ACAMS Today caught up with Jean Chung, who is the chief compliance officer of Hong Kong and Greater China, North Asia, for Standard Chartered Bank. Chung also sits on the ACAMS Advisory Board.
Prior to her current role, Chung was head financial crime compliance (FCC), money laundering reporting officer (MLRO) at SCB Korea for approximately three years and former policy advisor to the financial intelligence unit of Korea’s Financial Services Commission, which is responsible for anti-money laundering (AML) regulations. In addition, she has held various senior-level roles in FCC at SCB Group in Singapore. She spent 13 years at KPMG as an external auditor or a consultant for various global financial institutions (FIs) in Korea, Japan and Singapore; including Citibank, Deutsche Bank, Credit Suisse, HSBC and JP Morgan Chase.
Chung holds a bachelor’s degree from Ewha Womans University, where she is a regular AML lecturer. In addition, she is a Certified Anti-Money Laundering Specialist (CAMS), Certified Information Systems Auditor (CISA) and U.S. Certified Public Accountant (CPA).
ACAMS Today (AT): As a female leader in the anti-financial crime (AFC) sector, what do you attribute as the key to your success?
Jean Chung (JC): To lead an organization’s effort to fight financial crime, we need “pathological” collaboration among various stakeholders and teams. As a female AFC professional, I believe understanding what motivates a colleague, listening to where they come from and having empathy helps bring colleagues together for a common cause. These traits are generally known to be women’s strengths, and I think they have contributed to my career progression.
AT: This year’s International Women’s Day theme is #AccelerateAction. In your experience, what are the most effective ways to accelerate action toward gender equality in leadership roles within the FCC space?
JC: The reason why we promote gender equality in the workplace is because diversity brings different views which benefit an organization as it navigates through complexity on a day-to-day basis. In the AFC area, at least in my organization, I see two different trends in junior- to mid-level AFC professionals. First, in functions that interact with business and clients (FCC advisory), I see more female colleagues than male. Second, in functions that manage the “machine” behind financial crime surveillance, i.e., managing systems and processes to monitor and screen clients and transactions, I see more male colleagues than female. As a senior leader, to #AccelerateAction we need to consider whether we have a strong bench of successors representing both genders coming up the rank in all aspects of AFC functions and if not, we need to intervene. In another example of intervening to accelerate action, my organization has diversity and inclusion as one of critical criteria when one is a candidate for a managing director appointment, and candidates are required to demonstrate what they have done in terms of gender equality. It has to be a joint effort by individuals as well as the organization to accelerate action.
AT: How has participating in ACAMS as a member of the organization’s Advisory Board had an impact on your career in AFC?
JC: Being a member of the ACAMS Advisory Board has given me opportunities to connect with senior members of the AFC community, which otherwise would not have been possible. Especially with our community expanding, e.g., crypto-asset service providers, payment processors, etc., it has helped me broaden my own horizon! Another perk of being on the Advisory Board is that all colleagues are not just a phone call away!
AT: Is there a specific AFC challenge that you believe FIs will be facing in 2025?
JC: Uncertainty, I believe, is going to be the biggest challenge we will be facing in 2025. Uncertainty due to rapid geopolitical shifts where various sanctions and export controls are utilized, as well as uncertainty about what technological advances such as artificial intelligence would bring about in the fight against financial crime, especially regarding how they can be used to defraud others, etc. As AFC professionals, we need to be curious about what’s going on around us and reflect on what it means in fighting financial crime. It will continue to be quite a busy year for us!
AT: What advice would you give to women who aspire to hold leadership roles?
JC: Please be bold and confident. Even if you are not comfortable or don’t think you are ready for the leadership/senior position, take a risk, have faith in yourself and leap forward.
AT: Is there a nonprofit you support to benefit your community?
JC: None at the moment. I just moved to Hong Kong and I am exploring what community I can support!
Interviewed by Karla Monterrosa-Yancey, CAMS, ACAMS, editor-in-chief, editor@acams.org
Benedict Bahner, CAMS, ACAMS, editor, bbahner@acams.org
