Conversations: Sofia El Mansouri, Compliantly LLC

Course Duration: 21 minutes
Course Points: 20

This week on Fridays with Fintelekt, Shirish Pathak, Managing Director, Fintelekt converses with Sofia El Mansouri, Compliance Consultant from Morocco, also known as The Compliance Lady.

Anti-corruption and the impact of the Covid-19 pandemic feature primarily in this episode, with Sofia explaining noteworthy developments and global anti-corruption initiatives over the last few years. She specifically emphasises the role of the non-financial sectors and professional enablers in transnational corruption and whitewashing of financial crime proceeds.

The impact of the pandemic has been significant and raised considerable risks of questionable commissions, kickbacks, over inflated prices, and facilitation payments, even as policy makers and governments are consumed with urgent relief and such priorities, rather than dealing with corruption.

Sofia calls the ‘Biden Memo’ (the National Security Study Memorandum recently introduced by the US) a game-changer, expected to bring in reforms not just in the US but possibly also elsewhere as more countries follow suit. She advises the compliance community not just within financial institutions but also investment advisors and professional service providers such as lawyers, accountants to take proactive steps to prepare for increased AML enforcements and more stringent regulatory requirements.

For more expert insights on this topic, watch the full episode.