On a recent visit to South Africa, Financial Crime News was delighted to meet with Nic Swingler Head Financial Crime Compliance at Absa Group Limited, who in an interview discussed the fight against financial crime on the African continent and in South Africa in particular.
FCN: How did you come into your current role?
NS: I am not a Financial Crime “lifer” and this role was not really part of my early career planning! Previously I was the COO for our Corporate & Investment Bank. The front line experience I gained over many years as well as direct exposure to products, operations, technology platforms and data were amongst the key attributes required to enable and deliver a high quality risk management capability across Financial Crime Compliance.
In February 2019, FATF issued its proposed recommendations for AML governance of the crypto industry. Under pressure from the international community, the FATF aimed to bring amendments to Recommendation 15 (New Technologies) into force at the June 2019 plenary. Within the proposals, one point was opened for consultation; colloquially known as 7(b) the proposal seeks to introduce wire transfer recommendations required of the traditional banking sector into the crypto industry. That is, originator and beneficiary information is collected, screened and transmitted between correspondent institutions with the objective to prevent criminals and terrorists having unfettered access to the financial system.
The crypto industry responded but not for the reason many thought; the response was not to fight against regulation or kick the can down the road for another day but to make sure that the regulation could be effective.