Lisa Rosen on Compliance and The European Bank for Reconstruction and Development [Podcast]

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By Adam Turteltaub
adam.turteltaub@corporatecompliance.org

The European Bank for Reconstruction and Development (EBRD) was created after the fall of the Berlin Wall to help develop open and sustainable market economies in countries that were committed to and applying democrat principles.  To date, the EBRD has invested €130 billion in 5200.  Its focus is on private sector investment and supporting six market transition qualities:  competitive, green, inclusive, well governed, resilient and integrated.

Lisa Rosen, the bank’s Chief Compliance Officer, along with her team play a central role in helping the EBRD succeed in its mission.  It’s not always easy, she explains in this podcast, since many of the countries where the bank has investments have serious corruption risks.  Alongside this risk are many others, including difficulties in determining the ultimate beneficial owner, anti-money laundering, terrorist finance controls, economic sanctions, as well as present and former government officials who may sit on corporate boards, or even in management.

Listen in as she explains the challenges of compliance, the risks in former Communist countries, and the role the EBRD is playing in fostering compliance and being a beacon of integrity.

1 COMMENT

  1. Obviously the challenges named above are widespread and not only limited to the European bank for reconstruction and development or ONLY THE BANKS IN Europe.. But thankfully digitization ie, computer and internet technology as well telecommunication can contribute greatly in alleviating most of these challenges.. . For instance the introduction of mobile wallets by telecom companies as way of storing money can solve the issue of ownership disputes in relation to funds since phone numbers and names can be linked , ,the introduction of automated teller machines ( ATM) in collaboration with the telecom companies can be used to access funds from customer’s mobile wallets directly could also go a long way to help solving some of these issues .. It is therefore very important to increase the accessibility to such electronic platforms in their activated and optimum perfuming status to smoothen such financial operations ie. money laundering, identity verification and confirmation issues , these technologies can also enhance adequate integration and interoperability within the banking and the financial system… It is therefore imperative to popularize , improve and introduce more of such methods of financial transaction with urgency.

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