Elizabeth McCaul, a former member of the European Central Bank (ECB) Supervisory Board, has been appointed as chair of the board at Reform Technologies, a Belgium-based financial technology company specializing in anti-money laundering (AML) solutions. This announcement comes alongside a successful €1 million equity funding round, signaling strong investor confidence in the company’s innovative approach to combating financial crime.
McCaul brings extensive experience in banking supervision and financial regulation, having served on the ECB Supervisory Board since 2019 and as Superintendent of Banks for New York State during the September 11 attacks. Her deep knowledge spans both European and American regulatory frameworks, with a focus on technological advancements and digitalization within banking supervision.
Reform Technologies is recognized for its flagship product, the Reform Digital Twin, which creates a digital replica of banks’ existing AML systems. This technology allows financial institutions to simulate, test, and optimize their transaction monitoring processes before implementing changes in live environments. The goal is to enhance AML effectiveness while reducing risks associated with legacy systems.
Alongside McCaul’s appointment, the company has also named Larry Sobin as vice-chairman of the board. Sobin is a former chief operating officer at BNP Paribas Corporate and Institutional Banking in North America and brings significant operational expertise from his tenure at IBM Promontory and BNP Paribas. His experience will help align Reform’s technology with the real-world needs of large financial institutions.
Further strengthening the board are Jeff Lavine, a former PwC partner specializing in risk management and regulatory compliance, who joins as a non-executive board member, and Markus Schulz, the new chair of Reform’s advisory board. Schulz is known for his work as Group Financial Crime Officer at ING and currently serves as Chief Technology Officer at K2 Integrity. Together, they will contribute strategic guidance and thought leadership to the company’s mission.
Reform Technologies was co-founded by CEO Louis Wittock and AML expert Filip Verbeke. The company aims to move banks beyond outdated AML compliance methods by integrating continuous monitoring and artificial intelligence into their frameworks. The recent funding round saw participation from McCaul, Sobin, Lavine, and Schulz, highlighting their commitment to advancing Reform’s technology and market presence.
In her statement following the appointment, McCaul emphasized the urgent need for financial institutions to enhance their controls against financial crime while overcoming inefficiencies caused by older systems. She expressed optimism about Reform’s role in supporting this transformation through its innovative solutions and market expertise.
This leadership refreshment and capital injection position Reform Technologies as a growing force in the fintech sector focused on anti-financial crime measures. With seasoned experts from both regulatory and banking backgrounds now steering its strategy, the company is poised to help banks improve compliance effectiveness amid increasing regulatory demands worldwide.
