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-   -   AML/Compliance/KYC professionals come in! (https://forums.salary.sg/income-jobs/3243-aml-compliance-kyc-professionals-come.html)

daydreamer 23-10-2013 08:48 PM

AML/Compliance/KYC professionals come in!
 
Hi all,

I've just graduated recently and got offered a AML role with a foreign bank.
I'm just wondering what are the possible routes down this path? I heard compliance advisory is where the money are as banks are willing to pay a lot to get experienced ppl into this area and even digging ppl from CPIB/CAD over( true?)
I'm 25 this year, the AML role that i will be taking on focuses on regional corporate banking around APAC. I'm aware that AML transactional related knowledge is the pre-requisite for compliance advisory. How long do i have to slog before i could make the jump? Some of my friends were telling me to hop every 1.5-2yrs at 20% increment each time ( is this even possible?)
Will having a ICA accredited diploma help boost my marketability? What sort of progression timeline am i looking at?

I wish some of the veterans in the finance industry could shed some light / or share their experience :)

Thanks
Daydreamer

Unregistered 23-10-2013 10:33 PM

can become lawyer or part of the legal team some day. everyday pour over policies and run background checks of clients. then inform authorities if saw suspected accounts. good prospects since regulations are tightening everyday.

Unregistered 24-10-2013 09:01 AM

Compliance role is raising in promimence in past few years.
Even lawyers are switching from legal to compliance these days
Vp now starts at 200k, executive director 280k. A freshie can reach there in 10years time, good luck!

Unregistered 24-10-2013 09:41 AM

Quote:

Originally Posted by Unregistered (Post 44354)
Compliance role is raising in promimence in past few years.
Even lawyers are switching from legal to compliance these days
Vp now starts at 200k, executive director 280k. A freshie can reach there in 10years time, good luck!

Executive Directors are mostly above 500k as SVPs already above 350k.

daydreamer 24-10-2013 10:15 AM

Thank you all for sharing the information.

Realistically, what sort of position/package should i be looking at after 3-4years of working in the area of aml/compliance.

My starting pay is not that fantastic.. its just high 2s where some of my fresh grad peers entering ops i.e settlements are getting low 3s as their starting pay..

I guess i shouldnt be complaining that much where the job market is pretty tight atm and i have a perm role offered to me...I just kept telling myself i am here to learn and grow though i honestly am not optimistic about the outlook of the bank i am going to be working for, just that the exposure provided is what i want...

Unregistered 24-10-2013 02:18 PM

Quote:

Originally Posted by daydreamer (Post 44363)
Thank you all for sharing the information.

Realistically, what sort of position/package should i be looking at after 3-4years of working in the area of aml/compliance.

My starting pay is not that fantastic.. its just high 2s where some of my fresh grad peers entering ops i.e settlements are getting low 3s as their starting pay..

I guess i shouldnt be complaining that much where the job market is pretty tight atm and i have a perm role offered to me...I just kept telling myself i am here to learn and grow though i honestly am not optimistic about the outlook of the bank i am going to be working for, just that the exposure provided is what i want...

Should be able to reach jr AVP level 9-10k

daydreamer 24-10-2013 06:31 PM

Quote:

Originally Posted by Unregistered (Post 44380)
Should be able to reach jr AVP level 9-10k

avp with 9-10k? thats alot! The previous place where i was working as a aml contractor my boss(a fresh AVP,29years old) is only drawing about 5k+ basic with 5yrs of rojak backend ops exp under his belt.

This really perks my interest. Any veterans could share how is the salary progression like ? Is it better to hop around, say, every 1 to 1.5year? I've spoken to a few recruiters ( from Hays,RW,MK,etc) and i found that the package I've accepted is way below market rate !(partly because the bank is in a bad shape recently coupled with the fact that I have just a few months of KYC/AML experience from contract work) The only consolation is the exposure that I will be getting. (Corp banking)...

I know that i sound a little bit impatient but i just want to have a clear goal that i can work towards to. And constantly remind myself never to let those evil HR eat me again...

Unregistered 24-10-2013 07:40 PM

AML roles
 
Quote:

Originally Posted by daydreamer (Post 44318)
Hi all,

I've just graduated recently and got offered a AML role with a foreign bank.
I'm just wondering what are the possible routes down this path? I heard compliance advisory is where the money are as banks are willing to pay a lot to get experienced ppl into this area and even digging ppl from CPIB/CAD over( true?)
I'm 25 this year, the AML role that i will be taking on focuses on regional corporate banking around APAC. I'm aware that AML transactional related knowledge is the pre-requisite for compliance advisory. How long do i have to slog before i could make the jump? Some of my friends were telling me to hop every 1.5-2yrs at 20% increment each time ( is this even possible?)
Will having a ICA accredited diploma help boost my marketability? What sort of progression timeline am i looking at?

I wish some of the veterans in the finance industry could shed some light / or share their experience :)

Thanks
Daydreamer

JP Morgan, I here, is setting up an AML hub in Changi and they need about 100+ staff. With the severe restrictions on EP coming up, you can expect a bonanza soon. good luck.

Unregistered 24-10-2013 08:20 PM

Quote:

Originally Posted by Unregistered (Post 44400)
JP Morgan, I here, is setting up an AML hub in Changi and they need about 100+ staff. With the severe restrictions on EP coming up, you can expect a bonanza soon. good luck.


I thot JPM already have a existing aml monitoring unit in SG? A aml hub in changi? I suppose that will be their dedicated surveillance centre. But increment of 100+ headcounts? I guess mainly are for contractors ?

Unregistered 24-10-2013 08:30 PM

JPM at Changi
 
100+ seats in JPM Changi are set aside for both contractors and employees. The long and short of it is that they need folks and have been interviewing candidates. PM me if you want the phone number of the hiring manager.


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