In our ongoing series, "Get to Know Our Founders," we're delighted to spotlight Mindaugas Petrauskas, Co-founder and Board Member of the European Compliance Professionals Association (ECPA). Mindaugas gained extensive experience in the Anti-money laundering, sanctions evasion, fraud prevention fields, working at the Financial Intelligence Unit and now leading Anti-fraud topic at Amlyze. Mindaugas shares his vision of the ECPA:
What are the most common mistakes organizations make in their AML and fraud prevention programs?
"Initially, I'd like to highlight the absence of a comprehensive AML risk assessment. This strategic document outlines operational priorities for the AML team. Additionally, I've observed deficiencies in customer due diligence, transaction monitoring, and sanction screening systems. Finally, inadequate AML employee training is a significant concern."
How does the association collaborate with other industry organizations and regulatory bodies?
"I view ECPA as a valuable bridge for fostering public-private cooperation in the compliance field. Compliance officers often face uncertainty when implementing diverse regulations, laws, rules, recommendations, and guidelines. Associations can play a pivotal role in assisting them through networking, training, and experience-sharing events."
What advice would you give to young professionals entering the field of compliance, particularly in the areas of AML and fraud prevention?
"If you're already in the field, it implies that you possess a solid educational foundation and a strong understanding of AML principles. My advice would be to establish a strategic network of compliance professionals, join relevant associations, and maintain a proactive and adaptable approach."
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