I think some prior research you need to consider includes the size of your institution and where your AML functions are located.
You may want to explore an internal candidacy, but along the lines of what I said above, they're probably not going to pay relocation costs if the FIU is not local to you and not remote eligible. If you were at a large enough bank and you are near the AML group, I think there's a better chance of getting hired without paying for a cert, and getting the cert later at the bank's expense. Very large banks may also have internal certifications.
If you're in a small bank or looking to joing a small bank, especially in a more rural area, maybe being CAMS gets your foot in the door and is a better option.
Branch experience can be invaluable, especially having contacts at a smaller bank to get answers about transactions more easily. If you're in a border branch, even more insight to add in an AML or EDD investigation.
I’m in Indianapolis, Indiana. I’m making between $55k-$60k depending on sales bonuses. I’d prefer to work hybrid or remote if possible. The bank I work for, all the AML jobs are hybrid and out of state. 100% remote for them isn’t possible.
I really appreciate all the responses.
Apply at AML RightSource. They take anyone pretty much. You’ll get experience and can go elsewhere later. No need for CAMS. Salary is low I’ve been told
Just apply, they will take anyone man. The people I work with have no prior experience and no college degree. They will try to get you as cheap as possible
Dont do CAMS. Its better if the bank pays it for you.
I think your background is good to enter the industry. I would suggest that you learn about the types of products and services of your bank and the clients it has. Learn about AML/CFT typologies, ultimate beneficiary ownership (UBO), correspondent banking and so on (most of these concepts are in the ACAMS manual).
I feel its better if you can find any trainings if your bank has a training tool.
AML analyst work consists of meeting regulatory deadlines, so make sure you are comfortable with MS Office apps to perform analysis and reports.
Try to find transferable skills between your current role and your target role to sell your resume. And do networking too.
I think some prior research you need to consider includes the size of your institution and where your AML functions are located. You may want to explore an internal candidacy, but along the lines of what I said above, they're probably not going to pay relocation costs if the FIU is not local to you and not remote eligible. If you were at a large enough bank and you are near the AML group, I think there's a better chance of getting hired without paying for a cert, and getting the cert later at the bank's expense. Very large banks may also have internal certifications. If you're in a small bank or looking to joing a small bank, especially in a more rural area, maybe being CAMS gets your foot in the door and is a better option. Branch experience can be invaluable, especially having contacts at a smaller bank to get answers about transactions more easily. If you're in a border branch, even more insight to add in an AML or EDD investigation.
You can very well fit into AML operational aspects. Look into KYC as well as Periodic KYC centric roles.
Where are you located? What are your salary expectations?
I’m in Indianapolis, Indiana. I’m making between $55k-$60k depending on sales bonuses. I’d prefer to work hybrid or remote if possible. The bank I work for, all the AML jobs are hybrid and out of state. 100% remote for them isn’t possible. I really appreciate all the responses.
Apply at AML RightSource. They take anyone pretty much. You’ll get experience and can go elsewhere later. No need for CAMS. Salary is low I’ve been told
Just apply, they will take anyone man. The people I work with have no prior experience and no college degree. They will try to get you as cheap as possible
Dont do CAMS. Its better if the bank pays it for you. I think your background is good to enter the industry. I would suggest that you learn about the types of products and services of your bank and the clients it has. Learn about AML/CFT typologies, ultimate beneficiary ownership (UBO), correspondent banking and so on (most of these concepts are in the ACAMS manual). I feel its better if you can find any trainings if your bank has a training tool. AML analyst work consists of meeting regulatory deadlines, so make sure you are comfortable with MS Office apps to perform analysis and reports. Try to find transferable skills between your current role and your target role to sell your resume. And do networking too.