Lessons from Interpol - Protecting the Financial Ecosystem

We chat to Riccardo Domini, FinCrime Analyst at Satispay, about the role of public/private partnerships in protecting the financial ecosystem.
 
With experience in multinational companies and international organizations such as Interpol and the United Nations, Riccardo has first-hand experience in intelligence analysis, anti-money laundering, counter terrorist financing and security management. At Interpol, Riccardo managed initiatives to enhance border security, fight human trafficking and detect Foreign Terrorist Fighters.

Transitioning to Satispay, he plays a pivotal role in the FinCrime Ops Department, mitigating financial risks as FinCrime AML Analyst.

Learn more about Satispay here.
Learn more about Interpol here.

DISCLAIMER: The information provided in this podcast is for informational purposes only and is not intended to and shall not be used as legal advice.  The views and opinions expressed in this podcast are solely those of the speakers and do not necessarily reflect the views or positions of LexisNexis Risk Solutions. LexisNexis Risk Solutions does not warrant that the information provided in this podcast is accurate or error-free.

Transcript

Speaker 1 0:11

Hi everyone, welcome back to the RegTech Pulse. You're here with Julia Today. I'm joined by Ricardo Domini, who is a fin crime analyst for Satispay and also has a history of law enforcement, having worked for Interpol in the past. So we're going to be chatting a little bit about protecting the financial ecosystem, a little bit about the importance of private and public partnerships. So, ricardo, thank you so much for joining me today.

Speaker 2 0:34

Thank you, Julia. It's a pleasure to be here.

Speaker 1 0:36

I wondered if we could start with a little bit about what Satisfay does for those listeners who are not familiar with the business, and then maybe we can dive into your role there and also some of your experience, having worked for Interpol in the past yeah, sure.

Speaker 2 0:50

So.

Speaker 2 0:50

Satispay is an app for transferring money, effortless sending a message, and so send money to your phone contacts and paying stores in a matter of seconds, without using basically credit and debit cards, and facilitate basically the exchange of money between merchants and consumers.

Speaker 2 1:13

And during basically my time at Interpol as a project management officer, I gained invaluable knowledge about the complexities of transnational crime and the critical role of international cooperation in addressing different types of threats, such as human trafficking, terrorism and crimes against children. My responsibilities at Interpol involved facilitating collaboration among law enforcement agencies of different countries and with local stakeholders, conducting risk assessments and enhancing border security management to combat such threats. Recognizing the interconnected nature of criminal activities and the essential role of financial crimes as enablers of other crimes, I transitioned to the private sector to apply my expertise in a new context. So joining Satispay allowed me, indeed, to leverage my background in law enforcement to contribute to the company's efforts as a fin crime analyst, to implement robust risk management frameworks for anti-money laundering and counter-terrorism financing. Risk management frameworks for anti-money laundering and counter-terrorism financing it's a field that demands constant diligence and collaboration.

Speaker 1 2:36

It's a challenge that I find both rewarding and essential in safeguarding our financial system and society. And so, coming from, obviously, the law enforcement background into a private company, obviously it's a very different industry and it's a very different focus. But are there particular lessons that you learned while you were working for Interpol that you can now apply at Satispay? Are there some particular stories that maybe have stuck with you which lead you to the way that you work at Satispay or the types of programs that you guys do on the compliance side?

Speaker 2 3:10

Definitely yeah. My experience at Interpol offered first-hand insights into the web of criminal activities and the importance of collaboration in combating them. One enduring lesson is the significance of proactive measures and intelligence sharing, and a particular story that resonates is a case happening in Southeast Asia where the organizations and law enforcement joined efforts across borders to help dismantle the human trafficking ring, starting from a simple money transfer that was identified as suspicious in one of the countries. Basically, the private company performing the transfer notified the local FIU, the Financial Investigation Unit, which immediately recognized the possible link to a bigger scheme, informing the local Interpol office. It's called the National Central Bureau. From that point, the investigation followed the money flows through different countries and identified other proxies and crime partners, leading to several operations in the different countries to arrest most of the members of the syndicate. These operations showcased the members of the syndicate. These operations showcase the power of collaboration and intelligence sharing between private sector and law enforcement agencies in order to disrupt these criminal networks.

Speaker 1 4:34

Wow, so one transaction basically can lead to, or one transaction being flagged can lead to, a kind of a criminal syndicate coming down. And how do financial crimes? So obviously you mentioned there's a financial transaction, so clearly the obvious one would be the money laundering, which is obviously the financial crime. But can you share a little bit more about how those kinds of financial crimes are linked to wider criminal activity and how financial crimes enable other kinds of crimes?

Speaker 2 5:04

Of course, financial crimes serve as a critical enabler for a wide range of illicit activities, providing the necessary funding and resources to sustain criminal enterprises worldwide.

Speaker 2 5:19

Drawing from my experience at Interpol and my current role at Satispay, I've witnessed firsthand how financial crimes underpin various forms of criminality.

Speaker 2 5:29

Money laundering, for example, as you mentioned, is a cornerstone of many criminal operations, allowing illicit proceeds to be integrated into the legitimate economy. Whether it's drug trafficking, terrorism or human trafficking, the ability to launder money effectively is essential for criminals to evade detention and continue their illicit activities. Moreover, financial crimes often serve as a gateway to more severe forms of criminal behavior. For instance, proceeds from drug trafficking may be laundered through legitimate businesses, thereby financing other illicit activities such as arms trafficking or terrorism, which was the case in many of the operations that we conducted, also at Interpol. Mafia-type organizations as well also rely on efficient money laundering to sustain their various activities, and we saw this also in several European countries where we conducted operations together with the law enforcement agencies. In essence, financial crimes not only generate profits for criminals by itself, but also enable them to perform other types of crime, often more severe, and undermine the integrity of financial systems, posing a significant risk, of course, to global security and stability.

Speaker 1 6:55

By disrupting the flow of illicit funds and enhancing transparency in financial transactions, we can effectively dismantle the criminal networks and mitigate the broader social impacts of financial crime when you talk about criminal networks, you can also talk about the on the other side, the partnerships between private companies, law enforcement agencies and trying to bring these, these networks, down. So when you, when you've seen, again working from both your your status, pay time and and also your time at Interpol, what are some of the good examples of public-private partnerships that you've seen? How have private companies worked with law enforcement agencies, worked with the public sector, to either notify them of activity that they may want to investigate? How have you seen success from those public-private partnerships in your experience?

Speaker 2 7:58

Yeah, this is a very crucial point. Partnerships are paramount in safeguarding the financial ecosystem. I've witnessed the impact of collaborative force between law enforcement agencies, financial institutions and technology providers as well. These partnerships facilitate information exchange, enhance the intelligence capabilities of, for example, law enforcement agencies and enable a swift response to emerging threats.

Speaker 2 8:27

In my experience at Interpol, successful public-private partnerships were instrumental in achieving tangible outcomes in the fight against online child exploitation, for example, and terrorism as well. For example, collaborative initiatives between law enforcement agencies and technology providers help to identify victims and disrupt criminal networks involving disseminating online child sexual abuse material. Similarly, the collaboration with financial institutions speeds up the ability to freeze assets of terrorist groups in a timely manner, often disrupting their activities in some countries. Similarly, at Satispay, collaborations with the regulatory bodies, industry associations and other stakeholders are vital for ensuring compliance with anti-money laundering and counter-financing regulations. By collaborating with these partners, we gain access to valuable insights, best practices and regulatory guidance that help us strengthen our risk management frameworks. However, while public-private partnerships have proven effective in many instances, there is always room for improvement, particularly in streaming communication channels, for example, established dedicated point of contacts in both sides. So law enforcement agencies, financial institutions, technology providers and fostering a culture of trust and transparency among these stakeholders, it makes really the difference in this case.

Speaker 1 10:11

So, in order to improve, it's really about the I guess the trust and I guess the network and knowing when private companies know what it is that they should be flagging to law enforcement agencies, when they understand really what some of those red flags might be in order to bring them to the attention of law enforcement agencies, when they understand really what some of those red flags might be in order to bring them to the attention of law enforcement. And how does your, I guess, in your work today, so working as a fin crime analyst within Satispay, are there particular sort of day-to-day things that you take from your time at Interpol and apply them, whether that is into into the work that you do as an individual or into some of the advice that you give to your team and to your wider company from your days at Interpol.

Speaker 2 10:53

Yeah, definitely. The skills and insights gained during my time at Interpol have been important in shaping also my role as a fink crime analyst here at Satis Pay. Firstly, my experience at Interpol has given me a deep understanding of the complex and evolving nature of transnational crime. I've encountered a wide range of criminal activities, from terrorism to human trafficking, which has provided me a comprehensive perspective and point of view of the various threats that can undermine the stability of our financial, but also social and political systems. Moreover, my time at Interpol emphasized the importance, as I mentioned before, of collaboration and information sharing in combating financial crime.

Speaker 2 11:39

I've seen firsthand the power of this partnership between law enforcement agencies, financial institutions, this partnership between law enforcement agencies, financial institutions, in disrupting these criminal networks. Here at Satispay, I leverage this insight to foster collaboration, as I mentioned before, with the regulatory bodies, industry associations and other partners to enhance our capabilities in detecting and preventing financial crime. I also, from the other side, constantly share with other colleagues and departments the information about the international warnings, for example, issued by Interpol and other international organizations, such as the notices, like the Red Notice, which is the most known, but as well as the legal basis of such tools. I think that a general knowledge of how these organizations operate and what action they can take against individuals and entities is crucial to fully support the international efforts against financial crimes and by applying these lessons learned.

Speaker 2 12:43

I'm confident in our ability to effectively mitigate financial crime risk and uphold the integrity of the operations as satisfied in the financial system.

Speaker 1 12:56

I think it's always important. I think sometimes we get very caught up in talking about processes and talking about technology. We talk about fighting the criminals, processes and talking about technology, we talk about, you know, fighting the criminals and I think sometimes it's a good reminder of, you know the human cost of some of these things and the fact that there are victims on the other side that need assistance, and I think you know the work that Interpol does, the work that you know compliance officers and our listeners do as well. It is having a real impact. So it's always nice to remind ourselves of that, and I think we're coming up to the end now. So, ricardo, is there anything that you would maybe want our listeners to go away thinking about today? Is there any kind of closing advice or maybe a closing thought that you'd like to leave with the listeners?

Speaker 2 13:39

Yeah, sure, maybe it sounds obvious, but as we look into the future of the financial crime prevention, it's essential to recognize and keep in mind that the landscape is constantly evolving, presenting new challenges but also opportunities.

Speaker 2 13:55

So, first and foremost, collaboration and partnership, as I mentioned several times, will continue to be paramount in protecting the financial ecosystem.

Speaker 2 14:04

As financial crimes become increasingly sophisticated and global in nature, no single entity can address these challenges alone. Additionally, technology will play a crucial role in enhancing our capabilities in detecting and preventing financial crime. Innovations such as artificial intelligence, for example, machine learning and blockchain, offer unprecedented opportunities to analyze vast amounts of data, identify patterns of illicit activity and strengthen the transaction monitoring systems. Furthermore, regulatory compliance will continue to be top priority of, of course, for organizations operating in the financial sector. By implementing effective risk management frameworks and adopting a proactive approach to regulatory compliance, organizations can mitigate their exposure to financial crime risk, safeguard their reputation and stay abreast of evolving regulatory requirements. Finally, just to close, it's important also to emphasize, from the other side, the role of individuals in the fight against financial crime. Every employee, from the frontline staff to senior executives, plays a crucial role in upholding the compliance standards by fostering a culture of integrity, accountability and vigilance within organizations and companies, we can create a strong line of defense against financial crime, contribute to building a safer and more secure financial ecosystem for all.

Speaker 1 15:39

So individual responsibility, technology partnerships and a proactive approach that's kind of the key here. Brilliant. Thank you so much, ricardo, really appreciate your time today. For anyone who is interested, we will include a link to StatusPay in the show notes. I want to say thank you to all of our listeners for jumping in today and we will look forward to seeing you next time on the RegTech Pulse. Thanks, ricardo.

Speaker 2 16:02

Thank you very much, julia.