/kyc field...

I accepted an offer for 3.9k at a local bank. I have several compliance and regulatory related internships to aid my application. At the same time, I have friends who entered compliance at the lower 3k range. During my job search, I also inquired at two recruitment agencies the average compliance starting pay and was quoted 2500-2800.

Not too sure about the big foreign or private banks though.

In short, I would say you can realistically expect anywhere from 2800 to ~4000.

Thanks, the window for normal application windows for banks are closed now so I guess my best choice would be to go with recruitment agencies. Did our friends with starting salaries at the lower 3k range go through recruitment agencies?