Ahsan Afzal - Vice President – Head of Transactions Monitoring at Commerzbank
How did you get into FS regulation?
I was working In Fraud Operations at RBS when the AML regime properly kicked off within the Bank. I took the opportunity and internally moved to the AML Sanctions team. Since then I have been associated with the AML function and managed the compliance risk pillars in various roles.
Was this your first career choice?
I always wanted to work within the banking industry. After completing my Masters in Business Administration (Finance), I applied for various jobs in banking finance. I was presented with an opportunity in Fraud Operations at RBS so I took it, in the hope to keep looking for a finance job. However, I lost the appetite for finance jobs after working for a few months in the financial crime world.
What were you doing before?
I worked as Finance Manager in my father’s business. It was an indenting company acting as the local representative of various large corporates in the power and engineering sector. It was the starting point of my career, where I learnt a lot about report writing, compositions of legal artefacts and business management.
What attributes do you possess that you believe have made you successful in your career?
Attention to detail, eager to learn, hard work and thinking outside the box.
Where would you like to be in 5 years time?
I have worked and managed the majority of the compliance risk pillars. I have a good understanding of financial crime risks, not only related to the policy side, but also the technical side of back and front-end systems related to Transactions Monitoring and Sanctions systems. Considering the aforementioned factors and nearly 10 years of financial crime prevention experience, I feel comfortable that I will be in a DMLRO or Global Head role in the next 5 years.
How do you plan to get there?
I have reported as UK Head of Transactions Monitoring not only in my current role but in my previous role as well. I have been working very closely with the Global Heads and understand the gravity, temperament and fieldwork required for such roles. Recently I have contributed in the composition of Global Policy for TM along with TM heads of Other locations which further gives me confidence that it is achievable task. It’s a matter of getting the right opportunity.
What qualities / qualifications do you look for when hiring staff?
I would prefer candidates who have practical or acquired knowledge about the role they applied for. Advanced qualification is, of course, the key, but it works best when candidates have relevant qualifications or at least basic know-how about the role. I have experienced people moulding their CV’s according to the published roles, but one technical question in the interview and they fall apart.
What advice would you give to a junior starting out?
Stay positive, be punctual and work hard. Listen to your line manager and pay heed to his/ her advice. Don’t react emotionally to everything being said to you. True power is in sitting back and observing things with logic. Try to take notes during your early days in a job and during the shadowing sessions as you won’t remember everything.
What do you believe will be the growth areas in FS regulation over the next 18 months?
I am certain that the policy and advisory side of compliance will remain in strong demand due to Brexit and regulatory scrutiny throughout. Cyber security, along with AI driven trade surveillance platforms are becoming more popular and gradually gaining momentum too.
And what about Brexit?
The question remains, when is it actually happening? There is a lot of uncertainty in the financial sector due to the aftermath of Brexit which includes, but is not limited to, third country branch status, offshoring / nearshoring options, changes in UK regulations etc. We shall see next year.
Which person (or persons) has had the biggest impact on your career to date?
Ryan Crick and David Skade were my previous managers and I have learnt a lot from these two during a short space of time. They build up my confidence in doing what I like the most i.e. transactions monitoring. They encouraged me to think outside the box and also gave me additional responsibilities to deal with, which eventually increased my Financial Crime exposure.
Finally, how do you unwind when you're not in work?
I love to spend time with my family and friends.
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