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eximius financial
COMPLIANCE
MARKET UPDATE
| SALARY SURVEY REPORT
www.eximius.com
Eximius Hong Kong is a specialized Legal and Compliance search firm focusing on the senior end of the market with
offices in London and Hong Kong.
Our core values of honesty, transparency and quality set us apart from our competitors. Our expertise, track record
and connections are unrivalled.
We are a research led business offering our clients unrivalled in-depth market intelligence; as such we will bring to
you the very best available talent.
We work closely with our clients on either a contingent or retained basis as appropriate, identifying key individuals
and making approaches in a discreet, professional and systematic manner. We frequently execute such mandates on
an exclusive basis. Where our clients choose to retain us, we provide in-depth research and documentation to order
depending on our clients’ specific requirements, from a concise shortlist to a complete practice area or sector
analysis.
Senior Consultant, Reshma Gope at Eximius gives an overview of the compliance market through the latter part of 2016.
“Across the board in 2016 and especially in the latter half of the year, compliance hiring has seen a slowdown within
the financial sector. The majority of teams are now fully staffed and current hiring is aimed at filling replacement
headcounts only. On the positive side, compliance remains an important function across organizations with
regulators demanding more stringent AML procedures from banks. We have seen the MAS & SFC light up the media
throughout 2016 shelling out various warnings with serious financial implications. For example, the SFC has given
large scale fines to HSBC for $2.5 million and BNP Paribas Wealth for $4 million with the MAS recently fining
Standard Chartered and Coutts”.
Here are some of the trends we expect to see in 2017
Contracting: Contracting in Hong Kong has traditionally not been a popular form of employment but with an
emphasis on cost effective labour solutions, this market has grown with hiring seen across regulatory projects,
AML, on boarding, products and general compliance. With the banking industry as a whole still whispering
volatile words, many of the traditional full time roles are being cut or frozen, and thus a preference is now seen to
take staff on a short term flexible basis.
•Is this beneficial for a candidate?
•Maybe, for example we are seeing junior candidates offered contract roles where they have a 360 degree exposure
to compliance; receive on the job training and full team support. For such roles, some candidates are willing to move
out of a permanent role to a contract role for a better exposure and work environment.
Will this continue to the senior end, maybe…
The ‘2017’ real impact: It’s no secret that the banking industry has spent an enormous amount in growing
compliance teams with big international banks almost trebling in size across Asia. However, with the slowdown in
senior hiring (y.o.y), we are now walking into a year where banks will have to further evaluate each hire, at all levels.In
regards to the talent movement in the market, banks small or large will definitely lose talent to their competitors if
they fail to invest correctly in technology efficient systems and staff training. We have witnessed this already this year
with some of the AML professionals moving out of the big banks to join competitors with better systems and training.
FATF Evaluation: With the FATF evaluation in 2018, banks will face more regulatory scrutiny and inspection next
year. To date HKMA has only taken one enforcement action, against the State Bank of India in 2015 for breaches of
the territory’s now four-year-old AML act. This implies HKMA will be back in action next year especially after the C
election in March and we predict that banks will have to make sure they hire the right talent that understand AML
from a technology perspective, people who can validate and fine tune transaction monitoring systems. Gone are the
days when professionals with just 2-3 years’ experience consulting or compliance were able to get three jobs on hand
at the same time. Hiring next year will require professionals that know how to use technology, visualize data and
understand the human element involved in AML issues. It’s a do or die situation for the banks; either they adapt new
technology that allow them to become efficient or they continue to use manual processes that are costly and
unattractive to compliance professionals.
Salaries: According to the recent publication by SIA, the survey, ‘Pretium Year-end Rewards and Human Resource
Trends Survey 2016’ shows that the average pay increases in 2017 will fall to 4.3% from 5% in 2016.
“Chinese firms will fare better than international ones as they are still hiring rather than firing,” according to May Poon,
Managing Partner at Pretium. However, the slowdown of the Chinese economy and the uncertainties surrounding
Brexit and the US economy post-election will trend down both pay increase and bonus payment. Insurance and wealth
management firms can expect to get more bonuses due to a surge in business from Mainland China but rising costs for
talent and policy risks will affect momentum.”
http://www.enterpriseinnovation.net/article/hk-fsis-must-fine-tune-aml-systems-or-risk-penalties-1148665930
http://www2.staffingindustry.com/row/Editorial/Daily-News/Asia-Salary-increase-and-bonuses-growth-expected-
to-slow-40306
http://www.hk-lawyer.org/content/changes-hong-kong-aml-regime-likely-ahead-fatf-evaluation-says-law-firm
http://www.enterpriseinnovation.net/article/hk-fsis-must-fine-tune-aml-systems-or-risk-penalties-1148665930
2016-2017 Salary Survey
Annual Basic Salary, Excluding Bonus & Cash Allowances - delivered in Hong
Kong Dollars
Based on information gathered from 1000’s of professionals in the Hong Kong market over the
course of 2016.
Regulatory
Compliance:
Standard Years
of Ex
Corporate &
Investment Bank
Consulting Insurance Private Banking Investment
Management
Associate 3-5 360,000 –
660,000
300,000 –
600,000
250,000 –
550,000
360,000 –
660,000
360,000 - 540,000
AVP 5-10 660,000 –
950,000
300,000 –
600,000
550,000 –
800,000
660,000 –
950,000
540,000 - 750,000
VP 10-15 950,000 –
1,550,000
900,000 –
1,400,000
800,000 –
1,100,000
950,000 –
1,550,000
750,000 - 1,400,000
D& ED 15+ 1,550,000 –
2,400,000
1,400,000 –
1,850,000
1,100,000 –
1,850,000
1,550,000 –
2,400,000
1,400,000 – 2,100,000
Financial Crime
Compliance:
Standard Years
of Ex
Corporate &
Investment Bank
Consulting Insurance Private Banking Investment
Management
Associate 3-5 360,000 –
580,000
312,000 -
450,000
320,000 -
480,000
350,000 -
420,000
360,000 - 540,000
AVP 5-10 580,000 - 840,000 500,000 -
780,000
480,000 -
720,000
350,000 -
420,000
540,000 - 750,000
VP 10-15 840,000 -
1,500,000
780,000 -
1,300,000
720,000 -
1,200,000
780,000 -
1,350,000
750,000 - 1,400,000
D& ED 15+ 1,500,000 –
2,300,000
1,300,000 –
1,700,000
1,200,000 –
1,700,000
1,350,000 –
2,200,000
1,400,000 – 2,100,000
Operational
(COO):
Risk, Onboarding,
CDD & KYC
Standard Years
of Ex
Corporate &
Investment Bank
Consulting Insurance Private Banking Investment
Management
Associate 3-5 300,000 –
600,000
250,000 –
550,000
250,000 –
550,000
300,000 –
600,000
250,000 – 550,000
AVP 5-10 600,000 –
900,000
550,000 –
800,000
550,000 –
800,000
600,000 –
900,000
550,000 – 800,000
VP 10-15 900,000 –
1,450,000
800,000 –
1,100,000
800,000 –
1,100,000
900,000 –
1,450,000
800,000 – 1,100,000
D& ED 15+ 1,450,000 –
2,100,000
1,100,000 –
1,700,000
1,100,000 –
1,850,000
1,450,000 –
2,100,000
1,100,000 – 1,850,000
Compiled by Team Eximius Financial, Asia Pac - Risk, Compliance & Audit
Reshma Gope, Senior Consultant, AML & Compliance
Reshma has been working within the compliance recruitment market since graduation.
She demonstrates her excellent industry network and market insights in Compliance and
AML industry as well as professional follow-through for all of her clients and candidates.
Her first assignment in recruitment was for a top tier investment bank and she
successfully identified 2 senior compliance officers for them within a relatively short
period of time. Since then she recruits for banks and consultancies across Compliance
Email: [email protected]
T: + 852 3978 5034
L: Reshma Gope
Kate Reid, Associate Director, Governance, Risk & Operations
Kate has been in the industry for twelve years, eight of which in Hong Kong, Kate
delivers talent services to both candidates and clients across the region, managing a
team of specialist recruiters in risk, compliance and audit. Kate is also a steering
committee member of Women in Finance Asia, Mentor to the HKU MBA Women in
Leadership club, founder of Suits for Success Asia and leads corporate relations and
fundraising for local charity Project Share
Email: [email protected]
T: +852 3978 5030
L: Kate Reid
