Merchant Risk Live Wrap-up: Rob DeCampos On Navigating Regulatory Issues And Implementing Changes

On the previous episode of Merchant Risk Live, the LegitScript team spoke with Rob DeCampos, head of BSA/AML & Card Brand Compliance at Intuit. Rob has more than 11 years of compliance experience in financial institutions, large MSPs, and general fintech. Now responsible for leading the AML office at the enterprise level and all Intuit subsidiaries, Rob reports to each independent board entity. He is also in charge of enterprise compliance oversight related to card brand, Nacha, and brand risk management.

Here are some of the key takeaways from this episode:

 

On the Compliance Ecosystem

With growing global fraud and money laundering activities, there has been an increase in terms of regulating the financial ecosystem. According to Rob, this makes fintech just as responsible for compliance as banks in making sure they meet the regulatory requirements.

Navigating compliance and regulation is crucial but so is maintaining frictionless interactions between business and customers: “The genesis was understanding money movement criteria and how that works in Intuit’s ecosystem,” Rob said. “Intuit has been widely well known and promoted as a ‘product first’ model. That mentality was still present but internally from the enterprise level, the approach is to look at things more holistically.”

Rob shared that innovation and agility are important to Intuit considering most people perceive the company as “product first.” At the same time, from a regulatory perspective, Rob said Intuit is taking steps to make sure it has a compliant BSA AML program.

 

On Navigating Changes and Building a Great Team

The method of navigating changes at Intuit is a “data first” approach to understanding change and then implementing risk management policies.

Rob said that Intuit has a lot of moving parts: “My team is strategically divided not to just block and tackle but to be proactive in terms of understanding what are all the implications associated with either doing it ourselves, doing it with other people, or entering new markets.” He said he fosters a collaborative style of leadership when conducting risk assessment. When regulatory changes come, Rob said helping people understand the vision of Intuit is important to help them understand why we are doing what we are doing from a compliance perspective.

 

Want to join us live?

The Merchant Risk Live is a biweekly virtual event to discuss trends in merchant risk management with guest experts in payments risk and compliance. Some of the topics include creating effective risk rules, making transaction monitoring and content monitoring work together, getting federal regulation updates, and more! If you’re interested in joining the biweekly live event, sign up today.