Meet an ICA Member with Jerry Walters

Written by Jennifer Trenery on Monday November 6, 2017

Jerry Walters has a Distinction in the International Compliance Association Diploma Course in Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF). As well as being a member of the ICA, Jerry is a former Detective Constable and has worked on high profile cases including Operation Trilby. He is still involved in all aspects of tackling financial crime through the running of his own business.

Here, Jerry discusses what ICA and compliance means to him.

Hi Jerry. What encouraged you to study for an ICA qualification?

Having spent 30 years in law enforcement primarily in the financial crime arena, it was always my intention to move into the private sector and I felt by undertaking the ICA qualification it would allow me to have a greater understanding of the challenges faced by the regulated sector when it came to anti money laundering and countering terrorist financing.

How long have you worked in the industry for?

I’ve been concerned with the investigation and prosecution of serious and complex fraud and money laundering cases for over 20 years in the City of London Police. Since retiring from law enforcement in September 2016 I have continued to work within the financial crime industry establishing my own company in order to undertake investigatory work for both criminal and civil cases, and being concerned with AML training and consultancy for the regulated sector. Therefore I’m still very much involved in the fight against money laundering and its effect on private industry.

How did you land your first role?

Upon leaving the City of London Police I was determined to go out on my own as such and wanted to experience the challenge of working for a number of different establishments rather than just one, so it was just a case of having the self-belief and confidence to make it work.

What do you enjoy most about your current role?

The diversity of the work that I undertake undoubtedly brings me the greatest amount of enjoyment. The investigation aspect of the business offers all of the usual challenges which I still thrive on, and ensures that I’m aware of the latest trends and methodology employed by persons who are concerned with this type of criminal activity. Aside from the investigation work, I currently deliver AML training and consultancy to a number of different regulated sectors such as law firms, National Association of Estate Agents and finance companies all of whom have quite different needs and requirements. Therefore, being in the fortunate position to offering practical guidance and advice in relation to financial crime matters is very rewarding in itself.

I’m regularly asked to deliver actual case study presentations and seminars to a number of different institutions such as the Wales Fraud Forum and North East Fraud Forum and university law students, and I find these sorts of opportunities an extremely enjoyable experience with some interesting questions to address at the end.         

And of course, the most enjoyable aspect of my current role has to be the flexibility of working for myself.

What has been the highlight of your career so far?

In terms of my police career it would have to be winning the Police Federation UK Detective Investigation of the Year in 2013 in relation to the seven-year investigation into the activities of the high profile bogus Italian lawyer Giovanni Di Stefano. The 22.5 year sentence is the highest sentence ever handed down for a fraud related conviction in the UK and despite the trials and tribulations of what was a very protracted and complex investigation the result at the end made it all worthwhile.

What skills do you think are important for your role?

Due to the varied facets of financial crime I’m concerned with on a daily basis that I’ve already referred to, there are so many skills that one has to acquire. Clearly keeping abreast of legislative and regulatory developments is vital, and this year has seen some significant changes in this aspect with the introduction of the Criminal Finances Act and the 2017 ML/TF Regulations. The ICA has provided a very useful research and development tool in this aspect. However, the one skill that that I place above all others is experience, and the feedback I receive perhaps more than any from clients is an appreciation that I have been at the ‘coalface’ so to speak. Believe me there is no substitute for sitting opposite a table interviewing a money launderer in order to try and understand how their mind operates.

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Jerry Walters is hosting the first webinar in our ICA Webinar series, telling us the exciting story of his time working on Operation Trilby. Jerry will explain how the activity was originally identified, how the trail was followed and some of the challenges encountered. In doing so we will reveal some key learning points for compliance professionals in relation to preventing and detecting financial crime.

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