Banking and Finance Compliance Recruitment Trends in Singapore

Compliance isn’t an expense. It’s a cost-saving measure.

This common financial phrase rings even more true today, with growing foreign investment into Asia as businesses look benefit from the region’s growth potential. This comes amidst a growing backdrop of increasingly complex financial crime, where groups seek to profit from a rising digital economy.

In response, government regulators in many countries are stepping up demands for compliance standards for banks and financial institutions to maintain trust and stability in capital markets and the banking system. And while managing compliance requires resources, it is far less costly than dealing with the aftermath of a breach and the loss of reputation and trust in services.

We previously outlined trends in Banking & Financial Services on a broader scale in our 2024 Hays Asia Salary Guide. But to get a deeper look into compliance trends in Singapore, we spoke to our consultants at Hays Singapore for further insights. Here’s what they told us.

FINANCIAL CRIME COMPLIANCE TALENT IS STEPPING UP

Banks and financial institutions today face a multitude of risks. Money laundering, terrorist financing, cybercrime and fraud are some of the most common types of crimes being carried out by individuals or groups today.

This has not gone unnoticed by authorities, who have implemented increasingly stringent compliance requirements for related companies, especially in the wake of the August 2023 anti-money laundering arrests. Organisations looking to meet these compliance obligations find themselves increasingly reliant on compliance departments capable of meeting and reporting on key regulatory objectives.

In this regard, financial institutions in Singapore keen on safeguarding their credibility are stepping up hiring efforts for roles in Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF). These investments towards FCC will be key towards ensuring perceptions regarding the country’s security remain unchanged as a global financial hub.

THIRD PARTY RISK MANAGEMENT – A HIGHLY SPECIALISED FUNCTION

Third party risk management (TPRM) is particularly crucial for financial institutions that are increasingly reliant on external parties for solutions in tech, payments and data management. This reliance reduces direct operational control over activities, introducing new risks into the consumer equation.

At the same time, regulators are increasing the pressure on financial institutions to manage their third-party risk. This comes in no small part to organisations facing disruptions, monetary loss and reputational damage’ due to third-party incidents which have grown within the last three years across to a report from KPMG.

Organisations remain responsible for minimising this risk and ensuring the security and privacy of consumer data. However, skilled talent remain niche within Singapore, where financial institutions more commonly outsource TPRM related tasks to third party vendors. Organisations are seeking to move these in-house, especially with concerns of customer data privacy.

We expect this role to develop further, especially as regulatory bodies begin to implement requirements for companies to effectively manage their third-party risk. As specialised talent remains limited, companies looking to fill these gaps will want to train internally, raising awareness of TPRM and updating talent on regulatory requirements.

AUTOMATION IS STREAMLINING COMPLIANCE

Automation is transforming the way we work across industries by enhancing efficiency, accuracy, and productivity. Financial compliance is no exception to this trend, enabling continuous monitoring, real-time transaction analysis, and swift identification of suspicious activities.

This is true in Singapore, where companies with the resources to implement automation have found success streamlining Know Your Customer (KYC) screening procedures for AML. Even so, there are still critical parts of compliance that require a human touch. Banks and financial institutions still require talent capable of adapting to changing local and international regulations, and to apply them towards developing the right policies for the organisation.

Candidates in Singapore will want to develop themselves as all-rounders, emphasising analysis and advisory skills to stand out in future.

WHAT IS COMPLIANCE TALENT TODAY LOOKING FOR?

There’s no doubt that compliance talent plays an integral part in ensuring banks and financial institutions remain above board. The supply of talent capable of servicing compliance needs in Singapore today is abundant, and hiring managers should have ample opportunities to source for candidates should the need arise.

While Singapore possesses an abundant FCC talent pool, the challenge lies in motivating candidates to make a move amidst news of restructuring occurring in select organisations. This is slated to change in the near future, especially as hiring in the sector intensifies. Fluid candidates willing to make the first move will be well positioned to take advantage of this shift.

HOW CAN COMPANIES ATTRACT AND RETAIN COMPLIANCE TALENT TODAY?

So how can companies in Singapore do better to retain valuable compliance talent? Competitive benefits packages today that speak to this target group goes beyond basic compensation, and may include health and wellness, flexible work arrangements, internal mobility and career development opportunities. Organisations will want to revisit their Employee Value proposition to ensure it emphasises integrity, empathy and personalisation to attract and retain top talent.

Given the ever-changing landscape of compliance, consider offering courses on new regulations and training in key areas such as cybersecurity, data privacy laws, workplace safety, and diversity. Companies with these initiatives should regularly update their modules to ensure that training remains relevant and aligned with current industry standards.

THE MOST IN-DEMAND ROLES FOR COMPLIANCE IN BANKING & FINANCIAL SERVICES

These are the top three most in-demand positions in Banking & Financial Services for Singapore in 2024.

HEAD OF ANTI-MONEY LAUNDERING / FINCRIME (SGD 180,000 – SGD 216,000) Crucial in the banking sector due to the need for regulatory compliance, maintaining trust and reputation, preventing financial crimes, managing the risks associated with globalisation and technology. Responsible for implementing measures to safeguard the financial system from illicit activities and ensure its integrity and security.
COMPLIANCE OFFICER (SGD 54,000 - SGD 78,000) Compliance officers provide guidance on managing risks related to regulatory compliance. They help banks interpret and apply complex regulations effectively and assist business units in understanding and implementing internal policies and external rules. This ensures alignment with legal requirements and industry standards. Compliance officers monitor activities, assess compliance, and report any deviations.
KYC MANAGER (SGD 84,000 - SGD 96,000) The demand for KYC (Know Your Customer) roles has increased due to stricter AML regulations, the need to prevent financial crimes, advancements in digital banking, the necessity to comply with global standards, and the importance of maintaining a good reputation.

Explore more Jobs in Banking & Financial Services here today.

Our Hays Asia Salary Guide covers Japan, China, Hong Kong SAR, Malaysia, Singapore, and Thailand, compiling salary and survey findings of nearly 9,000 employers and professionals across the region.

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