AML/Compliance/KYC professionals come in! - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




AML/Compliance/KYC professionals come in!

Reply
 
Thread Tools
  #1 (permalink)  
Old 23-10-2013, 08:48 PM
Junior Member
 
Join Date: Oct 2013
Posts: 4
daydreamer is on a distinguished road
Default 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

Reply With Quote
  #2 (permalink)  
Old 23-10-2013, 10:33 PM
Unregistered
Guest
 
Posts: n/a
Default

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.

Reply With Quote
  #3 (permalink)  
Old 24-10-2013, 09:01 AM
Unregistered
Guest
 
Posts: n/a
Default

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!

Reply With Quote
  #4 (permalink)  
Old 24-10-2013, 09:41 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
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.
Reply With Quote
  #5 (permalink)  
Old 24-10-2013, 10:15 AM
Junior Member
 
Join Date: Oct 2013
Posts: 4
daydreamer is on a distinguished road
Default

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...
Reply With Quote
  #6 (permalink)  
Old 24-10-2013, 02:18 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by daydreamer View Post
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
Reply With Quote

  #7 (permalink)  
Old 24-10-2013, 06:31 PM
Junior Member
 
Join Date: Oct 2013
Posts: 4
daydreamer is on a distinguished road
Default

Quote:
Originally Posted by Unregistered View Post
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...
Reply With Quote
  #8 (permalink)  
Old 24-10-2013, 07:40 PM
Unregistered
Guest
 
Posts: n/a
Default AML roles

Quote:
Originally Posted by daydreamer View Post
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.
Reply With Quote
  #9 (permalink)  
Old 24-10-2013, 08:20 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
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 ?
Reply With Quote
  #10 (permalink)  
Old 24-10-2013, 08:30 PM
Unregistered
Guest
 
Posts: n/a
Default 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.
Reply With Quote
Reply

Bookmarks

« Previous Thread | Next Thread »

Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
MAS : Mid Career Professionals Soul Income and Jobs 56 21-09-2018 06:50 AM
How to enter middle office (KYC, Compliance, Risk Management) in bank ? ZoOq Income and Jobs 17 04-10-2017 09:56 AM
Income for IT Professionals sudoku Income and Jobs 10 24-10-2014 07:20 PM
what does corporate hr executives/professionals do? lmaohaha Income and Jobs 2 12-05-2012 06:03 PM
Professionals and Managers - Is Your Pay above the Median? Salary.sg Income and Jobs 174 04-10-2009 07:42 PM

» 30 Recent Threads
Constituency Manager (People... ( 1 2 3... Last Page)
635 Replies, 296,182 Views
Lawyer Salary ( 1 2 3... Last Page)
3,556 Replies, 1,143,537 Views
LinkedIn
0 Replies, 76 Views
Career as Teacher ( 1 2 3... Last Page)
1,191 Replies, 853,868 Views
Roles in accenture singapore ( 1 2 3... Last Page)
191 Replies, 123,990 Views
Anyone from Ministry of Social and...
5 Replies, 1,480 Views
Compare civil service salary ( 1 2 3... Last Page)
7,240 Replies, 3,995,423 Views
SAS Business Intelligence &...
0 Replies, 110 Views
Whats your net worth ( 1 2 3... Last Page)
2,632 Replies, 634,371 Views
Anyone jobless for a long time... ( 1 2 3... Last Page)
1,828 Replies, 640,194 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
738 Replies, 488,192 Views
ST Electronics ( 1 2 3... Last Page)
188 Replies, 76,991 Views
Standard Chartered Bank Back Office ( 1 2 3)
29 Replies, 37,295 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
2,000 Replies, 1,236,976 Views
Latest Crypto/ICO Events in...
0 Replies, 95 Views
Latest Crypto/ICO Events in...
0 Replies, 61 Views
MAS : Mid Career Professionals ( 1 2 3... Last Page)
56 Replies, 38,204 Views
Restructured hospital salaries ( 1 2 3... Last Page)
34 Replies, 31,557 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
1,058 Replies, 485,544 Views
Aircraft Maintenance License and... ( 1 2 3... Last Page)
562 Replies, 381,713 Views
How is life as a doctor in... ( 1 2 3... Last Page)
338 Replies, 537,558 Views
Trading (Crude oil) ( 1 2 3... Last Page)
56 Replies, 17,621 Views
Local bank's practices on... ( 1 2)
11 Replies, 812 Views
Which Skillsfuture courses do you... ( 1 2 3)
26 Replies, 21,248 Views
Good paying blue collar / danger /...
9 Replies, 8,894 Views
Working in HDB ( 1 2 3... Last Page)
255 Replies, 175,370 Views
All about Home Affairs Senior... ( 1 2 3... Last Page)
152 Replies, 129,759 Views
GIC career ( 1 2 3... Last Page)
181 Replies, 221,308 Views
AML/Compliance/KYC professionals... ( 1 2 3... Last Page)
1,230 Replies, 377,981 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 05:13 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2