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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.

Unregistered 25-10-2013 09:23 AM

If you have 3 or more keywords in cv, you r in high demand - AML, anti-tying, sanctions, anti-terrorist financing, dodd frank, fatca, volcker, ISDA, resolution&recovery, cftc, emir, basel, cad2.

Starting pay for
Analyst 50
Associate 80
AVP 120
VP 200
ED 300
MD 500

To progress each stage, just dont screw up and clock in the hours. Be diplomatic to front office but firm in dealings. I reach ED 300k base last year at age 34 after 10years , good luck

Unregistered 25-10-2013 09:53 AM

Quote:

Originally Posted by Unregistered (Post 44415)
If you have 3 or more keywords in cv, you r in high demand - AML, anti-tying, sanctions, anti-terrorist financing, dodd frank, fatca, volcker, ISDA, resolution&recovery, cftc, emir, basel, cad2.

Starting pay for
Analyst 50
Associate 80
AVP 120
VP 200
ED 300
MD 500

To progress each stage, just dont screw up and clock in the hours. Be diplomatic to front office but firm in dealings. I reach ED 300k base last year at age 34 after 10years , good luck

The numbers from AVP onwards are too low.

Analyst 60
Associate 120
AVP 200
VP 300
ED 500
MD >600

Unregistered 25-10-2013 03:00 PM

Quote:

Originally Posted by Unregistered (Post 44403)
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.

you posted this anonymously without logging in. how do i pm you?

Unregistered 26-10-2013 08:30 AM

Quote:

Originally Posted by Unregistered (Post 44426)
you posted this anonymously without logging in. how do i pm you?

Everyone wants to be anonymous and yet everyone wants to send PM. Cool. At least you guys can use some disposable mail ids. good luck.

Unregistered 26-10-2013 09:30 AM

i graduated with sim uol degree in 2003 during sars, started a 30k contractor reviewing deals in control room as part of chinese wall, move to perm AML role, then jump to private bank 100k for KYC and data privacy compliance, followed with internal mobility to join commodities trade finance compliance, then front office compliance for commod desk, last year move to tier 1 bank as SVP to run a team on compliance assessment with base 350k + 100k bonus.

daydreamer 26-10-2013 11:15 AM

Quote:

Originally Posted by Unregistered (Post 44460)
i graduated with sim uol degree in 2003 during sars, started a 30k contractor reviewing deals in control room as part of chinese wall, move to perm AML role, then jump to private bank 100k for KYC and data privacy compliance, followed with internal mobility to join commodities trade finance compliance, then front office compliance for commod desk, last year move to tier 1 bank as SVP to run a team on compliance assessment with base 350k + 100k bonus.

Very nice ! Mind if i ask , how often do you hop around?

gwk 29-10-2013 09:55 PM

Can I ask with all the job listings around looking for at least 5 years experience in AML position, how does switch to a career in AML. I have an engg degree but I'm currently doing a diploma in AML, but I'm not sure what are the better options for me to venture into AML.

Any advice are appreciated. :)

Unregistered 29-10-2013 10:03 PM

need advice
 
I also want to find our more about aml and compliane jobs. I have accepted a compliance executive job in a local insurance company, but just got an offer of a AML role in a big foreign bank. Both offer the same basic salary, I dun know which one to choose.

My end goal is to do compliance in a bank. is it easy for me to change from insurance company to banks after a couple of years? or should i take this AML job, but would it be too specialized alr?

pls advice, many thanks!

Unregistered 24-12-2013 11:36 PM

I see some big numbers here, not sure how accurate it is though.

Anyways ! reviving this dead thread -

Some bckground introduction: I am currently in my mid 20s, holding on to a AML job under my bank's grp compliance doing trade finance (sanctioned elements related,pre-approval of cross border transaction,etc) , transaction monitoring assessment for corporate client's acc and AML controls of payments pertaining to markets products(FXMM etc) and corporate client's management screening plus probably will pick up some "KYC-onboarding skills" and data mining via SQL along the way. Basically, "bao sua bao hai" doing everything.

This is my first job but I am severely underpaid. Was looking around and asking some recruiters and senior colleagues, I should be getting somewhere near mid low to mid 3s as a freshie. Unfortunately, I am being paid only in the high 2s. My first month into the job, i kept getting calls from various recruiters / other banks which i've applied long before, saying that they could pay better 15~20% more of what im drawing currently provided I am accepted. I didn't bulge becoz i see extra value in the things im doing/learning now compared to the stuffs I will be doing had i been accepted into those jobs.

Fortunately (or unfortunately?), my manager and other indirect line managers are aware of this issue, and my direct mgr said he would push for a review of my package subjected to HOD and HR approval as it is too much of a disparity compared to other staff in our team.
Other manager advise me to start jumping after gaining a full year of experience if the review fails i would probably get a measly 3~5% base increment. (if the review passes, my pay should be adjusted upwards by 20% which is the norm bracket).

I don't know if i'm stupid or what. If I were to jump, which would be in early 2015 i guess? almost 1-1.5yrs of exp, can i be looking somewhere around high 3s or low 4s with all these things that I'm doing now?
Sorry for the lengthy writeup

Unregistered 25-12-2013 07:28 AM

Quote:

Originally Posted by Unregistered (Post 44415)
If you have 3 or more keywords in cv, you r in high demand - AML, anti-tying, sanctions, anti-terrorist financing, dodd frank, fatca, volcker, ISDA, resolution&recovery, cftc, emir, basel, cad2.

Starting pay for
Analyst 50
Associate 80
AVP 120
VP 200
ED 300
MD 500

To progress each stage, just dont screw up and clock in the hours. Be diplomatic to front office but firm in dealings. I reach ED 300k base last year at age 34 after 10years , good luck

The starting pay figure is rather accurate as with relevant to the job posting below:

VP Compliance Officer ? Investment Bank ? SINGAPORE | Recruit.net

Thanks for the info.

I would like to check is the experience gained in CPIB valuable for career in AML compliance?

Jasmine 08-01-2014 05:43 PM

hot compliance jobs
 
Hi,
I hear that the salaries in compliance are going through the roof. VPs can command as much as 300k after just 10 years of experience.
Can someone kindly connect me to headhunters who specialise in such jobs?
Thanks, Jasmine

Job seekers 04-02-2014 07:50 PM

HSBC looking for financial crime professionals
 
Hi,
HSBC Singapore career page is full openings for Financial Crime staff.
Does anyone know which headhunter to approach for these?
Thanks,
Jasmine

Unregistered 05-02-2014 12:31 AM

Quote:

Originally Posted by Job seekers (Post 47885)
Hi,
HSBC Singapore career page is full openings for Financial Crime staff.
Does anyone know which headhunter to approach for these?
Thanks,
Jasmine

Many banks these days don't engage headhunters especially for roles that are of run-of-the-mill type. Try applying directly, or ask someone in HSBC to refer you in.

Unregistered 02-03-2014 09:43 PM

bump for more bros and sis that r in this field

Unregistered 17-06-2014 09:32 PM

i saw a few posted high salary for this position but so far the agents who contacted me only offer 2.5k or 2.6k for contract position. is this the market rate??

boongaylim 18-06-2014 12:25 AM

who are you kidding?
 
monthly salary of 3k? Is this a joke?
For 3.3k, one can't get even an EP.
I think even admin assistants are drawing more than 3k these days.

Unregistered 18-06-2014 02:50 AM

Quote:

Originally Posted by boongaylim (Post 52484)
monthly salary of 3k? Is this a joke?
For 3.3k, one can't get even an EP.
I think even admin assistants are drawing more than 3k these days.

I would love to find a bank that pays 3k for admin assistants. Admin assistants for banks are all sub 2k contract positions.

Unregistered 19-06-2014 12:50 AM

Are there people in these role who can shed some light into it?
I realise there isn't much information about these roles but I saw plentiful of jobs advertisement hiring kyc analyst etc.
what are the exit opportunities like? By the amount of job advertisement, I'm thinking aml area is easier to get in rather than regulatory compliance roles?? What are the chances of moving from aml to other areas of compliance?
How is the pay for aml analyst?

Unregistered 19-06-2014 03:10 PM

Aml a lot of opportunities these days.
Every job agency are looking to fill up these positions
Job scope deals mainly with gathering/screening names after names with program. Any problems got to raise up to general compliance

Also there days a lot of offers on fatca. Haha. All banks are rushing to implement fatca

Unregistered 19-06-2014 10:20 PM

Quote:

Originally Posted by Unregistered (Post 52475)
i saw a few posted high salary for this position but so far the agents who contacted me only offer 2.5k or 2.6k for contract position. is this the market rate??

Hello! Yes that's the market rate for entry level aml officers. But that was more than 5 years ago...

Should get at least 2.8 or 3 nowadays imho...

Unregistered 19-06-2014 10:26 PM

Quote:

Originally Posted by Unregistered (Post 52525)
Are there people in these role who can shed some light into it?
I realise there isn't much information about these roles but I saw plentiful of jobs advertisement hiring kyc analyst etc.
what are the exit opportunities like? By the amount of job advertisement, I'm thinking aml area is easier to get in rather than regulatory compliance roles?? What are the chances of moving from aml to other areas of compliance?
How is the pay for aml analyst?

2-3 yrs exp should be able to command at least high 3k to low 4k. If your passion is in regulatory compliance, then you should try to start off from regulatory compliance.

a couple of years down the road you will realise you cant change jobs as frequently as you did when u just starting your career

Unregistered 19-06-2014 10:40 PM

Quote:

Originally Posted by Unregistered (Post 52564)
2-3 yrs exp should be able to command at least high 3k to low 4k. If your passion is in regulatory compliance, then you should try to start off from regulatory compliance.

a couple of years down the road you will realise you cant change jobs as frequently as you did when u just starting your career

I'm interested in compliance but so far the job offers I have are all contract roles for aml and they do not pay well too. I'm not so concern about the starting salary but I'm afraid aml analyst salary progression won't be well too.
I also feel that it's better to start from something that I want to do in the future too rather than keep changing but so far no luck in this. So I'm thinking to try out aml and make it my career, but again, I'm concern about the prospects.

Unregistered 19-06-2014 10:41 PM

Quote:

Originally Posted by Unregistered (Post 52562)
Hello! Yes that's the market rate for entry level aml officers. But that was more than 5 years ago...

Should get at least 2.8 or 3 nowadays imho...

But I'm being quoted at these range so I'm wondering if this is the norm..

Unregistered 20-06-2014 12:05 PM

5028
 
Quote:

Originally Posted by Unregistered (Post 44417)
The numbers from AVP onwards are too low.

Analyst 60
Associate 120
AVP 200
VP 300
ED 500
MD >600

analyst is lowest level. so high meh? i see replies say 2.6k offer, cannot be 60 annual like that what?

Unregistered 21-06-2014 05:11 PM

Quote:

Originally Posted by Unregistered (Post 52567)
But I'm being quoted at these range so I'm wondering if this is the norm..

you'll have to look long term and work ur way up... i started off at 2.6k contract, after 5 yrs in the industry im getting more than 8k

Unregistered 21-06-2014 05:21 PM

Quote:

Originally Posted by Unregistered (Post 52584)
analyst is lowest level. so high meh? i see replies say 2.6k offer, cannot be 60 annual like that what?

I feel the numbers a bit too exaggerated. There's lots of salary guides published by recruiters and u can use it as reference.

Anyway the figures below are based on my own experience:
Analyst/Officer/Associate 40k-60k
AVP 60k-120k
VP 120k-180k
D 180k-240k
MD 240k+

gwk 21-06-2014 08:55 PM

How best do I do a career switch into AML when all the job adverts requiring at least 3 years experience? I almost completed my ICA dip in AML though. But everyone is looking for some form of experience.

Unregistered 21-06-2014 11:07 PM

Quote:

Originally Posted by Unregistered (Post 52618)
you'll have to look long term and work ur way up... i started off at 2.6k contract, after 5 yrs in the industry im getting more than 8k

I see. If that's the case I think overall it's fair enough and pay seems to be higher than positions at later stage.
But is there a difference between AML analyst and KYC analyst for entry lvl? Or they are actually same position with different name?
So far what I see is kyc analyst is mainly doing client on boarding, process documents etc
How about kyc analyst for remediation project? Is there a difference between a kyc analyst in corporate banking and other areas??

I'm rather confused and there isn't any clear information provided...

Unregistered 22-06-2014 08:49 PM

Double check
 
Quote:

Originally Posted by Unregistered (Post 52618)
you'll have to look long term and work ur way up... i started off at 2.6k contract, after 5 yrs in the industry im getting more than 8k

Hi, you mean you hit 8k after 5 years of total working experience, or you had some
prior working exp before joining banking?

issey 24-06-2014 07:30 PM

Quote:

Originally Posted by Unregistered (Post 52626)
I see. If that's the case I think overall it's fair enough and pay seems to be higher than positions at later stage.
But is there a difference between AML analyst and KYC analyst for entry lvl? Or they are actually same position with different name?
So far what I see is kyc analyst is mainly doing client on boarding, process documents etc
How about kyc analyst for remediation project? Is there a difference between a kyc analyst in corporate banking and other areas??

I'm rather confused and there isn't any clear information provided...

I am applying for a KYC analyst role too and am wondering on the career progression on this.

Can anyone who has info on this enlighten us?


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