Willem-Jan Megens

Jeroen: Good afternoon, Willem-Jan Megens, Chief Compliance Officer at ING Group for taking the time to speak with Leaders in Finance. This short interview is part of the lead-up to the Leaders in Finance Compliance event on 18 September 2025. To start, could you please introduce yourself and share a bit about your background?

Willem-Jan: Thank you, Jeroen. As you said, I’m the Chief Compliance Officer at ING. I’ve been in the role since the 1st of November, and since I don’t come from a traditional compliance background, I suppose you could say I’m somewhat of a newcomer to the field. I started my career as an external auditor with PwC, and later moved into internal audit at ING. Before stepping into my current role, I was the Chief Audit Executive at ING.

Jeroen: Does having a background and professional training in audit help you a lot in your current role?

Willem-Jan: It helps in the sense that I know the organisation well, and the key stakeholders in audit and compliance are largely the same, which is certainly an advantage. That said, the dynamics in compliance are quite different from those in audit. In audit, you typically work with a clearly defined plan, though it can change of course. In compliance, however, you are much more engaged in the day to day flow of the business and the bank’s ongoing operations. So the setup and rhythm are quite different.

Jeroen: I think it’s impossible to ignore the fact that we’re living through a period of major geopolitical unrest. Global markets are in turmoil, we’re seeing trade wars, and real wars, as part of a very intense political climate worldwide. If we place that context within your role as Chief Compliance Officer of the Netherlands’ largest financial institution, ING, what kind of impact does that have on you and your team?

Willem-Jan: The world we knew just a few years ago is very different from the one we live in today. Global supply chains have been disrupted, and at ING, where we operate across multiple markets, including retail, wholesale, and international banking, we experience that rising complexity every day, including within the compliance function. A clear example is the implementation of sanctions by various governments. These have a direct and immediate impact on our work in compliance. But it goes further than that. On the ESG front, we are seeing a growing divergence in priorities, particularly between regions like Europe and the US. And from an ethical perspective, public attitudes toward sectors such as the defence industry are also shifting rapidly. As compliance officers, we are no longer dealing solely with changing laws and regulations. Increasingly, we are navigating ethical dilemmas, diverging legal frameworks, and evolving societal expectations. All of this adds an extra layer of complexity to the role.

Jeroen: Yes, and things are changing quickly, right? Ever since the inauguration of Donald Trump, it feels like the pace has really accelerated.

Willem-Jan: Absolutely. And I’d say it did not start with Donald Trump alone. It is also very much linked to Russia’s invasion of Ukraine, and of course, the events in Gaza and Israel. So yes, there is a lot happening. On top of that, the technological landscape is evolving rapidly, with AI developments and new possibilities emerging at a remarkable pace.

Jeroen: You’ve mentioned sanctions, ESG, ethical dilemmas, and AI. If you had to choose just three to five key priorities, what should be at the top of the agenda for Chief Compliance Officers today?

Willem-Jan: I reckon that combating financial crime remains one of the critical topics for me and for the function, both on the anti money laundering side and on the sanctions side. And whilst there is no appetite to breach any of the sanction regulations, we do need to find ways to get the AML framework operating with a more risk based approach, rather than being purely rule based, as it perhaps still is today. That also helps make it less intrusive for legitimate people and businesses.
So that is one side of it. On the other side, if I am generalising a little, the rapid evolution of artificial intelligence is another key area. It brings both opportunities and threats for the business. We need to prepare ourselves for that shift, and that includes everyone in compliance. I am thinking, for example, about the ethical questions involved in modelling, and the use of sensitive personal data in those models. But it may also create opportunities for us to do our work differently than we have done in the past. That, in turn, requires us to stay open minded.
And last but not least, I think AI will also introduce a number of new risks for the bank and for the compliance function. Take cybercrime, for instance, and the potential for misuse by bad actors. So I think there is a lot more to come from that angle as well.

Jeroen: So to summarise: financial economic crime, including sanctions and everything related to anti money laundering, remains a key focus. Then there is artificial intelligence, along with the range of new challenges it brings, such as cyber risks. Are we missing a third or a fourth priority?

Willem-Jan: I think we are just scratching the surface. Data privacy, closely linked to AI, is a key focus in its own right. Then there is customer conduct, ensuring fair treatment, which is evolving quickly and varies across jurisdictions.

Jeroen: Looking ahead, do you expect the main challenges to stay the same, or are there emerging issues you are already preparing for?

Willem-Jan: I think we have already touched on them. Geopolitical risk and the rise of artificial intelligence will be the major challenges for compliance in the coming years, and they are accelerating. That is why we need to prepare now, by embracing these developments rather than reacting later. AI in particular is expected to grow exponentially, bringing new demands on the compliance function. We need to be ready.

Jeroen: Switching to crypto for a moment, we are working on a crypto panel for the Compliance Event. I was curious: is ING currently active in the crypto space or involved in crypto related products?

Willem-Jan: I must say we are not very advanced in that area. We approach the crypto space with caution, mainly due to the risks across the value chain. We are doing some work with blockchain technology, but when it comes to cryptocurrencies, we have no major exposure. So no, we are not a crypto bank. We are taking a careful, observant stance for now, keeping an eye on developments rather than actively engaging.

Jeroen: I would definitely be curious to sit in the audience during the crypto panel, though of course, you will have a different role that day. One final question, shifting gears again. We like to ask this to many leaders in financial services: do you have a tip for someone just starting out in a compliance career?

Willem-Jan: Yes, absolutely. It is going to be an interesting journey. What matters most is enjoying the role, compliance is a rich and rewarding field, so have fun with it. Stay curious and keep an open mind. That mindset of continuous learning is, I believe, the most valuable. Where my focus used to be on financial crime, it is now increasingly on AI and learning to speak that language. We need compliance professionals who not only understand rules and regulations, but can also translate them for modelers and tech teams, and vice versa. That skill set will become increasingly important.

Jeroen: I recently spoke with another Chief Compliance Officer, also from one of the major Dutch banks and a former ING colleague, who said it is important not to grow up solely within the compliance track, but to gain experience in other areas of the business. I am paraphrasing, but do you agree with that, or do you think it is better to specialise in compliance from the beginning?

Willem-Jan: No, I completely agree. As compliance officers, we need to be aware of the impact we have, not only within the organisation, but also on society at large. Having people with different backgrounds, experiences, and perspectives only strengthens the function and adds real value.

Jeroen: Thank you so much, Willem-Jan Megens, Chief Compliance Officer at ING Group, for taking the time to speak with Leaders in Finance. We are very pleased to have had you and look forward to welcoming you at the Leaders in Finance Compliance event on 18 September this year.

Willem-Jan: I’m looking forward to it. Thank you.