Unpacking AML and Financial Crime Compliance with ACAMS Senior APAC Leader

Regulatory Ramblings

Ajay Shamdasani speaks to Hue Dang, Global Head of New Ventures, and Senior Asia-Pacific Leader, of the Association of Certified Anti Money Laundering Specialists (ACAMS) on AML, and latest developments on financial crime compliance, touching briefly on how the current state of sanctions affect businesses in Asia.

In this episode, Hue Dang talks about ACAM's growth and influence in AML and financial crime compliance. Hue also shares her background and how she was drawn to a career in AML and compliance and discussed the increasing automation of financial crime and its impact on the industry.

Show notes and quotes:

(01:35) Hue Dang’s journey at ACAMS

(09:23) ACAMS in China and the region

(17:09) Future of AML/Compliance profession in terms of employment prospects

Hue: "Employability factor is evolving from the blending of knowledge and technology. AML-specialist is not enough, you've got to be an AML-technologist."

Hue: "Everyone is saying ...data, data, data.... (But) when you're looking at a holistic effectiveness question about your compliance programme, it's all about governance, it's all about controls."

(27:22) ACAMS Training Ecosystem

Slide is accessible through www.hkufintech.com/slides

(29:10) About Hue Dang’s career

Hue: "I was basically on a mission to try to change the way the world thinks about money. Money is not just money. How you earned it does make a difference."

(32:57) Top issues and challenges on AML/financial crime in the region

(35:28) Customer Due Diligence vs Know-Your-Customer (CDD vs KYC)

Hue: "Which comes first? Actually CDD is what you do in the beginning. It's not KYC (because) you actually don't know your customer."

(41:34) Fundamental changes in AML themes

(44:05) Sanctions and compliance

Hue: "I'm not an operator in the sanctions space but I do ask this question - What is the driver behind a sanctions policy? In the particular case with Russia has to do with the Ukrainian war, the human element is what we need to think about when we think about sanctions compliance.... This isn't just an economic policy and there are people behind the reasons why they would be asked to look at sanctions."

(49:03) Crypto and Risks

Hue: "The question of a Cryptocurrency is - where is the value coming from and what does it tie to?

(55:12) Women in the industry

Hue: "Senior leadership in the AFC (Anti-Financial Crime) community is somewhat imbalance, but certainly in the compliance world, I've seen more women than men actually... and similar case I saw in China... but that's my anecdotal observation."

(58:08) Path towards AML/compliance profession

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Chapters

1. Hue Dang’s journey at ACAMS (00:01:35)

2. ACAMS in China and the region (00:09:23)

3. Future of AML/Compliance profession in terms of employment prospects (00:17:09)

4. ACAMS Training Ecosystem (00:27:22)

5. About Hue Dang’s career (00:29:10)

6. Top issues and challenges on AML/financial crime in the region (00:32:57)

7. Customer Due Diligence vs Know-Your-Customer (CDD vs KYC) (00:35:28)

8. Fundamental changes in AML themes (00:42:34)

9. Sanctions and compliance (00:44:05)

10. Crypto and Risks (00:49:03)

11. Women in the industry (00:55:12)

12. Path towards AML/compliance profession (00:58:08)