Luis M. Canelon is an Associate Director in Protiviti’s Risk & Compliance solution and leads the AML Technology practicein the UK. Luis has over 10 years experience in the financial services industry. As a consultant his primary areas of expertise include Anti-money laundering ("AML") and global sanctions compliance for banking and non-banking financial institutions such as MSBs.
Luis has led several consulting engagements including AML and global sanctions compliance program assessments/audits and enhancements , money laundering and fraud investigations, and financial crime transaction monitoring and sanctions screening system optimization/ calibration. Luis has assisted clients in the U.S., UK, Europe, Asia, Canada, Central America, South America, and the Caribbean giving him a global exposure and a strong understanding of regulatory requirements and leading practice throughout the world. Luis holds the Certified Anti-Money Laundering Specialist (CAMS) and Certified Fraud Examiner (CFE) designations.
Prior to joining Protiviti, Luis worked in a private banking division of Riggs International Bank where he was responsible for managing customer relationships as well as working closely with the Compliance Department managing Know Your Customer (“KYC”), Client Due Diligence (“CDD”), Enhanced Due Diligence (“EDD”) and account activity of high risk customers and Politically Exposed Persons (“PEPs”), and de-risking the portfolio. He also worked for MEAG the asset management division of Munich Reinsurance Group and Ergo Insurance Group.
- AML Enhancement Programs / Remediation Projects – Luis has assisted several banking and non-banking financial institutions in identifying and remediating gaps to their AML and Global Sanctions compliance programs. Luis has also assisted financial institutions in developing and implementing enterprise-wide risk assessments, developing policies and procedures, enhancing the customer on-boarding processes (KYC/CDD/EDD), assessing the efficiency and effectiveness of the compliance program and staff, and providing AML/BSA training to staff. Luis has also performed numerous KYC remediation projects for large international banks.
- AML and Sanctions Technology + Data Analytics – Luis has assisted a number of large US and global institutions in selecting AML technology vendors, implementing transaction monitoring and sanctions screening systems, optimizing/fine tuning/ calibrating the systems to generate more effective alerts, performing independent validation of the systems, and designing the overall model governance framework and target operating models for the people, processes and technologies used to support the compliance function.
- AML and Fraud Investigations – Luis has led several AML lookback investigations for large international retail/commercial banks, as well correspondent banks and mortgage lenders. The projects included building and managing a case management system, investigating customer and related party activity for potential money laundering and fraud, and documenting reasons for escalations, and preparing SARs. Luis has also developed transaction monitoring procedures, and developed and facilitated training sessions for the bank’s staff, and implemented quality control and quality assurance functions for the investigation process.
- Independent AML Audits /Reviews – Luis has led numerous AML audits for banks and MSBs which included reviewing the bank’s AML/BSA and sanctions policies and procedures to ensure adherence to the local regulatory requirements, and leading industry practice. He has also assisted large Money Services Businesses (“MSBs”) and private equity firms in conducting AML due diligence reviews of their partner firms and potential acquisitions, respectively.
Education & Professional Qualifications
- MBA - University of Florida
- BBA - Florida International University
- Certified AML Specialist (CAMS)
- Certified Fraud Examiner (CFE)