Compliance Q&A: Rezaul Karim

By Jake Plenderleith, 24 June 2024

Compliance professionals would surely acknowledge that they occupy a singular position within their organisations, helping their firms apply the brakes when confronted by risk, and accelerate when an opportunity appears on the road ahead. Few roles other than that occupied by compliance professionals offer the chance to exercise these contrasting imperatives. As such, theirs is a unique perspective which is always worth listening to and learning from, especially for those setting out on their compliance journey.

To obtain a better impression of this perspective, I spoke to Rezaul Karim, Assistant Vice-President of Financial Crime Investigations, HSBC Bank Bangladesh. Karim has vast experience in compliance, particularly with regard to financial crime vulnerability analysis, developing risk mitigation strategies and increasing global awareness of money laundering prevention.

I asked Karim to chart the development of his career in compliance.

‘I began my career in 2016 with Standard Chartered Bank, where I worked as an Analyst. I later moved to HSBC as a Customer Due Diligence Officer, which provided me with a foundational understanding of compliance,’ said Karim.

‘To broaden my expertise, I pursued a number of certifications in the compliance domain. Equipped with greater understanding, I had the confidence to embrace different roles within compliance and developed in particular a thorough knowledge of financial crime compliance.’

‘Throughout my working life, I've had the opportunity to work alongside diverse teams and tackle complex compliance concerns’, said Karim. ‘My journey in the compliance world has been a challenging, but rewarding experience that led me to my current position at HSBC.’

It is arguably the beginning of a journey, when one is unfamiliar with what is to come, that offers the steepest learning curve. What were the skills Karim felt he relied upon most of all when embarking on his compliance journey?

‘I quickly realised that several skills were indispensable,’ said Karim. ‘Two were particularly important: analytical ability, and adaptability. The former enabled me to dissect complex laws and policies or spot even the slightest deviations from compliance standards; the latter was vital because of the ever-evolving nature of the field. Today, adaptability is not just a desirable trait – it's a must.’

Setting goals, building skills

The key to success, then, is understanding how to build and develop these skills. This is easier said than done, but Karim suggests dedication, practice, and a growth mindset as the means of mastering any skill. ‘I would recommend compliance professionals cultivate a habit of learning and engage in problem-solving exercises in their daily life’, said Karim.

‘This could be as simple as troubleshooting a household appliance or planning your next vacation. Evaluate your decisions, actions, and outcomes through self-reflection or seek feedback from others. To master adaptability, embrace changes in personal and professional life. Whether trying a new hobby or working on a new project, each new experience will enable you to flex your adaptability muscle.’

Most recognise that in order to reach a target, objectives should be set so that progress towards that target can be measured. Karim recommends compliance professionals set their own targets via a development plan to get to where they want to be.

‘A development plan is essential to progress in one’s career and attain goals. First, I would recommend conducting a self-assessment to identify areas for improvement or skill gaps,’ said Karim. ‘You can then craft a tailored 5, 10, and 20-year development plan each with actionable steps and milestones. From time to time, revisit your development plan and adjust as needed.’

‘I set specific, measurable, achievable, relevant, and time-bound (SMART) goals to achieve my career objectives.[1] With clear objectives in sight, I feel confident that each goal achieved brings me closer to success,’ said Karim.

Working together

Nevertheless, none of us operate in a vacuum; to thrive, we need to work alongside others. Such collaboration Karim identifies as the key driver of meaningful change in terms of fighting financial crime. ‘By fostering a culture of collaboration amongst financial institutions, regulatory bodies, law enforcement agencies, and information sharing between countries, we can forge a formidable force against illicit activities like money laundering, fraud, and terrorist financing,’ Karim said.

‘Collaboration brings together the diverse perspectives, expertise, and insights of various stakeholders, which can make a stronger and resilient front against financial crime.’

Even with collaboration and joined-up thinking, compliance is a challenging profession in which to work, something exacerbated by the emergence of AI and machine learning, which not only have the potential to permanently alter the compliance landscape, but even threaten the existence of some compliance roles.

‘My view is that AI and machine learning, and the possibility of increased redundancies within the compliance field, are the most daunting challenge compliance professionals face today,’ said Karim.

Of course, this is not an issue that only affects compliance; [2] nevertheless, such tech is such a potent threat in our profession, in that it can perform with speed and ease, via automation, some of the key compliance duties. Karim recommends that we embrace tech like AI and machine learning and remember that it is there to aid us.

‘We must understand that these technologies are meant to augment human capabilities, not replace them,’ said Karim. ‘Rather than fearing technological advancements, we should upskill ourselves to enhance our marketability; whether gaining proficiency in data analytics or mastering compliance technologies, we must continue learning to ensure our skills remain marketable and future-proof in terms of one’s career.’

Showing courage

One of the attractive qualities of compliance is that it is an ethical pursuit – it intends to further the good, and reduce the impact and efficacy of bad actors. Recognising that compliance contains a moral imperative is, Karim believes, crucial to effective compliance. ‘Morals in compliance are not just important; they are fundamental to ensuring the businesses for which we work operate ethically and responsibly,’ said Karim.

‘Compliance is more than merely following certain rules or complying with regulatory policies,’ said Karim. ‘It’s about safeguarding the integrity of financial systems, upholding trust and accountability, and protecting customers and communities from harm.’

To make sure these ends are met, compliance professionals require resilience, perseverance, and, above all, courage to sustain them in their roles.

‘Courageous integrity is an indispensable attribute for any compliance professional,’ said Karim. ‘We often deal with challenging situations that involve unethical behaviour, compliance violations and improper conduct. In such scenarios, it takes courage to speak up, challenge the status quo, and stand up for what is right.’

Courage is going to be needed in abundance for a future that looks increasingly unpredictable. The shifting regulatory landscape, buffeted by globalisation, geopolitical tension, and emerging financial crime risks, demands that compliance professionals ‘stay agile, keeping abreast of technological advancement and diverse cultural nuances’ to help give us the best chance of staying ahead.

Many and varied are the columns online that purport to offer the secret shortcut to success in any career. But the fundamental view Karim advises compliance professionals adopt is to consider their career as a marathon, not a sprint. ‘Success in a compliance career requires patience, perseverance, and a long-term endeavour,’ said Karim.

‘Embrace each role wholeheartedly, seek learning opportunities, and stay focused on your long-term goal. Progress might not always come in the form of promotion, but each step forward will take you closer to your long-term career goal.’