Mark Thompson – FC Advisory Manager – BNP Paribas
How did you get into financial crime?
I previously worked in the police, where amongst other things I investigated financial crimes relating to Money Laundering and Fraud. At the time I was considering leaving the police a friend recommended me to the financial crime team at the Royal Bank of Canada. I was lucky enough to secure a job there working on enhanced due diligence, financial crime advisory and investigations across the Wealth Management and Capital Markets business lines.
Was financial crime your first career choice?
No, I wanted to be a mortgage broker; but in 2008 at the time of the crash, I was offered a role in the police and took my chances there instead!
What attributes do you think have made you successful in your career?
I believe in a proactive and pragmatic approach and always ensure I have a prepared or considered a solution to an issue before I raise it, a “if you are not part of the solution you are part of the problem” mind-set. A willingness to take on responsibility and maintain an inquisitive mind-set have also helped me along the way, ultimately being nosey and asking lots of questions is a great attribute for compliance officer to have!
Do you look for candidates with a particular educational background or particular qualifications?
Qualifications provide grounding in the fundamentals and show that someone has a genuine interest in the area. However; I believe it is key for a candidate to be able to demonstrate they understand the concept of risk and how to manage it sensibly (we are risk managers not risk avoiders), as well as an ability to apply their knowledge in practical manner. A good helping of common sense is invaluable.
What advice would you give to a junior starting their career?
Read the JMLSG guidance notes. Use Investopedia and similar tools to learn about products. Don’t be afraid to ask if you don’t know; and don’t be afraid to probe, question and challenge.
What advice would you give to a mid-level professional?
Always record and explain your decisions in detail, don’t hide behind policy and process. Remember you are ultimately part of a revenue generating business and people skills are important. Also keep your experience as broad as possible for as long as you can.
What do you see as the growth areas of financial crime in the next 18 months?
Sanctions compliance, particularly given the current situation in the U.S. More transparency for ownership as the 4th Directive gets implemented across the EU, fueling more tax evasion investigations and the need for stronger controls around the facilitation of tax evasion; and, focus on the 5th Money Laundering Directive.
Further than 18 months, I see crypto-currency as a major growth area. I have a keen interest in this area myself, particularly from an AML perspective as a number of these currencies, including Bit-coin are completely traceable and therefore offer monitoring opportunities we could never have with traditional cash and e-money payments.
What is your ultimate career goal?
Ultimately I want to hold the position of MLRO at a large financial institution.
What is your plan for achieving this?
MLRO is such an important and highly scrutinised position that demands a lot from the individual. To that end I feel an appropriate level of experience is absolutely critical and therefore I will be continuing to expand my experiences and push myself when it comes to my work in financial crime compliance.
Do you envisage any obstacles in your way and how do you plan to overcome them?
I think settling into your comfort zone is something to be avoided, but easily done. I am lucky to work in a large organisation with lots of opportunities to deal with situations I have not dealt with before, so I will be making use of those and learning from those around me.
Who has had the greatest impact on your career?
The whole Financial Crime Team at Royal Bank of Canada, particularly the MLRO Dan Shonfeld who supported my move from the police into financial crime compliance. I learnt a lot from everyone on this team and was given freedom to grow in my role and take on responsibility I never would have expected to have.
Last, but not least, when you’re not in work, how do you unwind?
I enjoy boxing, squash, going to gym and cycling
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