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Designing technology systems to detect and prevent financial crime
Journal of Financial Compliance,
6
(4),
321-332
(2023)
Abstract
Almost all early-stage financial services businesses are motivated to have a comprehensive compliance programme. However, they often need help knowing where to begin. There is much literature on enhancing existing compliance programmes and specific topics such as know your customer or transaction monitoring systems (TMS). This paper delves into the critical components required to build a functioning compliance programme and the fundamental building blocks that will set up a FinTech for long-term success. This paper is comprehensive enough to allow any company focused on financial services to pick and apply key concepts explained in the paper to build a compliance programme. At the same time, it is specific enough to help explain each component in detail so that companies can use this as a guiding principle to set up a compliance programme.
Keywords: AML; KYC; transaction monitoring; compliance technology; machine learning; FinTech
The full article is available to subscribers to the journal.
Author's Biography
Jas Randhawa is the Managing Partner at StrategyBRIX, a boutique Risk and Compliance Consulting firm. Before StrategyBRIX, Jas served as the Head of Financial Crimes and Compliance at leading FinTechs, including Stripe and Airwallex. In addition, at PwC, Jas built and led the firm's Financial Crimes (FinTech) practice across the US West Coast. He has over 18 years of experience with building and managing programmes in the compliance space. In his role, Jas works closely with CCOs, CROs and product leaders to solve complex risk, compliance and monitoring problems. Additionally, as a part of the Bank Secrecy Act Advisory Group (BSAAG), he advised the Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury, in areas of digital identity verification, know your customer (KYC), and using advanced technologies to solve financial crimes. Jas is a regular speaker at industry events, a member of the Association of Certified Anti-Money Laundering Specialists (ACAMS) and an executive committee member of the West Coast AML Forum (WCAML).
Suraj Swaminathan is a professional who joined a crypto exchange in 2019. He works in developing and managing the transaction monitoring system within their Compliance Technology organisation. Before 2019, Suraj worked at one of the Big 4 consulting firms in their Financial Crimes Unit division, building and testing transaction monitoring systems for financial institutions. In addition, Suraj also worked in data management roles for multiple payment systems. Suraj has a Master's in Data Science from New York University and a keen interest in machine learning and applied statistics in financial services, specifically in the compliance technology space.
