Emily Mochama, the Chief Compliance Officer at Afriex Inc., a money-transfer platform that allows you to make instant and affordable money transfers at home and abroad, is a distinguished leader in the field of financial crime compliance. With a wealth of experience spanning various sectors including FinTech, banking, advisory, automotive, and public sectors, Emily has established herself as a formidable force in navigating complex regulatory landscapes.
Her journey, marked by significant achievements and recognition, underscores her commitment to integrity and intentionality—principles that have guided her professional and personal endeavors. Emily’s innovative approach and dedication to fostering a culture of compliance have not only advanced industry standards but also inspired a new generation of compliance professionals.
From Aspiring CFO to Chief Compliance Officer
Emily’s journey into the financial crime compliance field began in 2018 when she joined Diamond Trust Bank. Reflecting on her path, she shared, “At that time, the Anti-Money Laundering sector was still emerging in Kenya.”
Initially, Emily aspired to become a Chief Financial Officer (CFO). She pursued all the necessary qualifications towards that goal, yet her experience in finance and accounting did not align with her passion. “After nine months working in finance and accounting, I realized that it didn’t align with my passion. I sought something more dynamic and less repetitive,” she says.
Her career took a pivotal turn when Diamond Trust Bank started recruiting entry-level Anti-Money Laundering analysts. Despite having the qualifications, Emily admitted, “Although I had the qualifications, I was unfamiliar with the role of Anti-Money Laundering specialists.” Nevertheless, she decided to take a chance, marking the beginning of her journey in the financial crime compliance field.
Together with her team-mates, with great support from management, a solid compliance culture and team has been created within Afriex.
Establishing Mentorship and Compliance Initiatives to Empower Young Professionals
Emily, reflecting on her journey in the compliance industry, has faced several challenges and made significant contributions. One of the major challenges she highlighted was underestimating the significance of mentors and mentorship programs. “In the past, I underestimated the significance of mentors and mentorship programs. Had I had access to one, I might not have pursued a career in Finance and Accounting only to leave the field nine months later,” she shares.
Recognizing the value of mentorship, Emily resolved to assist young individuals in making informed life and career decisions early on. This realization led her to collaborate with four friends to establish the Diligence Advisory Financial Crimes Awareness Academy (DAFCAA), a mentorship program designed to equip recent graduates with essential skills. These skills include negotiation and bargaining, effective communication, personal branding, networking, and interview techniques, particularly in the realm of financial crime compliance.
In 2021, Emily co-founded Diligence Advisory Africa, which operates under the name “Due Diligence,” that specializes in compliance services, and connects graduates who complete the mentorship program opportunities at Due Diligence and other organizations in the industry. “Graduates who complete the mentorship program are offered opportunities at Due Diligence, thus addressing unemployment among graduates lacking strong networks,” Emily explains. This contribution not only supports young professionals in their career paths but also strengthens the compliance industry as a whole.
“Dreams are lovely but they are dreams. Fleeting, ephemeral, pretty. But dreams do not come true just because you dream them. It’s hard work that makes things happen. It’s hard work that creates change.” — Shonda Rimes
Leveraging a Multifaceted Background to Enhance Compliance and Risk Management Strategies
Emily’s diverse experience across FinTech, Banking, Advisory, Automotive, and public sectors has profoundly shaped her approach to compliance and risk management. Reflecting on this varied background, she recalls a valuable lesson from one of her mentors: “One of my mentors constantly reminded me that “skill travels,” meaning that once you acquire a skill from a particular field, it becomes part of you.” This concept underscores the adaptability and transferability of skills learned in different industries.
Emily’s broad skill set has enabled her to make more informed decisions at both team and leadership levels. “So far, the wide range of skills ranging from banking, and advisory to fintech has seen me make better decisions at a team and leadership level,” she explained. This extensive experience has equipped her with a comprehensive understanding of various compliance and risk management challenges, allowing her to navigate them effectively.
Having recently enrolled in The Harvard School of Business Online program, Emily emphasizes the importance of continuous learning and leadership development in her role, stating, “I recently joined The Harvard School of Business Online program to hone my leadership skills that are key in my role.” This commitment to ongoing education ensures that she remains at the forefront of industry best practices and can lead her teams with confidence and expertise.
Navigating Regulatory Compliance in a Global Financial Services Landscape
As the Chief Compliance Officer at Afriex, Emily faces significant challenges in ensuring regulatory compliance in the rapidly evolving financial services industry. Afriex, Inc. operates as a global money remittance app, facilitating payments worldwide. This global operation necessitates adherence to a diverse array of rules and regulations across various countries. Emily elaborates, “We must adhere to diverse rules and regulations across various countries where we conduct business. Moreover, regulatory requirements undergo frequent changes.”
To effectively manage these challenges, Emily remains proactive, noting, “To stay updated on these extensive changes, I am affiliated with several organizations and groups that provide compliance and regulatory updates promptly.”
One significant platform that Emily utilizes is LinkedIn, which keeps her informed of the latest developments in the compliance field. She’s also an active member of TANGENT, a Financial Crime Compliance Forum comprising compliance professionals from around the world. This forum is invaluable as it enables the daily sharing of updates from participants’ respective countries.
By leveraging these resources, Emily ensures that Afriex remains compliant with the dynamic and complex regulatory landscape in the financial services sector.
Empowered Leadership and Innovation in Compliance: Being Recognized as a Digital Transformation Influencer
Emily believes that education and training are crucial in improving compliance standards across industries. Emily’s recognition as one of Africa’s most influential women in Digital Transformation by dx5ve (formerly CIO Africa) has had a profound impact on her career and leadership approach in compliance. “I was deeply honored by the acknowledgment from dx5ve,” Emily remarks, noting how this recognition significantly increased her industry visibility.
It provided a platform to advocate for critical issues in digital transformation and compliance, opening doors to new opportunities, including speaking engagements, collaborations, and partnerships. These opportunities have enabled Emily to contribute more effectively to advancing compliance practices in the digital age.
Being acknowledged as a digital transformation leader has underscored the importance of innovation and agility in compliance leadership for Emily. “It motivated me to embrace emerging technologies and digital tools to enhance compliance processes, increase efficiency, and manage risks effectively,” she explains. This recognition has driven her to cultivate a culture of innovation within her team, encouraging creative thinking and adaptation to evolving regulatory environments while leveraging technology for compliance excellence.
Moreover, Emily’s recognition has highlighted the importance of diversity and inclusion in leadership. As a woman in a predominantly male field, she feels compelled to advocate for gender diversity and empower other women to pursue leadership roles in compliance and digital transformation. “I firmly believe that diverse perspectives foster stronger decision-making and innovation, enhancing our approach to compliance leadership,” Emily states. This commitment to diversity ensures a richer, more inclusive approach to navigating compliance challenges.
Being recognized as one of Africa’s most influential women in Digital Transformation has reaffirmed Emily’s dedication to driving positive change and innovation in compliance leadership. “It empowered me to utilize my expertise and influence to make a meaningful impact on the industry and inspire the next generation of compliance leaders,” she concludes. This accolade has not only validated her efforts but has also empowered her to continue pushing boundaries and inspiring others in the field.
“Some women choose to follow men and some women choose to follow their dreams. If you’re wondering which way to go, remember that your career will never wake up and tell you that it doesn’t love you anymore.” — Lady Gaga
Enhancing Compliance Standards through Education and Training Initiatives
Emily’s involvement in developing and launching Anti-Money Laundering (AML) guides and participating in training initiatives has significantly contributed to the field of compliance. In 2020, she, along with Gilbert Ouko, and Grace Mburu had the privilege of drafting the Anti-Money Laundering Guide for Accountants in Kenya.
This project involved collaboration with various stakeholders such as the Central Bank of Kenya, the Financial Reporting Centre (FRC), and the Ethics and Anti-Corruption Commission. “Collaborating with various stakeholders, we successfully published the guide,” Emily remarks, highlighting its importance. Since its publication, the guide has become a pivotal reference point in sub-Saharan Africa.
Furthermore, Emily and her colleagues advocate for a culture of compliance. “We have taken on the role of principal trainers, championing a culture of compliance in numerous organizations,” she explains. Through these training initiatives, they aim to equip professionals with the necessary knowledge and skills to navigate the complexities of AML regulations.
By providing comprehensive guides and conducting rigorous training sessions, Emily and her team ensure that professionals are well-prepared to implement effective compliance measures. This proactive approach enhances individual competencies and strengthens the overall compliance framework within organizations.
Emily’s dedication to developing AML guides and leading training initiatives has had a far-reaching influence and made a significant impact on compliance standards. By fostering a culture of compliance through education and training, Emily continues to play a vital role in advancing industry standards and ethical practices.
Overcoming Licensing Challenges and Addressing Pressing Compliance Issues
Emily has encountered numerous challenges in her compliance career, but the process of applying for licenses stands out as “the most arduous aspect” of her compliance journey. Initially, Emily believed that the audit process was the most challenging, but she soon realized that obtaining licenses posed greater difficulties. “Applying for licenses, particularly in new jurisdictions, can be demanding, especially when one does not reside there,” she explains.
The process involves extensive research to compile the necessary documents required by regulatory authorities. Despite these challenges, Emily has leveraged useful networks with consultants from such jurisdictions who have made the process simpler, emphasizing the importance of professional connections in navigating regulatory landscapes.
Regarding the most pressing compliance issues facing the financial industry today, Emily highlights the lack of regulatory clarity in areas such as crypto compliance. “One of the most urgent concerns revolves around the lack of regulatory clarity regarding gray areas such as crypto compliance,” she states.
Emily believes that the absence of complete understanding does not equate to illegality. While some nations, like Singapore, South Africa, and Switzerland, have made substantial strides in this regard, others remain silent despite being at the forefront of crypto transactions. “Resolving this issue requires extensive training for regulatory authorities and industry stakeholders alike, coupled with a willingness to adapt to the rapidly evolving landscape of the crypto sphere,” Emily suggests as a way to address these issues effectively.
By enhancing regulatory understanding and fostering adaptability, Emily believes the financial industry can better navigate the complexities of emerging technologies and ensure robust compliance standards.
Achieving Work-Life Balance and Personal Growth in a Demanding Role
Emily, a dedicated professional and mother, emphasizes the importance of balancing professional responsibilities with personal interests and hobbies for overall well-being. As a mother to a young daughter named Amara, Emily’s concern in the corporate world was the fear of being sidelined by male colleagues during her maternity leave.
“This fear often leads women in corporate settings to postpone starting families,” she explains. Fortunately, Emily found support from her employer, Afriex Inc., which was supportive and provided ample time for her to focus on parenting, especially as a first-time mom. Additionally, Emily acknowledges the invaluable support of her partner, which has made her journey enjoyable and seamless.
She highlights the importance of not missing out on the unique milestones in her child’s life, emphasizing, “Each day holds unique milestones in a child’s life, and missing out on them is something I couldn’t afford.” For Emily, family remains a pillar of support when everything else seems uncertain. She is intentional about balancing her parenting journey with her professional life, ensuring engagement in both aspects.
Beyond her professional and parenting responsibilities, Emily has a passion for traveling and reading, which contribute significantly to her personal growth and professional development. “Traveling keeps my mind in check. Afriex Inc., being a remote company, I tend to catch up with myself and my partner through short or long travels,” she shares. Traveling allows her to rejuvenate and maintain mental well-being, which is crucial for her demanding role.
Reading is another activity that Emily deeply values. “Is there an end to reading, really? The short answer is no,” she remarks.
“Family is not an important thing. It’s everything.” – Michael J. Fox.
Guiding Aspiring Professionals in Financial Crime Compliance
As an influential figure in compliance, Emily shares valuable advice for aspiring professionals looking to make an impact in the field of financial crime compliance. Two fundamental principles have been guiding her personally and professionally: integrity and intentionality. She believes that integrity upholds moral standards and ethics in all endeavors. While certain actions may be permissible, strive to do what is right guided by high moral standards and ethics.
For Emily, integrity is essential even when no one is watching, as everything hidden will eventually come to light. “Lack of integrity has led to the downfall of many qualified individuals,” she warns. Emily believes that being a shining example of integrity is crucial to avoid becoming a cautionary tale of failure due to its absence.
In addition to integrity, Emily highlights the importance of intentionality in achieving meaningful progress and fulfillment. She finds intentionality simple yet powerful concept emphasizes the importance of purposeful action. Emily advises aspiring professionals to pursue their goals with determination and focus, ensuring that their efforts align with ethical principles.
“Embrace a thirst for knowledge, take calculated risks, listen attentively, and cultivate empathy,” she encourages. In both personal and professional domains, Emily underscores the significance of being intentional about nurturing relationships with family, friends, and colleagues. “By embodying intentionality, your journey will be marked by meaningful progress and fulfillment,” she concludes.
Emily’s message to aspiring professionals in financial crime compliance is to uphold moral standards and ethics while pursuing goals with determination and focus, which will lead to a successful and fulfilling career. Her insights serve as a guiding light for those looking to make a significant impact in the field, reminding them that integrity and intentionality are the cornerstones of professional excellence and personal fulfillment.
Conclusion
Emily Mochama’s remarkable career as the Chief Compliance Officer at Afriex Inc. reflects her unwavering dedication to excellence in financial crime compliance. Through her leadership, Emily has championed the principles of integrity and intentionality, setting a high standard for professionals in the industry.
“The future belongs to those who believe in the beauty of their dreams.” – Eleanor Roosevelt.
