Karin de Jong

Maarten: Hello Karin, thank you for taking the time to talk to us in the run-up to the Leaders in Finance Anti-Money Laundering event on October 3rd. Could you please start by introducing yourself? 

Karin: Thank you. My name is Karin Stillebroer – De Jong, and I am a partner at Deloitte, where I lead the Forensic and Financial Crime practice in the Netherlands. I have been with Deloitte for over 16 years, specializing in the financial crime field. 

Maarten: It might be hard to summarize, but if you could try, what do you find most interesting about your current role, particularly regarding the AML topic? 

Karin: As an advisor and consultant, I have a broad view on the AML domain. On one hand, we help financial institutions navigate their transition and transformation in the AML space, guiding them to reach the next level of maturity. On the other hand, we are also involved in discussions about reforming the entire AML ecosystem, collaborating with multiple parties in both the public sector and among various stakeholders, big and small, to discuss the future direction. This combination keeps my role evolving. I started at Deloitte in one of my first roles by clicking through transactions for potential sanctions breaches. Over time, I grew into a more systemic perspective, asking if this is the best way forward. I have learned on the working floor, seeing many client files and transactions. With each project and role, I have continued to learn and grow, which keeps my role interesting. 

Maarten: Interesting. Given the complexity of the AML ecosystem, with its mix of regulations, technology, and people working on it, what gives you the energy to do this kind of demanding job? 

Karin: I think we can always do things better, and there is a larger goal at stake: fighting financial crime together. Even though we may not catch everything, we strive to do the best we can. You are right, it is complex. Although sometimes, we also make things complex by having such a large ecosystem with various initiatives working together on specific topics. The coordination, ensuring people have the same idea about the future, bringing the right people and organizations together so we can be as effective as possible in achieving our goals, is what really energizes me. 

Maarten: What do you consider to be the biggest challenges currently facing the fight against financial crime and within the financial services sector? 

Karin: One major challenge is the fragmentation in the payment landscape. It is not only the bank that is involved in the transaction, but there are numerous parties involved, giving criminals more ways to use a different mode of overrun. Keeping up with the latest risks and methods of money laundering and terrorism financing, which are constantly evolving, is a significant challenge. The complexity is compounded by the scattered nature of the financial ecosystem, including open banking and various payment providers. Additionally, the new technologies give new complexities. Those two challenging influences give opportunities to people with wrong intentions and make it more complex to fight financial crime. 

Maarten: Could you share some examples or trends from the past year that happened in the AML space that have particularly concerned you or caught your attention? 

Karin: As I just said, I think the fragmentation of the ecosystem is a concern, especially from an investigative perspective. The complexity of tracking transactions as they move from one country to another adds significant challenges and underscores the need for collaboration and coordination to keep the ecosystem as close together as possible. At the same time, criminals will always find new ways. As a criminologist, I learned in my first year of college that it is impossible to fight all criminal behavior. Criminals are opportunists who constantly seek new ways to exploit systems, creating a cat-and-mouse game. The rise of digital systems only makes it more complex. At the same time, it is encouraging to see positive initiatives in various regions, such as the UK, the Nordics, and the Netherlands, where both public and private sectors are coming together. These collaborations make the landscape a bit less complex and more effective. I hope that is the direction we are moving towards. 

Maarten: Do you, generally speaking, see technology as an opportunity or a risk to AML? 

Karin: I would say it’s an opportunity. We already see improvements in the use of technology to be more efficient. For instance, rather than relying solely on manual efforts to analyze client and transaction data, technology can help us identify the most high-risk areas more effectively. Innovations such as generative AI and advanced platforms offer valuable tools to enhance our capabilities. Looking back at how we used to operate with rule-based and system-driven approaches, our data was often outdated. Today, technology enables us to access and organize data in more innovative and up-to-date ways. At the same time, there is a risk since these solutions and tools are also available for people who know how to misuse them. However, we need to see it as a chance to improve our work and manage risks better, rather than just focusing on the potential dangers. 

Maarten: That makes me wonder, what do you think is the right balance between using technology and relying on the professional judgment of AML specialists? 

Karin: I believe the ideal approach is to use technology to support the ‘brains’. Let technology handle routine tasks and analyze data, so AML specialists can focus on high-risk areas and cases that need detailed manual review. The exact balance can vary depending on the organization’s risk profile. For higher-risk situations, you might need more human expertise, but by letting technology take care of the repetitive work, specialists can concentrate on the most critical and impactful issues. 

Maarten: For my last question: With the increasing opportunities in the AML field, especially for starters, do you have any tips for people starting in this field? 

Karin: I get this question a lot lately. My advice is to specialize and learn more about specific areas. Rather than being a generalist who handles repetitive tasks, focus on mastering a particular aspect of AML, such as sanctions or money laundering in specific sectors. Learn the details and become an expert on that topic. This way you will stay relevant, since your knowledge is always needed, especially in the high-risk areas.  

Maarten: That is some good advice. Thank you, Karin Stillebroer – De Jong, for taking the time to speak to Leaders in Finance in the run-up to the Leaders in Finance AML Event on October 3rd. Looking forward to seeing you there! 

Karin: Likewise, thank you!