In this episode of Daily Papers, we had the pleasure of talking with Florencia Ferreyra, a compliance expert with a focus on money laundering (AML) prevention. Florencia shared her experience, lessons learned and how technology is transforming compliance in traditional banking, highlighting the importance of efficiency, innovation and teamwork to face current and future challenges.

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A Trajectory Based on Compliance and Efficiency

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Florencia is a lawyer who graduated from the University of Buenos Aires and has a postgraduate degree in money laundering prevention. His experience ranges from the flow sector to the financial sector, where he has been leading processes in a bank for more than three years with a focus on process optimization and digitalization.

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“My role is to comply with regulations, but also to seek ways to facilitate processes for both the client and the entity.”

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The Importance of the Risk Matrix

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The risk matrix is the backbone of compliance in the prevention of money laundering. Florencia explained that success in risk management depends on keeping this matrix updated and aligned with current regulations and the bank's products.

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Main Challenges in the Risk Matrix:

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• Constant adaptation: Every 3-4 months, the matrix must adjust to new services, products and regulations.
• Risk-based approach: Prioritize truly risky activities to avoid unnecessary operational burdens.
• Automated processes: Although technology supports, a “thinking head” is always necessary behind the adjustments.

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Compliance Efficiency: How to Scale with the Same Resources?

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Florencia highlighted that, despite the growth in customer volume, her team has maintained its size thanks to the optimization of processes and the adoption of technology.

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Key Strategies for Scaling:

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1. Refine processes: Eliminate what is obsolete and keep only what is essential and regulatory.
2. Progressive digitization: It introduces platforms to automate repetitive tasks.
3. Teamwork: Foster collaborative relationships within the bank and with customers.

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“A good team is not only organized, but it works with empathy and clarity on its objectives.”

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Digitalization and Automation

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While digitalization doesn't eliminate the need for human intervention, it allows banks to handle more workloads with greater agility.

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Impacts of Digitalization on the Bank:

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• Facilitation for customers: Less paperwork and faster processes.
• Automation with supervision: Systems must be monitored to ensure proper operation.
• Operational Challenges: Despite advances, reporting remains tedious due to the lack of integration with regulatory systems.

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Lessons Learned Along the Way

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1. Active listening: Understand the needs of customers and colleagues to find effective solutions.
2. Teamwork: Essential for meeting complex objectives in tight times.
3. Empathy: Foster positive relationships inside and outside the bank.
4. Ongoing training: Be up to date with regulations and technological advances.
5. Process efficiency: Optimize resources and maintain regulatory compliance.

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Innovation and the Future of Compliance

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Florencia stressed that the future of traditional banking and compliance lies in innovation and technology, especially in process automation.

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Main Challenges and Opportunities:

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• Technological adaptation: Traditional banking must learn from the agility of fintechs.
• User inclusion: Educate and empower customers to adopt digital tools
• Automation with human control: Technology requires constant monitoring to prevent failures.

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“Automation doesn't replace human resources, but complements them to ensure efficiency and compliance.”

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Final Reflection

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Florence concluded with a call to action:

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“Innovation isn't an option, it's a necessity. Financial institutions must adopt technology, not only to comply with regulations, but to improve the customer experience and remain competitive in a rapidly evolving environment.”

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Thank you for joining us on this episode of “Daily Papers”! Don't forget to follow us for more talks about the future of compliance.