The State of Financial Crime 2024: Download our latest research
Welcome to Uncover, a podcast by ComplyAdvantage. In this series, we talk to fintech and regtech founders, compliance leaders, product innovators, and industry experts from around the world to uncover the latest trends and best practices.
Check back here regularly to catch up on our latest episodes:
How to Fuse Open Banking and Human Interaction
Will automation and technology spell the end for delivering financial services in person? Will brick-and-mortar branches disappear from our high streets forever? The debate about automation in banking is often binary – either everything must be automated, or nothing should be. You’re either pro-innovation or pro-status quo. Today’s guest is building a company that challenges this polarizing narrative. Duncan Cockburn is the founder and CEO of OneBanks, a high-growth FinTech offering fully staffed, accessible kiosks where consumers can access the services of any bank – be it a digital upstart or an industry titan.
Cross-Chain Crime: The New Frontier in Crypto Laundering?
Tom Robinson is the Co-Founder and Chief Scientist at Elliptic, a firm that has pioneered blockchain analytics for financial crime compliance since 2013. Tom joins Will Thompson to explore new research published by Elliptic on cross-chain bridges. Tom and Will also discuss OFAC’s sanctioning of virtual currency mixer Tornado Cash. Check out Elliptic’s research on cross-chain crime here.
Enhancing Risk Management and Detection with AI
Any financial compliance professional knows that data can be both your greatest asset and your worst enemy. Siloed, manual data sets can be costly and time-consuming to manage… and still leave firms open to breaching regulations and letting criminals through. Martin Rehak is the founder and CEO of Resistant AI. The company uses AI and machine learning to provide identity forensic solutions. In essence, it adds an AI layer on top of firms’ existing fraud and money laundering solutions, helping them to identify new risks and prioritize potential threats.
Digital ID and Financial Inclusion with Smile Identity
Mark Straub is the CEO of Digital KYC firm Smile Identity. It aims to offer the widest reach across Africa, covering over 1 billion identities. Last year the company closed a successful $7 million Series A funding round. Mark joins us to discuss the importance of financial inclusion, the role of Africa in the future of FinTech, and how Smile Identity will ensure its products can scale effectively.
Challenger Banking in the United States with Colin Walsh
Once described as the Winston Churchill of banking, Colin Walsh is a true industry veteran, taking on senior roles at Lloyds and American Express before founding Varo in 2015. Today, Varo has over 4 million customers and remains the first and only consumer FinTech with a US banking charter.
Finance and Banking for the Creator Economy
One of the many benefits of the dynamic FinTech environment across Europe today is its ability to design and develop innovative solutions to the needs of specific groups of users. Creators are one such audience. It’s estimated that 50 million people worldwide consider themselves creators.
Almost 2 million of those are professional creators, making a living from their passion full-time. They’re a diverse bunch, generating revenue from YouTube, Twitch, Instagram, acting, podcasting, writing, and illustrating.
Today we’re speaking to an entrepreneur who has made serving this audience his business – Tonjé Bakang. Tonjé is the co-founder and CEO of OnScale (formerly Muse), a neobank for creators worldwide.
Uncover Live: Christian Faes, LendInvest & FinTech Founders
This special live edition of the Uncover podcast was recorded at London’s Royal Institution in front of a live audience of more than 300 members of the ComplyAdvantage team from the UK, United States, Singapore, and Romania.
Our guest for this special discussion is Christian Faes. Christian is the co-founder and Executive Chair of LendInvest, a property finance marketplace that has lent more than £4 billion to support house building in the UK.
Prior to founding LendInvest, Christian was a real estate lawyer in Australia and the UK, co-founding the company in 2008.
Christian is also a prominent advocate for FinTechs, serving as Chair of FinTech Founders.
North Korea: Proliferation Financing and Sanctions Evasion with RUSI
In our 2022 State of Financial Crime survey, North Korea was listed as one of the top 3 geopolitical hotspots firms globally are most concerned with. So we’re delighted to have with us today two experts from RUSI’s Center for Financial Crime and Security Studies – Sasha Erskine and Tom Keatinge – to tell us more about their latest research in this area. Specifically, they’ve been researching designated non-financial businesses and professions – or DNFBPs – and how North Korea is exploiting them. Check out their research here.
KYC: Towards a Network-Based Approach to Risk
In this episode, David Birch, Principal at 15Mb and author, advisor, and commentator on digital financial services, joins us to talk about what it really means to “Know your customer.” Download today’s show to explore one of the biggest questions in AML: Are high barriers to entry when it comes to accessing financial services really effective in preventing and detecting financial crime?
How to Scale an AML/CFT Program for Crypto
Our State of Financial Crime 2022 report found that a whopping 98% of firms say they are crypto-native, offer crypto services, or are planning to do so in the future. So, with crypto services now reaching a mass audience, how do firms scale their compliance efforts? To explore this question, we’re joined by Brandi Reynolds, Managing Director at the Bates Group, a leading consultancy firm working across the AML and compliance space. Brandi is also Chief Compliance Officer at eToro and Voyager.
What Does it Take to Build a Fintech in Latin America?
Colombia is now home to more than 320 FinTechs, a 37 percent rise on 2017, making Colombia, with a population of 52 million people, the third largest FinTech hub in Latin America after Brazil and Mexico. Today, we’re speaking to Salomón Zarruk, CEO at Mono. Mono is a new Colombia-based B2B neobank designed to help entrepreneurs in the region reduce the time they spend on administrative work.
Drug Trafficking and Money Laundering with Robert Mazur and David Lewis
In this episode, we interview two of the world’s most consequential and insightful financial crime fighters – David Lewis, former FATF Executive Secretary, and Robert Mazur, ex-undercover money launderer. We discuss money laundering, drug trafficking and why existing approaches to tackling these issues aren’t addressing the real risks.
The Intersection of Fraud, AI, and AML
In our 2022 State of Financial Crime report, 41 percent of firms globally said that fraud detection was one of the key areas of their AML compliance programs they’re looking to improve this year. So for this episode, we’re joined by Hubert Rachwalski, CEO at Nethone. Nethone is a Poland-based fraud detection company using machine learning to detect and prevent card-not-present fraud and account takeover. They also describe themselves as a ‘Know Your Users’ company. In a recent technology report, Deloitte named Nethone Poland’s fastest-growing company, and the team raised almost $7m in its Series A funding round in July 2021.
How Do You Build a Neobank in India and the United States?
Raghunandan G is the founder of Zolve, a neobank based in India and the United States. In its seed funding round in early 2021, Zolve picked up an impressive $15m. Raghu previously co-founded Taxi For Sure, a cab aggregator in India, and is himself an angel investor in a number of successful startups. In this interview, Raghu explores the challenges and opportunities that come with neobanking in two of the world’s biggest markets.
Jeffrey Robinson: Money Laundering, Drug Trafficking, and Beneficial Ownership
Jeffrey Robinson is the international bestselling author of 30 books, including his classic money laundering tour de force, The Laundrymen, which made headlines in 14 countries. He writes and speaks widely on issues of money laundering and financial crime. A self-described ‘old fashioned story teller’, Jeffrey isn’t afraid to challenge established views and consensus opinions.
Plum: Building a Fintech for Young People
Victor Trokoudes is the Co-Founder and CEO at Plum. After studying economics at Harvard, Victor joined Transferwise early in the company’s life, helping to launch it in 25 markets. Today, Plum has more than 2 million registered customers. He joins Charles Delingpole to explore how he’s come to build a FinTech for young people.
The Modern CCO: Building an Agile Compliance Function with TransferMate
Charles Delingpole, Founder and CEO at ComplyAdvantage, interviews Simon McFeely, Global Head of Risk and Compliance at TransferMate. The payments platform has a great story to tell, building a product that removes real problems for compliance officers.
Meagan Birch, Global Head of AML & KYC: Designing effective AML solutions
As a former MLRO and Head of Compliance, Meagan Birch understands what it’s like to work in a financial institution on the front lines of the fight against financial crime. In this episode, she joins Jon Draper, Product Director at ComplyAdvantage, for an in-depth discussion on why AML systems aren’t effective enough today – and how they can be improved.
Ed Luo, Head of Compliance Systems, NEST Financial Group: Crypto, Blockchain, and an Agile Approach to Compliance
Join Arshi Singh, Product Director at ComplyAdvantage, for an in-depth discussion with Ed Luo, Head of Compliance Systems at NEST Financial Group. They’ll be talking about cryptocurrencies, the future of finance, and why compliance teams need to be agile to thrive in today’s world.
Benjamin Fernandes, CEO and Founder, NALA Money: Building a Fintech in Africa
Join our CEO and Founder Charles Delingpole for a fascinating conversation with Benjamin Fernandes, CEO and Founder of NALA Money. They discuss what it takes to build a fintech and how innovation in financial technology can improve lives around the world.
Brent McIntosh, Council on Foreign Relations: International Cooperation on Payments, Crypto, and Covid
Join COO & CFO Vatsa Narasimha for a conversation with Brent McIntosh from the Council on Foreign Relations. Before joining the CFR, Brent served as Under Secretary of the Treasury for International Affairs. In a wide-ranging conversation, Brent and Vatsa discuss the digitization of payments, sanctions evasion, and cryptocurrencies.
Jason Leopold, BuzzFeed News: The FinCEN Files
In this episode, ComplyAdvantage COO & CFO Vatsa Narasimha discusses the FinCEN files investigation with Jason Leopold from BuzzFeed News. The FinCEN files revealed that financial institutions around the world have been complicit, or at least complacent, in the movement of trillions of dollars of illicit funds.
Innovations in KYC with CurrencyCloud
In our first episode, we talk to Jan Philippaerts, VP of Compliance Operations at Currency Cloud, about innovations in Know Your Customer (KYC), making your AML operations more efficient, and why strong AML is a key pillar of trust.
Originally published 21 December 2021, updated 21 April 2023
Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.
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