ICQ Log - Member Profile:

Rachel Woolley

Last Updated: 09 December 2021

Rachel Wooley, Global Director of Financial Crime at Fenergo and Designate Member of the Compliance Institute, speaks about how she became interested in Financial Crime and Compliance and shares the advice she would give to all those starting out in their compliance/AML career.

What got you interested in the area of Compliance and in particular Financial Crime?

My first stint in a compliance role came shortly after the financial crash when the global financial system was really put under a microscope. It also coincided with Ireland’s transposition of the 3rd AML Directive and many financial institutions were starting to bolster their resources in preparation. My role at the time was monitoring suspicious transactions and activity and making a determination as to whether the alerts warranted the submission of a suspicious transaction report. Though I had worked in a bank for a couple of years before this role, this was my first exposure to the role of financial institutions in detecting and reporting financial crime. Not content with simply following procedures and ticking boxes, I wanted to learn as much as possible about how criminals exploit the industry to launder illicit proceeds and more importantly, how we can stop it.

How did you start in the compliance profession? Did you plan to stay in it when you first joined?

I studied science for a couple of years after my Leaving Certificate and realised that it wasn’t the path I wanted to be on. At the time, there were many opportunities to work in financial services, so I started working with one of the main Irish banks. Like many people at the time, I decided to take some time off and travel. Unfortunately, my timing wasn’t great; when I returned to Dublin the economic downturn was in full swing and even though I had some work experience, I was competing against applicants with degrees and professional qualifications. I decided to start studying for the professional accounting exams which helped to get my foot back in the door of the financial services industry. As I mentioned, financial institutions were also looking to enhance compliance resources in advance of the 3rd AML Directive which resulted in increased opportunities, particularly in compliance. At the beginning, my goal was not necessarily to stay in an compliance role but it didn’t take long for me to realise that this was an interesting career path with lots of opportunity for growth and development.

How has holding a Compliance Institute Designation impacted on your career?

I moved to a new role where I spent a couple of years working on ‘Know Your Customer’ (KYC) remediation projects. I was also responsible for managing Politically Exposed Person (PEP) and high-risk client onboarding cases. I realised that simply understanding the policy and applying procedures wasn’t enough for me to progress my career. I wanted to learn more about the legislative process and the underlying theory, so I decided to undertake the Compliance Institute’s Professional Diploma in Compliance . This really opened my eyes to the various aspects of compliance, and I learned more about opportunities for career growth.

What advice would you give those hoping to start a career in Compliance/ Financial Crime?

I spent a long time deliberating whether I should go back to study a degree or not. I also agonised over what courses to study and what path to take. Looking back, the best advice I can give now is to just start. This might seem obvious but taking the first step was the hardest. Once I got started, the momentum started to build and my confidence grew. I went on to complete the Compliance Institute’s Certificate in Financial Crime Prevention and subsequently started the MSc in Compliance , as well as a number of other professional qualifications.

What do you consider are the greatest challenges ahead for those working in Compliance/ Financial Crime?

Every industry is undergoing some form of transformation or another, especially in the last couple of years. The compliance and financial crime fields are no different, and in fact both have been in a period of transformation for some time now. Criminal organisations continue to evolve in order to exploit new technologies and perceived weaknesses. As a financial services community, and particularly in the context of compliance, it’s critical that we evolve in how we detect and prevent financial crime; this requires the use of technology.

The “typical” compliance officer or function is evolving which creates lots of opportunities . This may also seem daunting so recruiting for this space is likely going to evolve too. This requires different perspectives and skills, as well as collaborative and innovative thinking. If you’re thinking about a career in compliance but don’t think your skills or experience fit, I am certain there’s a role for you!

How would you describe your management/ leadership style?

I am fortunate to work with experienced and knowledgeable subject matter experts. In previous roles, I sometimes felt that being a Compliance Officer was more isolated rather than working with a team. Since I transitioned into RegTech, it’s very much a team sport. My team has quite a broad remit and we all work very closely to ensure we deliver on our goals and objectives. Communication is critical, especially in the last two years. My perspective on leadership is that a good leader must foster a positive and supportive working environment that ensures everyone is working to the best of their ability. Making sure everyone is on the same page and working towards the same outcome is my primary goal.

What do you enjoy about lecturing on the Compliance Institute Professional Diploma in Fintech Risk and Compliance, provided by PAT?

I really enjoy working with everyone involved in delivering the programme. It’s been a great opportunity to learn more about how other areas of the financial services industry are embracing technology. It’s also great to engage with the students to learn more about their interest in this area; it motivates me to keep learning! It’s a fantastic opportunity to understand what the drivers are and how we can attract people into the world of compliance, and hopefully encourage more people into the world of financial crime prevention.

What professional/ personal accomplishment are you most proud of?

I left college without completing my degree, something I was always very conscious of when applying for new roles. As I mentioned, I started studying towards the professional accounting exams with ACCA and I also achieved the Compliance Institute Designation. This gave me the confidence to complete an additional module with ACCA that allowed me to obtain a degree. Though I was already in my current role when I completed my degree, it was a great reminder that one way or another I was on the right path, even if it took a bit of a detour along the way.

What is your favourite book? Why?

If you’re interested in financial crime then there are two incredible books worth reading. You might have heard about the Magnitsky Act; Red Notice by Bill Browder is a really harrowing read on how it came about. I also really enjoyed the Infiltrator by Robert Mazur, who went undercover to bring down criminal organisations involved in drug trafficking and money laundering.

Authors: Rachel Wooley

Global Director of Financial Crime at Fenergo

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ICQWinter Edition 2021

This article was taken from the Compliance Institute's ICQ Winter Edition 2021