Celebrating 10 years! 2007-2017

Landing First Compliance Job?

I took and passed the CAMS. Since then I've been applying to sharpie2105/12/17
As unpleasant an answer as it may be, I think you already kn mrtor05/12/17
I think you may be correct. I was somehow hoping there was s sharpie2105/12/17
KYC/AML will not be a long term option. I think Blockchain canon8305/14/17
I think this is a real concern. Banks and financial institut mrtor05/15/17
Assuming you're in NY area? Yea unfortunately sar roles a fompliance205/15/17
sharpie21 (May 12, 2017 - 2:20 pm)

I took and passed the CAMS. Since then I've been applying to AML jobs. My current experience is working as a gov't contractor during investigative work. Bad part is that the investigatory work is not AML.

So far, I haven't been able to land a position. Any tips. So far, I haven't gotten selected for the SAR positions and the KYC positions are very low pay.

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mrtor (May 12, 2017 - 2:44 pm)

As unpleasant an answer as it may be, I think you already know it. You've fallen into the experience conundrum. You cannot get a compliance job without experience and you cannot get experience without said job. The solution? Get some experience, any experience. You will probably need to take a step down and do KYC work for a while to build up your experience and make yourself more marketable. From there, you may be able to jump into more lucrative AML positions.

I've heard many a time that CAMS is worthless without a financial/business background. You need experience.

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sharpie21 (May 12, 2017 - 3:25 pm)

I think you may be correct. I was somehow hoping there was some magic bullet. I have a lot of experience in financial investigations of banks but not related to AML. It's very annoying because I've done things very similar to SARS but they want that exact experience.

Guess looking into KYC jobs might be the only answer. Just that it's a huge pay cut. :(

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canon83 (May 14, 2017 - 12:19 pm)

KYC/AML will not be a long term option. I think Blockchain Technology takes over this cost center by 2020.

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mrtor (May 15, 2017 - 9:24 am)

I think this is a real concern. Banks and financial institutions, the largest sources of AML work, are continuing to be overtly aggressive about cutting these types of expenses. The AML/KYC heyday has come and gone.

AML/KYC compliance work is prime for automation since it is data driven and involves identifying patterns and outliers. The field may not be completely eliminated, but I think you will continue to see software significantly paring down the total employment numbers. With ever-improving software, you can eventually employ a fraction of the workers to further investigate and focus on specific, automatically flagged issues instead of paying legions of employees to parse through the data.

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fompliance2 (May 15, 2017 - 7:23 am)

Assuming you're in NY area?

Yea unfortunately sar roles are going to be hard to get bc they want sar exp, if I were u I would probably try to get an AML role at a smaller institution, they will value ur gov investigative work and cams more and it will give u the ability to do Diff things within that AML program or yea the other option is starting somewhere in kyc, u can also try to do some internal investigations roles - they are not really AML but depending on what ur investigative exp is u may be able to spin it into a role

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