Richard Storey

Richard is a risk management executive with 30 years’ experience in compliance, consulting and operational roles in financial services and consulting. He has successfully developed AML policies and processes in banking, private equity and structured product.

Richard has also built market leading teams in consulting and financial services, working with AML regulators in Australia, Singapore and Hong Kong to drive industry-wide improvements in the prevention of financial crime in major banks and investment managers including HSBC, CBA, Westpac, ANZ, NAB, Macquarie, DBS, OCBC, UOB and RBC. 

Richard has led multiple consulting engagements for Financial Services organisations in Australia, Hong Kong and Singapore. His strong content knowledge coupled with excellent stakeholder engagement skills has enabled him to assist leading organisations improve their AML processes, technologies, data and teams.

Key achievements include:

• Established a multi-award winning, global KYC managed service that enabled KYC cost reductions of over 30%.
• Assisted a Big 4 Australian bank in the development and implementation of a global Client Lifecycle Management platform. This engagement ran over multiple years across the Markets and Institutional businesses and across 15 jurisdictions, with over 200 users.
• Improved compliance data utilisation in customer screening throughout the client lifecycle, reducing handling times and data costs by an average of 35%.
• Assisted new banks to establish digital onboarding, electronic identity verification and KYC in the new online environments.
• Assisted financial institutions to improve efficiencies in the identification of Politically Exposed Persons and in the use of Adverse Media sources during customer screening to comply with AML obligations.
• Assisted retail, commercial and institutional financial services groups in the implementation of Sanctions Screening process improvements in order to capture rapidly expanding data sets.
• Advised the regulator on global processes for the management of OTC Derivative Trade Reporting, driving regulatory changes to enable financial institutions to fulfill their obligations within renewed timeframes.
• Assisted Big 4 Australian banks in the management of OTC Derivative Trade Reporting, improving processes enabling the banks to meet regulatory deadlines.
• In addition to specific engagements, Richard has facilitated a number of roundtable discussions with clients and regulators which have led to improved AML processes.