Nedbank’s Tjipuka fighting illicit financial crimes

In the financial services industry, reputation and credibility are important, especially in building lasting brands that customers and investors can trust. Excellent service and financial success are among the hallmarks that banks such as Nedbank Namibia strive toward. In a world where we are more connected than ever before to clients and global opportunities, financial crimes have become an important risk to mitigate and manage.

Because illicit financial crimes can put a financial institution’s reputation on the line, most organisations have dedicated teams who focus on managing risk, analysing data and staying abreast of the latest trends. Yolanda Tjipuka, leads this function in Nedbank Namibia. Her portfolio of duties includes the supervision of Anti-Money Laundering (AML), CFT (Combatting the Financing of Terrorism) investigations. She plays a major role to ensure that Nedbank Namibia and their clients are fully compliant with the laws and regulations on anti-money laundering and governance processes that are in place through the Namibia Financial Institutions Supervisory Authority (NAMFISA) and the Financial Intelligence Centre.

Tjipuka is a wife and proud mother of two. She has a great love for sports and feels that in some previous life, she may have considered Sports Psychology her dream career. However, for now, she is making an important impact at Nedbank Namibia in her role, as anti-money laundering efforts have become essential. Her work, knowledge of the regulatory environment and readiness to adapt to new regulations, keeps Nedbank Namibia at the forefront of creating competitive advantages for their clients and investors. With her eye for detail and an analytical mind, these aspects of banking are safe in the hands of Tjipuka and her team.

She shares that in the last five years, there has been an explosion of regulation-tech startups. “These are companies that address regulatory requirements using technology. In 2019 it was reported that over 60% of these are focused on solving know your customer (KYC) and AML issues”, she added.

During her time at the bank Yolanda has learnt a key lesson of “staying on the path you have carved out for yourself, being authentic and simply doing your best.” Her drive and vision to create an impact, position her well for her role in a strict regulatory environment, where efficiency and risk management are of tantamount importance.

Team

For her team, she embraces diversity and the valuable role each contributes to their efforts. An African Proverb rings true for Yolanda and her team: “If you want to go far, go together.” Their teamwork enables them to apply best practices in a constantly changing environment. Artificial intelligence and advanced analytics are driving extensive changes in the financial industry as criminals are using more sophisticated means to remain undetected. Therefore, compliance staff such as Yolanda and her team need to remain cutting-edge to enact regulations but also to create processes and policies which do not cause the loss of customers and investor business.

In a digital era where customers do not have time to complete lengthy documents, Tjipuka and her team have multiple touchpoints with customers to gather and verify their information. In compliance matters, efficiency is not an extra it makes or breaks business and requires constant innovation to stay ahead. Tjipuka and her team work to prioritise and focus on the most important tasks at hand and to carry out those tasks correctly to avoid wasting time and effort. Therefore, risk is managed actively and not seen as a mere tick-box exercise.

Working in an environment that leaves very little room for making mistakes, Tjipuka does not fold under pressure. She elevates her work in her capacity as a capable Namibian woman by recognising her unique ability to accomplish anything she sets her heart and mind to. She hopes to inspire young women and colleagues through being supportive and cheering each other on, she believes that in this way she can be an active change agent, empowering more women in her career field and beyond.

Compliance and anti-money laundering involve many aspects and can make or break a brand, but a winning team like Yolanda’s are making an impact. Her advice on how businesses can stay ahead of the game is to create an innovative team concentrating on actively managing risk, strategically investing in technology and analytics that inform robust policies and practices, while prioritising areas where regulation-techs will have the greatest impact in the short term.