How banks are combating economic crime with upskilling

Anti-money laundering (AML) is a critical issue in the finance industry. With new European legislations arriving in 2027 and the former CEO of Swedbank arrested for mishandling AML protocols, financial institutions are under severe pressure to adapt and combat economic crime.

So how are banks reinventing AML practices? What are AML experts focusing on to prepare for an unpredictable future? Which technical and soft skills for bankers are needed to ensure compliance? 

Leaders in Finance 2024, an annual event that brings together leading experts in the AML field, showcased financial leaders’ strategies to prevent, detect and report economic crime and safeguard the future of banking. 

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Customer communication skills strengthen KYC processes 

Client communication plays a crucial role in fighting economic crime. AML teams have to investigate clients’ financial records to detect fraudulent activities, a process known as Know Your Customer (KYC).

However, while KYC is necessary, it’s also a sensitive process. How do banks investigate clients’ financial records without losing their trust and treating them as potential criminals? 

Rabobank is leading the way in building KYC processes that maintain customer relationships and stop economic crime. Screening 8 billion transactions each year, they are training talent to be savvy in financial transactions while having the communication and storytelling skills to inform customers why these protocols are necessary. 

What can other banks learn from Rabobank’s KYC practices? 

Philippe Vollot, Chief Financial Economic Crime Officer at Rabobank, shares his focus when developing AML talent. It’s not about increasing the amount of new hires, but investing in smaller teams and equipping them with the right skills. 

“I don’t need more people. I need better people.” 

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Therefore, Rabobank ensures it has quality, highly-skilled and agile teams that have the confidence and capabilities to take on complex criminal cases while building long-term trust with customers and regulators. 

How to source & retain top AML talent in a “hot market” 

“There’s a war for AML talent in every European market.” 

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Karim Tadjer, Global Head of Financial Crime and Fraud Protection, ING 

Sourcing and retaining highly skilled AML talent is a widespread challenge in the finance industry. With a limited supply of AML specialists and increasing regulations, every bank is competing to hire the same people from a small talent pool. 

However, the challenge doesn’t stop there. Even once banks build AML teams, employees often hop from one bank to another for salary or career mobility reasons. 

So how can banks retain the right talent to combat financial crime? 

While many financial institutions resort to compensation, AML employees aren’t only looking for a salary boost. 

The banks that are attracting and retaining top AML talent are investing in their professional growth with continuous skills development. These banks are constantly monitoring potential changes in AML regulations and shaping their talent’s banking skills accordingly. 

With disruption and more complex client cases to handle, skills such as resiliency, decision-making and storytelling are key qualities of a financial analyst to successfully prevent economic crime. 

“Every bank wants to find the best AML talent. But don’t always look to hire from the market. Invest in the talent you have.” 

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Annee Spijkvert, VP of Tech and Financial Services at Lepaya

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Talent development safeguards the future of banking 

The financial industry is undergoing a period of change and instability. However, while many banks face fines and uncertainty in new regulations, there’s also fresh opportunities to create a greater societal impact and stop economic crime. 

That’s why banking leaders have to analyze future changes in the AML space and align their people’s development. They need to develop their existing AML talent with the skills to execute complicated KYC processes and communicate with clients effectively. 

But retaining top AML teams and hiring less from the external market requires an advanced talent strategy. 

How can banks grow high performing AML employees into leadership roles? Which career mobility can they offer AML specialists? How do they constantly upskill them for future changes? 

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Learn more about the specific banking skills your AML teams need to navigate change. 

‍Download the AML skills checklist

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