For Malgosia Slominski, taking the fight to global threat actors, following felonious finance trails means being fearless investigator, innovator, remediator

In a world where the illicit finances fueling global threat actor groups move at lightning speed through real and virtual worlds, Malgosia Slominski has made it her mission to uncover their tainted trails and make the banking system a bulwark against financial crime.

As the Customer Value & Strategy Lead at Feedzai, she is at the forefront of the battle against fraud, money laundering and other financial crimes that threaten the integrity of the global financial system – and she is fearless.

Slominski’s career is a testament to courage, creativity and tenacity, taking on some of the most stress-inducing, max pressure and high stakes jobs in the field of anti-money laundering (AML): complex remediations for institutions with high-profile compliance control failures.  

With more than 12 years of experience in the financial services sector, she has witnessed firsthand the devastation that financial crime can have on businesses and communities.

Prior to joining Feedzai, she spent more than a decade at global banking giant HSBC, where she led global AML remediation and fraud management programs – no easy task, given the bank's well-publicized compliance failures in recent years.

In 2012, HSBC was fined a record $1.9 billion by U.S. authorities for allowing Mexican drug cartels to launder hundreds of millions of dollars through its U.S. operations.

The bank was also cited for violating U.S. sanctions against Iran, Libya, Burma, and Sudan.

These compliance breaches led to a deferred prosecution agreement with the U.S. Department of Justice, requiring HSBC to strengthen its AML and sanctions controls – and be excoriated by lawmakers and congressional reports.

Undaunted by the scale of the challenge, Slominski spearheaded HSBC's efforts to overhaul its financial crime compliance program.

She worked across human, policy and technological fronts to implement new systems, processes, and controls to better detect and prevent illicit activity, transforming compliance from a "tick-the-box" exercise into a strategic priority for the organization.

"Financial crime is one of the largest problems impacting modern society," Slominski said. "With the growth in digitalization and economic activity, it will remain a prominent challenge until we can fully leverage technology to combat it."

From compliance pariah to law enforcement partner: HSBC’s redemption arc

To say HSBC has been transformed as a global pariah for flouting counter-crime compliance duties to a bastion against tainted value would be an understatement.

The bank since those dark days has snapped up some of the most coveted leaders at the vanguard of tracing and crushing illicit financial networks, including former head of the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), Jennifer Shasky Calvery, in 2016.

Shasky commands a unique skillset and perspective – privy to advanced governmental investigative and data divination tactics, cognizant that the creativity and aggression of organized criminal groups is nigh limitless.
 
As well, Slominski’s commitment to this cause is rooted in her deep understanding of the devastating human and societal costs of financial crime.

She has witnessed firsthand how criminals exploit loopholes and weaknesses in financial systems to fund their nefarious activities, from drug trafficking and terrorism to human trafficking and child exploitation.

Slominski’s passion for combating financial crime is matched by her commitment to innovation.

At Feedzai, she works closely with global financial institutions to help them realize the full value of the company's AI-powered RiskOps technology programs.

These tools leverage machine learning algorithms to improve on the detection of a wide range of financial crimes, from payment fraud to money laundering.

Technology holds the potential to revolutionize the way the public and private sectors approach uncovering and prosecuting financial crime, Slominski noted.

In her banking life and now as a technology partner to institutions, she is a believer that by harnessing the power of AI and cloud-based analytics, investigators can identify suspicious patterns and anomalies at or near real-time – giving banks and other institutions the ability to act quickly and decisively.

Amplifying experience, guiding the next generation of fincrime fighters

Beyond her professional accomplishments, Slominski is also an inspiring role model and mentor to those looking to enter the field of financial crime compliance.

She attributes much of her success to the guidance and support of her own mentors, including the former First Lady of the United States, Eleanor Roosevelt.

"Eleanor Roosevelt's famous mantra, 'do not stop thinking of life as an adventure,'’ has left a lasting, deep impression with Slominski, no doubt a reminder to approach every challenge with a sense of curiosity and optimism – to see obstacles as opportunities for growth and innovation.

This adventurous philosophy has served Slominski well in her career as she has navigated the ever-evolving landscape of financial crime.

She has seen in her career a financial crime landscape that is constantly changing, requiring professionals across the sector to be adaptable, agile and always learning.

Slominski’s commitment to her work is also driven by a deep sense of purpose.

She believes that by combating financial crime, she is playing a vital role in maintaining the integrity of the global financial system and contributing to the overall security and well-being of society.

“It has surprised me how many people who have a taste of financial crime never move back out again, and that is testament to why it’s a great specialism to work in,” Slominski said.

“At the end of the day, knowing that I play a role in maintaining the integrity of the financial system and contributing to the overall security of society is what rewards me every day.”

Slominski was kind enough to share some of her insight in our latest ACFCS Member Spotlight:

Who inspires you?

Eleanor Roosevelt. Aside from her celebrated achievements as former First Lady of the US and commitment to human rights, I have adopted her famous matra; “do not stop thinking of life as an adventure”    

What is one thing – either industry-related or not – that you learned in the past month?

On recent business trips to Asia, I discovered that, due to its ceremonial name, Bangkok in Thailand actually has the longest place name in the world at 168 letters.  
 
What is something about you that not many people know?
   
I used to be a Production Stage Manager, managing the crew for amateur theatre productions
   
What do you do in your current role?    

I currently consult with global financial institutions to help them realize the value of Feedzai’s RiskOps solutions. I have worked in a range of financial crime related roles throughout my career to date and will continue to progress within this specialism.    

What is the best advice you have ever received?
 
The best advice was that to really lead, you need to know how to serve - this is the motto of the UK’s Royal Military College Sandhurst, “Serve to Lead.”

The worst advice I received was to never turn down an opportunity - sometimes it is worth having patience and something much better will come along.    

How are you involved with ACFCS?    

I am an Active CFCS Member, I am CFCS Certified  
 
What would you say are the most important attributes for someone in your role to be able to succeed?    

Business acumen - rules and regulations exist to protect the success of the financial services industry, not to prohibit it, but in order to do so it’s vital to understand the nature of the industry and the incentive structure that sits behind both genuine and criminal behavior.    

How has (compliance, investigations, etc.) changed and evolved during your career?
   
My career in financial crime management began with the US Department of Justice’s Deferred Prosection Agreement against HSBC.

At that time, Compliance was a tick the box exercise. The overhaul of the Bank’s commitment to financial crime management, bringing it from the background to the top of the organization is a trend that was seen across the industry, and is evident in the prominence of this topic in the industry today.

Financial crime is one of the largest problems impacting modern society and with the growth in digitalization and economic growth I believe it will remain one of our most prominent challenges until we are able to fully utilize technology to fight it.    

What motivated you to become a financial crime professional?

The financial crime landscape is constantly changing, making it a hugely interesting place to work.

It has surprised me how many people who have a taste of financial crime never move back out again, and that is testament to why it’s a great specialism to work in.

And, at the end of the day, knowing that I play a role in maintaining the integrity of the financial system and contributing to the overall security of society is what rewards me every day.

How did you get your first job in the field and what advice would you give other job seekers to help land their first position?    

I had studied economics and was already working in a Bank when I became interested in this field and applied for a role.

Look for positions that give you exposure to the industry and topic, whilst studying towards certifications that can provide you the necessary subject matter expertise.

Soft skills like people management are also very important to make sure you can be pragmatic in working through problems with colleagues to find solutions.

Finally, there are now lots of films, books and podcasts on this topic that can keep you abreast of industry trends.    

Why did you join ACFCS and/or become CFCS-certified?

To demonstrate the knowledge and skills I acquired throughout my career and lend further credibility to my experience, as well as to stay up to date with industry developments and trends.