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Uncovering the world of money laundering

Joe Fisher on Learn Better Podcast

Our guest for episode 37 of our podcast is Joe Fisher, who, at the time of recording, worked as the Head of Compliance and Money Laundering Reporting Officer (MLRO) at Raisin UK. Raisin UK is a deposit aggregator that allows customers to manage and access savings accounts across multiple banks through one platform.

The episode sheds light on the often hidden world of money laundering and financial crime. Joe explains the three components of money laundering: placement, layering and integration, while he and Stuart assess what financial crime is, how it works, the scale of the problem, and what the public and private sectors can do to prevent it.

Key topics discussed

Money laundering and its growing problem in the financial system

Joe explains money laundering, describing it as cleaning dirty money to integrate it into the financial system. Both Stuart and Joe discuss how money laundering is a key component of criminality, and how criminals use digital platforms to launder money - ultimately making it harder to track.

Joe also raises the growing problem of how multiple financial services providers can lead to increased money laundering due to more accounts and ways to hide it. His knowledge is further supported by his experience working at Raisin UK, where Joe shares his role in the business and what they do to prevent financial crimes.

Responsibilities of professionals and the public

Stuart asks Joe more questions regarding money laundering, referring to layering in money as “the VPN of money laundering.” Joe explains how layering involves moving money through complex accounts or businesses to hide its origin. He advises the public on how to keep their money safe by having natural suspicions of ‘too-good-to-be-true offers.”

Aside from public responsibilities, Joe also highlights that finance and legal professionals can help to identify financial crime, and it’s the firm’s legal responsibility to monitor and detect suspicious activity and report this to law enforcement. Although this is still an evident issue in today’s digital landscape, Joe reassures that public-private partnerships are increasing in the UK to improve the detection and prosecution of financial crime, with regulators and law enforcement agencies now sharing information and best practices.

AI and machine learning

Stuart brings the topic of AI into the conversation, asking if it could be used to track patterns and identify unusual behaviour. Joe’s response explains the increasing use of AI and machine learning technology, and software companies developing AI-powered systems to detect such transactions. Ultimately, this will help to save time for forensic accountants and other professionals working within financial crime.

Cryptocurrency and financial technology

The topic of machine learning and AI naturally develops into a discussion of cryptocurrency and blockchain - addressing whether this can lead to the growth or decline of financial crime cases. Joe explains how many people have found the benefits of having an almost untraceable currency, which is particularly appealing to criminals on the dark web.

Joe expects that the lack of regulation in cryptocurrencies will lead to an increase in modern banks refusing to accept or work with cryptocurrency companies due to the difficulties when tracing or monitoring this.

Getting into the industry

Stuart asks Joe to provide some tips on how people can seek a career in financial crime prevention and compliance within the financial industry.

Stuart asks Joe to provide some tips on how accountants can seek a career in financial crime prevention and compliance. Relevant and transferable skills mentioned include attention to detail, problem-solving, and a curious mindset as they explain how actively pursuing qualifications that could lead to a job role as a forensic accountant can help bridge the skills and experience needed in compliance. Joe also suggests exploring awarding bodies such as the International Compliance Association (ICA) - where you can find good qualifications to support your professional development in this area of finance.

Additional resources

If you want to find more information about money laundering and financial crime, view the UK Government’s Economic Crime Plan, browse the National Crime Agency website, or check out the Joint Money Laundering Steering Group guidance.

Catch up with previous episodes

Don’t worry if you’ve missed any episodes. All previous episodes of the Learn Better Series can be found on:

Subscribe to our podcast

Listen on Spotify

Listen on Apple Podcasts logo

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Uncovering the world of money laundering

Joe Fisher on Learn Better Podcast

Our guest for episode 37 of our podcast is Joe Fisher, who, at the time of recording, worked as the Head of Compliance and Money Laundering Reporting Officer (MLRO) at Raisin UK. Raisin UK is a deposit aggregator that allows customers to manage and access savings accounts across multiple banks through one platform.

The episode sheds light on the often hidden world of money laundering and financial crime. Joe explains the three components of money laundering: placement, layering and integration, while he and Stuart assess what financial crime is, how it works, the scale of the problem, and what the public and private sectors can do to prevent it.

Key topics discussed

Money laundering and its growing problem in the financial system

Joe explains money laundering, describing it as cleaning dirty money to integrate it into the financial system. Both Stuart and Joe discuss how money laundering is a key component of criminality, and how criminals use digital platforms to launder money - ultimately making it harder to track.

Joe also raises the growing problem of how multiple financial services providers can lead to increased money laundering due to more accounts and ways to hide it. His knowledge is further supported by his experience working at Raisin UK, where Joe shares his role in the business and what they do to prevent financial crimes.

Responsibilities of professionals and the public

Stuart asks Joe more questions regarding money laundering, referring to layering in money as “the VPN of money laundering.” Joe explains how layering involves moving money through complex accounts or businesses to hide its origin. He advises the public on how to keep their money safe by having natural suspicions of ‘too-good-to-be-true offers.”

Aside from public responsibilities, Joe also highlights that finance and legal professionals can help to identify financial crime, and it’s the firm’s legal responsibility to monitor and detect suspicious activity and report this to law enforcement. Although this is still an evident issue in today’s digital landscape, Joe reassures that public-private partnerships are increasing in the UK to improve the detection and prosecution of financial crime, with regulators and law enforcement agencies now sharing information and best practices.

AI and machine learning

Stuart brings the topic of AI into the conversation, asking if it could be used to track patterns and identify unusual behaviour. Joe’s response explains the increasing use of AI and machine learning technology, and software companies developing AI-powered systems to detect such transactions. Ultimately, this will help to save time for forensic accountants and other professionals working within financial crime.

Cryptocurrency and financial technology

The topic of machine learning and AI naturally develops into a discussion of cryptocurrency and blockchain - addressing whether this can lead to the growth or decline of financial crime cases. Joe explains how many people have found the benefits of having an almost untraceable currency, which is particularly appealing to criminals on the dark web.

Joe expects that the lack of regulation in cryptocurrencies will lead to an increase in modern banks refusing to accept or work with cryptocurrency companies due to the difficulties when tracing or monitoring this.

Getting into the industry

Stuart asks Joe to provide some tips on how people can seek a career in financial crime prevention and compliance within the financial industry.

Stuart asks Joe to provide some tips on how accountants can seek a career in financial crime prevention and compliance. Relevant and transferable skills mentioned include attention to detail, problem-solving, and a curious mindset as they explain how actively pursuing qualifications that could lead to a job role as a forensic accountant can help bridge the skills and experience needed in compliance. Joe also suggests exploring awarding bodies such as the International Compliance Association (ICA) - where you can find good qualifications to support your professional development in this area of finance.

Additional resources

If you want to find more information about money laundering and financial crime, view the UK Government’s Economic Crime Plan, browse the National Crime Agency website, or check out the Joint Money Laundering Steering Group guidance.

Catch up with previous episodes

Don’t worry if you’ve missed any episodes. All previous episodes of the Learn Better Series can be found on:

Subscribe to our podcast

Listen on Spotify

Listen on Apple Podcasts logo

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