We caught up with Annabelle Manu, a Senior Financial Crime Specialist on Finalto’s Compliance team. We spoke to Annabelle about how she developed her interest in investigating financial crime, why Compliance is such a fascinating and demanding role, and the superiority of the Bourne films.
How did you get your start in the financial services industry?
My passion for investigating financial crimes goes back to my university days. I graduated with a degree in Criminology. I was deeply curious about understanding why people commit crime and passionate about working to solve crime.
After university, I enrolled with the Metropolitan Police as a Special Constable, where I underwent several assessments and examinations to qualify. It was a voluntary role with many of the same responsibilities and powers as regular officer. Simultaneously, I was working at HSBC, in a Senior Customer Service role, which included performing due diligence on clients. Through this role, I developed a strong passion for financial crime and decided that was the career path I wanted to pursue professionally.
At HSBC, due to the nature of my role, I underwent several online and face to face training courses on financial crime, such as money laundering, sanctions, fraud and terror financing. I really leaned into this area because of my criminology background.
After approximately four years at HSBC, I joined Finalto, which was then branded as CFH. I started my Finalto career in the Onboarding team, where there were elements of financial crime work due to the rigorous screening the team applied to new and ongoing clients. However, I knew my ultimate goal was to land a role in Compliance where I felt my skills would be best utilised.
That said, I certainly enjoyed my time in Onboarding. In those pre-Covid years, there was a lot of face-to-face interaction with customers. As a people person, I enjoyed that engagement.
The job also meant working closely with Sales, approving documents and assessing paperwork. I loved the investigative element of the job, identifying anomalies, digging into anything that didn’t quite add up. I relished anything that required me to look beyond the surface.
And I was always eager to ask a lot of questions. My normal demeanour is friendly and approachable, which serves me well when I need to do a lot of digging, to keep asking those questions.
How was the transition to Compliance?
It wasn’t easy. Compliance extends far beyond financial crime, so I had to broaden my knowledge across a wide range of regulatory topics and become familiar with legislation such as FSMA 2000 and the FCA Handbook. The transition involved a steep learning curve, and I spent a great deal of time researching regulatory requirements, guidance and industry best practice. Looking back, that experience gave me a strong foundation and helped me develop a much broader understanding of the regulatory landscape. I also did more formal training, signing up with CISI taking courses on subjects like UK Regulation & Professional Integrity and Global Financial Compliance.
At the time, it was a small team, and it was a lot of responsibility. But I’m fortunate to work at a company that encourages you to grow and provides the tools and resources you need to develop in the role.
Obviously, my own drive and passion for the field was important, too. And I’m glad I pursued that path. One thing about compliance is that no two days are the same, you have the opportunity to learn something new every day.
This especially applies to problem solving. No two obstacles are the same and you need to work out an appropriate solution each time.
Then there’s the thicket of regulation. The FCA provides ‘rules and guidance’, with rules comprising the letter of the law, legally binding instructions. Whereas FCA guidance involves more interpretation, and you have to think very carefully about how the regulations apply in each specific case. Sometimes it’s a question of appreciating the spirit of the law, not just the letter of the law, having a sense that you know something is not quite right.
This sense comes with experience, but it was also something instilled in me from the beginning, in my work with the police and in banking.
What does your workday look like?
I specialise in reviewing client transactions and establishing that adequate controls are in place.
I’m also responsible for Finalto’s AML newsletter and for arranging compliance training across the company. I also make sure employees receive the relevant compliance policies to which they have to adhere.
Beyond monitoring and education, the Compliance department provides support to the company, staying up to date on rules and regulations and advising the company on best practice.
Compliance is a critical second line of defence. Senior managers need to put in systems and controls and we monitor those system and controls. I am also responsible for conducting quality assurance on several systems and controls within the firm. For instance, sample checking the onboarding of clients, to ensure the Onboarding Policy has been adhered to. Screening of client communication, making sure staff members adhere to the communication guidelines when interacting with clients. Examples of the areas covered in this screening include ensuring that information being provided to client is accurate and not misleading and confirming that staff do not provide unauthorised investment advice or breaching data protection regulations.
Why is Compliance such an important area?
Adherence to regulations protects our business and our customers. People sometimes see Compliance as the ‘business prevention unit’, but really, we’re well-positioned to advise on how to launch new products or services. We can think through scenarios and consider how a business unit can launch and grow sustainably, in compliance with the regulations.
It’s easy to underestimate how important effective compliance is for business sustainability. If your business has been perceived to have breached the rules and regulations, or if your controls are seen to be inadequate, this has ripple effect. Clients may take note and ask if this is really a company that I want to do business with, ‘do I want to keep my money there?’.
Regulators’ penalties can be very severe, including significant fines and even criminal prosecution. But also, the broader threat of reputational damage is graver than people sometimes realise.
It’s also helpful to remember these rules have a purpose. Although the FCA’s rules are designed to protect consumers, they are also very much designed to encourage competitiveness among investment firms, to create a level playing field.
What’s advice would you give to someone who wants to get into a career in Compliance?
If you’re curious about getting into the financial sector, Compliance is interesting because it gives you this broad view of the organisation. You get to understand all the departments; you need to understand how all the working parts fit together to ensure you can effectively monitor whether the controls are effective.
It’s a good area if you’re interested in investigations and peeking under the surface of things, if you’re passionate and interested and continually open to learning.
My other important piece of advice is to be selective about the company you join. Finalto has encouraged my career development, and they support changes within your career and in your personal circumstances. Obviously, personal life matters and working for a company that supports flexibility and change is key.
I’ve watched this company grow and I’ve grown with it. I’ve been here nine years: I got married and had two kids in that time. At times, adapting to change is difficult. Fortunately, management has been supportive. The culture of the firm is about encouraging people to be better, so that they can achieve their best.
What are you reading or listening to outside of work? Are you into true crime or do you get enough of that in your day job?
Currently, I am into podcasts. I like political podcasts or interviews with people about their lives. I truly believe you can learn so much from people’s experiences in life. I don’t get a chance to watch true crime shows – my kids can’t be faced with that! But I enjoy political dramas and any Jason Bourne movie the most [editor’s note: excellent taste].
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