This month our lead content writer, Lee Schofield, sat down to have a virtual coffee with Compliance Manager and Money Laundering Reporting Officer, Faisel Mahboob. Together they talked about Faisel’s career, compliance and all things Skybound.
Faisel is based in the UK and is responsible for keeping up to date with the ever-evolving regulatory landscape within the financial world, and to ensure all areas of the Skybound group of companies comply with the required rules and regulations.
Who inspired you to pursue the career you have today?
I’ve always been a creative person especially after studying Engineering! Inspiration can come from anywhere, whether it’s important people in your life, such as career mentors and influential family members, or perhaps it’s the thrill of being a part of a successful team.
As a result, today I’ve got extensive experience in Financial Services. Before this I specialised in compliance, this was to ensure that customers are treated fairly and with the respect they deserve. I have always believed that I have a strong sense of ethical responsibility, knowing the work I do contributes to a just, fair and ethical relationship between the business and customer.
What does a typical day at Skybound look like for you?
A typical day may consist of giving advice to colleagues regarding financial and AML regulations, the on-boarding of a new client, the screening of existing clients, assessing regulatory risks, reviewing client files, reviewing press articles, preparation and revision of procedures manuals, organising training sessions with client-facing staff on AML regulations, e-meeting with various regulators and so the list goes on. Every day brings a new challenge, which I am always ready to meet.
What do you like most about your job?
To be a good compliance professional, one has to be passionate about the job and my team is certainly that – we are constantly “kept on our toes” by these daily challenges from various jurisdictions and thrive on the opportunity to learn and share our knowledge with each other’s.
What’s the most challenging part of your job?
As someone with over 18 years’ experience, I was once told when I was recruited in one of my previous roles, I was there to protect the license and also to have a commercial acumen mind. These are very simple statements, but they have always stuck in my mind and have formed the basis of my work ever since.
I was once asked what the most important function in Skybound Wealth was. Most would say sales and/or marketing. Others would say the accounts department. However, my answer would always be compliance. Simply put, if you lose your regulatory license then you have no business, no matter how great your business model and strategy are.
What have been your biggest accomplishments with the Skybound team?
One fact that I am very proud of is that I have helped grow the headcount in the compliance department since joining. These results are due to my ability to introduce new clients to the business. In addition to marketing, my business development skills also play a big part in my role.
Another great accomplishment has been creating a good working relationship with our regulators.
Describe what you do without using the words compliance and financial planning?
Manage and mitigate risk to the business and across the business within the financial service sector. Educate and implement policy process and procedure in line with our regulatory requirements.