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Customer Experience and Robust AML as Integral Parts of a Single Goal: Interview With Anastasiia Pervushyna, Director/MLRO in Sends

Nicole Choquette by Nicole Choquette
July 20, 2023
in Financial
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AML compliance is a complex aspect of the financial industry, making payments secure and robust. In this interview, Anastasiia Pervushyna, Director/MLRO in Sends, gave her opinion on typical challenges Fintechs face and how to update the data on evolving AML regulations, balancing exceptional customer experience and AML compliance.

Can you provide an overview of your experience in AML compliance within the financial industry? How familiar are you with the regulatory landscape in UK jurisdiction?

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I have over ten years of experience in Fintech and Banking legislation, which formed the foundation of my development as an AML compliance officer. The role is stimulating and requires a daily individual risk-based approach with new scenarios, providing a never-ending and dynamic learning curve. I have worked in risk assessments, transaction monitoring, and suspicious activity reporting within different jurisdictions.

The regulatory landscape in the UK is constantly evolving, and my team endeavours to adapt business processes to ensure that we are foremost compliant. We constantly study the practice cases and engage with other specialists, as more than theoretical knowledge of legislation is required for a successful business.

What is AML compliance? Please, describe in 2 or 3 sentences.

AML compliance plays a pivotal role in the financial industry as a robust defense against money laundering, terrorist financing, and illicit financial activities. Institutions bear legal and regulatory responsibilities to establish and uphold effective AML compliance programs of utmost importance to maintain the integrity and security of the financial system. These programs are thoughtfully crafted to proactively identify and mitigate risks associated with financial crimes.

Can you describe the typical AML risks and challenges fintech companies or financial service providers face?

Financial service providers encounter many AML risks and challenges, several intricately linked to their distinctive business models. Below, I present a concise overview of some typical AML risks and challenges that they may confront:

1) Digital Identity Verification: Fintech companies often rely on digital onboarding processes, making it challenging to verify customers’ identities effectively.

2) Cross-Border Transactions: Dealing with different regulatory frameworks, varying customer risk profiles, and the potential for jurisdictional gaps can pose challenges in conducting thorough due diligence and ensuring consistent AML practices.

3) Rapid Innovations: Fintech companies continuously introduce new technologies, products, and services, which can outpace the development of corresponding AML controls.

4) Data Security and Privacy: Fintech companies handle substantial amounts of sensitive customer data, making them attractive targets for cybercriminals.

5) Regulatory Compliance: Complying with multiple sets of regulations, adapting to regulatory changes, and staying updated on emerging AML standards can be challenging, requiring robust compliance programs and dedicated resources.

What tools, software, or technologies have you used to support AML compliance efforts? Are you experienced with any specific AML software solutions?

In pursuit of operational efficiency, we have successfully implemented automated processes and have strategically engaged third-party service providers to facilitate various functions, encompassing identity verification, screening for PEPs, sanctions lists, media adverse analysis, payment processing, and data storage.

Nevertheless, it is imperative to acknowledge that these service providers introduce supplementary risks, as the vulnerabilities of third parties can impact our AML compliance. But we remain steadfast in our commitment to risk mitigation. We’re doing extensive due diligence procedures, ensuring the selection of reliable third-party providers.

How do you stay updated with the evolving AML regulations and best practices?

Sends team strives to stay on top of all the evolving AML regulations, whether through external materials provided by the regulators or engaging in knowledge sharing with other AML experts and compliance specialists. We aim to seek out the best practices and most innovative technology for our company. Now we are actively analyzing Fintech associations for further work with them. Sends has already become a member of the Innovate Finance and Fintech Circle associations. Soon, we plan to join several more.

In your opinion, what are the key elements of a robust AML compliance program for a financial service provider?

So, you want to build a rock-solid AML compliance program for the financial service provider. In that case, we must have many key elements working together to prevent, detect, and report any money laundering and illicit activities. Here’s what we need in the arsenal:

  • Relevant and constantly updated Policies, Procedures, and Internal Controls to keep everything up to date;
  • Ongoing risk assessment, so you can always be on top of potential threats;
  • Robust customer due diligence processes to verify risk profiles and fully understand their relationships with your company;
  • Robust system for monitoring transactions to detect and analyze patterns of suspicious activity;
  • Regular and comprehensive AML training for employees – knowledge is power;
  • Procedures for timely and accurate reporting of suspicious activity to the regulatory authorities;
  • Periodic independent audits and testing of the AML compliance program;
  • Last but not least, active involvement and support from senior management in the AML compliance program.

How do you handle the challenges of balancing customer experience and onboarding efficiency with robust AML controls?

I always say that customer experience and onboarding efficiency should not be viewed as opposing goals. By implementing smart technologies and risk-based approaches, we can strike a balance between providing a positive customer experience and maintaining robust AML controls. While giving a seamless onboarding process for customers is important, it is equally important to implement strong AML controls to comply with regulatory requirements. Here are some strategies to achieve this balance:

Automated Identity Verification: We utilize automated identity verification solutions to streamline the onboarding process. These solutions quickly authenticate customer identities by verifying their identification documents and performing background checks. This reduces manual effort and speeds up the onboarding process while ensuring compliance.

Simplified Documentation: We consider choosing simplified documentation requirements during the onboarding process to minimize the number of documents and information needed from customers, focusing only on the essential details for compliance purposes. This simplification enhances the customer experience and reduces onboarding time.

Enhanced User Experience: We design the onboarding process with a user-friendly interface and clear instructions and provide real-time feedback to customers, guiding them through the necessary steps. This improves the customer experience and reduces errors during onboarding.

Ongoing Monitoring: We implement robust transaction monitoring and customer due diligence processes to detect and report suspicious activities. Real-time monitoring can help identify potential money laundering activities while reducing customer burden. Automated systems can flag unusual transactions for further investigation, ensuring compliance without significant customer disruption.

Nicole Choquette

Nicole Choquette

Assistant Managing Editor

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