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The Cost of Scandal

10 May 2019

by Megan Walsh

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Money laundering. It’s a huge problem for the banking world. And while financial economic crime (FEC) is nothing new, it remains a key priority for big banks across Europe and the rest of the world.

Over the past six years there has been an increase in demand for analysts who have experience in FEC, be that Customer Due Dilligence (CDD), Know Your Customer (KYC) or Anti Money Laundering (AML).

This comes after Dutch bank ING Groep NV was fined a whopping 775 million euros ($900 million) for failing to detect the laundering of hundreds of millions of euros from companies, which include a Curacao lingerie company and a Russian mobile phone operator.

The fines are the largest ever imposed on a company by the Dutch prosecution and goes to show that the need for a proper compliance operation is vital for banks that deal with a high volume of investment. Put simply; if you are not implementing your CDD, KYC or AML initiatives correctly, then you are providing an accessible platform for organised crime to flourish behind the cloak of your organisation.

For Thomas Janssen, director of Oliver James Professionals (OJP), which acts as a secondment service to the Benelux finance market, the growth in demand has been instrumental. Since its inception in January 2018, OJP has acquired over 150 people who are now working in FEC roles across the region’s top corporate banking institutions. And he predicts this number will grow over the next five years.

“All eyes are on financial economical crime at the moment. It’s the hottest topic in banking,” says Thomas. “At the moment, the big banks don’t have the capacity to recruit the number of staff that is required to properly implement their compliance strategies. So that’s where OJP comes in.”

Oliver James Professionals provides top financial talent with the platform they need to shape their career. Over 60% of our candidates go on to become full-time employees of the top-performing corporate banks throughout the Benelux region.

We have just seen our first group of professionals being taken over by one of our major clients on a full-time basis and will soon be welcoming a new group of talented junior professionals into the world of OJP.

The need for a proper FEC compliance programme is not going away. It’s a worldwide initiative and, as the world becomes more automated, regulation will intensify and banks will be held more accountable for the activity that is driven through their institutions.

So if you’re in need of a proper CDD strategy, Oliver James Professionals can help. Our secondment service gives our clients access to the best talent in the market who are ready to begin their career in the corporate finance world.

You can find out more about this service by contacting Thomas.janssen@ojassociates.com or calling him on +31 208 082080

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