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Topic Review (Newest First)
11-10-2021 09:27 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
Anyone know of any bank which had outsourced KYC function?
many banks
11-10-2021 06:40 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
Anyone know of any bank which had outsourced KYC function?
HSBC is in the midst of offshoring their KYC functions, including client outreach, in commercial banking.
10-10-2021 04:12 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
There has been hearsay of outsourcing since many years ago but it didnt take place completely.

Challenge is not every part of the role can be outsourced. Some companies have incorporated these roles into business (i.e. client facing). There is also requirement for knowledge of regulations and working close to the business and regulator.

Anyone know of any bank which had outsourced KYC function?
10-10-2021 07:38 AM
Unregistered
Quote:
Originally Posted by Unregistered View Post
What do you guys think about the view that Singapore is a high cost centre and processing activities (eg. KYC, AML related roles) will eventually move to low cost centres like India? Do you think itís true or the quality of work in the low cost centres would be so bad that itís eventually a higher cost to the firm too?
There has been hearsay of outsourcing since many years ago but it didnt take place completely.

Challenge is not every part of the role can be outsourced. Some companies have incorporated these roles into business (i.e. client facing). There is also requirement for knowledge of regulations and working close to the business and regulator.
09-10-2021 11:38 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
What do you guys think about the view that Singapore is a high cost centre and processing activities (eg. KYC, AML related roles) will eventually move to low cost centres like India? Do you think itís true or the quality of work in the low cost centres would be so bad that itís eventually a higher cost to the firm too?
Won't happen.

Businesses in India aren't doing well because laws aren't business friendly. Taxes are high too.
India is good for back-office jobs not involving critical decision making.
Compliance functions are critical and essential. They can't move.
09-10-2021 06:00 PM
Unregistered What do you guys think about the view that Singapore is a high cost centre and processing activities (eg. KYC, AML related roles) will eventually move to low cost centres like India? Do you think itís true or the quality of work in the low cost centres would be so bad that itís eventually a higher cost to the firm too?
08-10-2021 05:24 PM
Unregistered Both are unrated. Only go for it if u are sponsored. But key difference:

Ica is a lot more structured coz u have lessons and modules. Gives u a framework what to think about but let me tell u. U canít design a ewra for eg becoz of going to ica. I see it more as networking with tutors or classmates la.

Acams just self study and very us centric tho aml concepts still relevant. Not so practical in a sense but reinforces your knowledge if u r doing aml for a while
06-10-2021 01:02 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
I did ICA advanced cert (level 1), ICA diploma (level 2) and ACAMS (level 2). Both ICA and ACAMS are equally recognised in SG.

Yes can pass ACAMS with 2 months experience.

If office can sponsor you, grab it. For ACAMS, self-sponsored candidates can get IBF subsidy. I don't know if got same subsidy for ICA Dip. Rates are fixed in ICA and ACAMS. Won't change person to person. Must email and ask. Both ICA and ACAMS reply fast, within 3 working days.



Yes, I still suggest taking ICA Diploma. Both ACAMS and ICA Diploma have own advantages. For example, in ICA Diploma you learn how to do risk scoring, gap analysis and manage (banking) product risk from design stage onward. CAMS will test on US Patriot Act, BSA, EU directives, Egmont, Wolfsberg, Basel, etc. CAMS SG regime exam will test on TBML ABS guidelines, CDSA, TSOFA, MAS, etc. Both ICA and ACAMS test for knowledge (fines, laws and fact-based questions) as well as logic (scenario-based questions). Its good to have all 3, ICA Diploma in AML, CAMS, and CAMS SG regime certifications.

Good Luck!

Thanks for the insight!
01-10-2021 09:02 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
I did ICA advanced cert (level 1), ICA diploma (level 2) and ACAMS (level 2). Both ICA and ACAMS are equally recognised in SG.

Yes can pass ACAMS with 2 months experience.

If office can sponsor you, grab it. For ACAMS, self-sponsored candidates can get IBF subsidy. I don't know if got same subsidy for ICA Dip. Rates are fixed in ICA and ACAMS. Won't change person to person. Must email and ask. Both ICA and ACAMS reply fast, within 3 working days.



Yes, I still suggest taking ICA Diploma. Both ACAMS and ICA Diploma have own advantages. For example, in ICA Diploma you learn how to do risk scoring, gap analysis and manage (banking) product risk from design stage onward. CAMS will test on US Patriot Act, BSA, EU directives, Egmont, Wolfsberg, Basel, etc. CAMS SG regime exam will test on TBML ABS guidelines, CDSA, TSOFA, MAS, etc. Both ICA and ACAMS test for knowledge (fines, laws and fact-based questions) as well as logic (scenario-based questions). Its good to have all 3, ICA Diploma in AML, CAMS, and CAMS SG regime certifications.

Good Luck!
How much did you pay for each of the three?
29-09-2021 05:56 AM
Unregistered
Quote:
Originally Posted by Unregistered View Post
Hello, I just joined compliance role two months ago and Iím thinking of taking some courses, specifically ICA or ACAMS. Which is more recognised in SG? And I think I saw that ACAMS is IBF Level 2 so would I be able to take it with only 2 months of experience? To all those who took, how much did you all pay for it? Hope to get some help here, thanks!
I did ICA advanced cert (level 1), ICA diploma (level 2) and ACAMS (level 2). Both ICA and ACAMS are equally recognised in SG.

Yes can pass ACAMS with 2 months experience.

If office can sponsor you, grab it. For ACAMS, self-sponsored candidates can get IBF subsidy. I don't know if got same subsidy for ICA Dip. Rates are fixed in ICA and ACAMS. Won't change person to person. Must email and ask. Both ICA and ACAMS reply fast, within 3 working days.

Quote:
Originally Posted by Unregistered View Post
If you already have ACAMS + pass the sg aml regime exam, will you still take the ICA diploma in aml? Like same thing.
Yes, I still suggest taking ICA Diploma. Both ACAMS and ICA Diploma have own advantages. For example, in ICA Diploma you learn how to do risk scoring, gap analysis and manage (banking) product risk from design stage onward. CAMS will test on US Patriot Act, BSA, EU directives, Egmont, Wolfsberg, Basel, etc. CAMS SG regime exam will test on TBML ABS guidelines, CDSA, TSOFA, MAS, etc. Both ICA and ACAMS test for knowledge (fines, laws and fact-based questions) as well as logic (scenario-based questions). Its good to have all 3, ICA Diploma in AML, CAMS, and CAMS SG regime certifications.

Good Luck!
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