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BREAKING: Frenchman Vollot moving from Danske to Rabobank as Chief Financial Economic Crime Officer, it’s revealed

PHILIPPE Vollot, Danske Bank’s recently promoted Chief Administrative Officer, is leaving to join Rabobank, it was announced today.

Rabobank announced the Frenchman will take up the role of Chief Financial Economic Crime Officer (CFECO) at Rabobank (subject to positive outcome of supervisory assessments).

The new role within Rabo’s Managing Board is to centralise the necessary 1st line KYC activities including Sanctions Screening and Transaction Monitoring. The Dutch bank announced the position in February.

Rabobank’s Supervisory Board said it was pleased to bring Philippe to the bank. “His track record in the field of Financial Crime, Compliance and AML is impressive,” says Marjan Trompetter, Chair of the Supervisory Board.

“From his roles at Danske Bank and Deutsche bank, he has extensive experience in setting up and executing remediation programs. Philippe Vollot has proven to be able to bring about change, arrange procedures and solve complex problems, using his strong moral compass. With his knowledge and skills, we consider him to be an inspiring leader to guide us further to a robust and future-proof KYC organization. We look forward to his arrival,” she added.

Vollot this morning said he was “Very much looking forward to joining Rabobank on October 1st!”

The Frenchman (54) is popular in the banking industry for his expertise, good manner and strong communications skills. Only last year he was promoted from Chief Compliance Officer to Chief Administrative Officer at Danske.

Rabo said the brings a wealth of experience in the field of combating money laundering and terrorist financing, setting up remediation programs and knowledge of related (international) legislation and regulations.

His career has taken him to Deutsche Bank, where he held various roles in the field of compliance from 2003 to 2018. His final position there was Global Head of Anti-Financial Crime & Group Anti-Money Laundering Officer.

At Danske he joined the Executive Board in 2018 as Chief Compliance Officer, a role that changed into Chief Administrative Officer in 2021.

Earlier this year, Vollot gave an exclusive interview with AMLIntelligence, in which he emphasised the importance of information sharing between banks, something he believed was “crucial” in fighting FinCrime. 

Looking back at his career, the Frenchman admitted that “financial crime has always been evolving,” but “topics remain almost the same.”

One ‘hot topic’ of FinCrime noted by Vollot was technology and how it could make the financial sector more effective in tackling illicit finance. 

He stressed that improved technology would be a gamechanger for “massive false positive levels” seen by banks in transaction-monitoring alerts, and advocated for greater collaboration across the financial sector through public private partnerships. 

He is “absolutely convinced” that only by sharing information, that the fight against FinCrime can move forward. “We need to have much better cooperation across the industry with law enforcement and regulators”.

“I think as a society, you want to become effective in fighting financial crime, and to reach this point then you need cooperation between different actors,” said Vollot.

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