Wallester is excited to welcome Ragnar Russe as our new Head of AML! With an impressive track record in anti-money laundering and a rich background in the banking sector, Ragnar brings his expertise from prominent financial institutions such as Swedbank and LHV. His experience will be invaluable as we restructure and strengthen our AML department. We sat down with Ragnar to learn more about his journey and vision for Wallester.
Welcome, Ragnar! What attracted you to join Wallester at this stage in your career?
Thank you! What drew me to Wallester was its strong focus on innovative solutions, embedded with a remarkable compliance culture. For example, during the first meeting-type interview with management, I understood that AML-related topics are prioritised, and this is very important because management always sets the tone, and having the right mindset in AML is crucial. I’ve also watched Wallester grow into one of Europe’s most promising fintech companies, and I am excited to see its internal development firsthand.
Your experience spans multiple financial institutions. How have AML challenges changed over the years, and how do you plan to address them at Wallester?
AML challenges have changed a lot, mainly due to increased digitalisation and the complexity of fraud schemes. Banks have moved from reactive to proactive measures, with advanced data analytics and real-time monitoring now essential in identifying risks before they escalate. At Wallester, I plan to focus on developing the compliance culture further, i.e., across the organisation. It’s also vital to integrate data-driven approaches into our everyday activities that allow us to detect anomalies more effectively and guarantee that our AML framework remains agile and responsive to new threats.
With your experience at Swedbank and LHV, what best practices from these institutions do you plan to bring to Wallester?
Both Swedbank and LHV taught me the importance of clear compliance standards and how collaboration throughout the whole organisation is the key element of implementing them. Creating an open environment for knowledge sharing will help us keep up with regulatory changes, ensuring Wallester can build and maintain strong, reliable relationships with clients and partners. Last but not least – you need to have professional and solution-oriented team members around you to achieve bigger and smaller goals. Leaders must regularly think about improving the current team and working as a united force.
Merging KYC and AML departments
In line with Ragnar’s arrival, Wallester is restructuring its current setup by merging the KYC and AML teams into a unified AML Department. This change will streamline processes and ensure a more consistent approach to managing customer onboarding and monitoring financial transactions. Ragnar will oversee the development of the AML framework, reporting procedures, and risk mitigation strategies.
Ragnar, what changes do you envision implementing with the recent restructuring of the AML and KYC departments?
Merging the AML and KYC departments is a strategic move to streamline our AML-related activities. My goal is to create a more cohesive and efficient system where customer onboarding and transaction monitoring are fully integrated,as well as organically connected. This will speed up processes and improve our ability to detect and respond to suspicious activities more effectively.
A vision for the future
Ragnar is optimistic about the department’s growth and development. Combining KYC and AML into a single department makes perfect sense as we expand our operations. Under Ragnar’s leadership, we’ll strengthen our compliance framework while keeping pace with the changing financial sector.
Ragnar, what are your primary goals for Wallester’s AML department in the coming year?
My primary goal is to build a reliable, technology-driven AML framework that meets and even exceeds regulatory requirements. I want every team member to see compliance not as a burden but as an essential part of what makes our services trustworthy and secure.
What challenges do you anticipate as Wallester expands its global reach?
As we grow, Wallester will face the challenge of managing diverse regulatory requirements across different regions. Each country has its own compliance standards, so our AML framework must be both strong and adaptable. Building a scalable compliance system that aligns with international regulations will be key.
Welcoming Ragnar
We’re excited about working with Ragnar and believe his experience will greatly benefit our team. We’ll fully support him during his onboarding and look forward to the fresh perspective he brings. Together, we’ll continue strengthening our position in financial compliance while driving innovation in our services.
