Domenico Pagano, a lawyer from Bari and a former student of the European School of Banking Management, recounts his career breakthrough, which came in part thanks to his Master's in Anti-Money Laundering. For two years, he has been working in Malta in the field of anti-money laundering and compliance, first at a Maltese law firm and then in finance for an asset management company.

Why did you decide to do a master's degree in anti-money laundering?
When I decided to work abroad, I immediately realized that anti-money laundering and compliance were one of the few areas that could allow a law graduate to cross national borders. Thanks to Europe and the European Anti-Money Laundering Directives, it's possible to explore career opportunities within the legal profession in other countries.

How did you learn about the European School of Banking Management and why did you choose it for your education?
The internet was my primary channel for researching highly professional and specialized programs in anti-money laundering. When I identified the European School of Banking Management, I carefully examined the school's information: its history, faculty, industry experience, and program convinced me that the ESB's Anti-Money Laundering Master's program would be the most suitable program to complete my education. I had previously pursued a master's program in compliance, focusing more on legal and governance issues. The ESB's Master's program, however, focuses more on anti-money laundering in the strictest sense. The combination of these two qualifications, along with my resume, allowed me to ace the various interviews and find a job right where I wanted to move: Malta.

Can you therefore say that the Master's in Anti-Money Laundering has influenced your professional career?
The Anti-Money Laundering Master's program has certainly had a positive impact on my future. Abroad, they don't understand our educational standards because they're completely different: in Italy, university education is still very generic, so much so that young graduates struggle to enter the workforce. Just think how "normal" it is in Italy to encounter many professionals who, at the start of their career, do whatever it takes to survive, only to eventually specialize in a particular field. Abroad, however, things are completely different. If you say you're a lawyer and your professional career has generally been about "civil law," people abroad look at you with suspicion. Your resume, however impressive, is incomprehensible because outside Italy, the key word is specialization, even very specific ones. That's why the Anti-Money Laundering Master's program was crucial in helping me market myself abroad.

We often think of the role of an anti-money laundering officer within banks and financial institutions, but the roles are widely varied. What do you think is the potential of the anti-money laundering and compliance job market?
There aren't huge differences between those who work in banks and those in other industries. There are nuances, regulations, and approaches tailored to the specific market, yes: the obligations and regulations vary somewhat depending on whether you work in the financial or gaming sectors. For better or worse, however, compliance professionals must consider European regulations and their national implementations as the foundation. If I were a young, aspiring compliance professional, I would put aside my dream of banking, which seems to me to be a rather struggling sector in Italy, and focus on other fields. Based on my personal experience, not all entities required by anti-money laundering regulations in Italy have actually implemented the systems required by law. Therefore, there is a huge market, for example in the gold-buying sector, which in Italy is still a nascent market. Despite being subject to the obligations, I don't know of any gold-buying companies that have truly structured themselves to comply with the regulations. Sooner or later, this compliance will have to come, and at that point, interesting career prospects will open up.
Overall, however, I believe anti-money laundering is a smart choice because, despite being a sector that has been in turmoil for several years, we are witnessing continued growth, especially in Italy.

What advice would you give to a recent graduate interested in anti-money laundering?
My advice is to be persistent, persist, and specialize in specific areas, learn to use the software that is essential for those working in anti-money laundering and compliance, and, if possible, gain some experience. Even an unpaid internship, for an appropriate period of time, can help you understand the right approach to the role of an anti-money laundering manager, which, in my opinion, is a career choice that can certainly pay off given the enormous market potential today.