By CARLO BOFFA, EU Correspondent
FORMER European Central Bank supervisory board member Elizabeth McCaul has been appointed chair of the board of AML technology provider Reform Technologies.
McCaul is a well-known figure in banking supervision on both sides of the Atlantic, having also served as superintendent of banks for New York State during the 11 September 2001 attacks.
“I am delighted to join Reform Technologies as chair of the board of directors at such an important moment for the sector,” she said.
“Financial institutions are under increasing pressure to improve the effectiveness of their financial crime controls, while addressing the inefficiencies and limitations of legacy systems.
“Reform is ideally positioned to support this transformation through its technology, expertise and deep understanding of the market.”
Reform Technologies is a Belgium-based company that develops technology for financial institutions to test and improve their anti-money laundering frameworks before deploying changes into live banking environments.
Its flagship product, Reform Digital Twin, is a digital replica of banks’ legacy AML systems that allows financial institutions to simulate, validate and optimise their transaction monitoring frameworks.
The company also announced the appointment of former BNP Paribas CIB chief operating officer Larry Sobin as vice-chairman of the board, alongside Reform Technologies co-founder Louis Wittock. Former PwC risk management and regulatory partner Jeff Lavine has been appointed as a non-executive board member, while Markus Schulz, chief technology officer at K2 Integrity, will become chair of the advisory board.
The appointments follow a €1 million equity funding round which saw participation from McCaul, Sobin, Lavine and Schulz.
McCaul began her career at Goldman Sachs in 1985. She joined the New York State banking department in 1995 as chief of staff to then-superintendent Neil D. Levin, before succeeding him in April 1997.
She joined the ECB supervisory board in 2019, where she focused on the use of technology and digitalisation in banking supervision, cyber risks and the shadow banking system.
About Elizabeth McCaul
Elizabeth McCaul is an American financial executive with extensive experience in banking supervision, financial regulation and institutional risk management. She served as a member of the Supervisory Board of the European Central Bank, where she contributed to the oversight of significant institutions across the euro area, and previously as Superintendent of Banks for the State of New York. This combination of US and European prudential experience gives her a cross-Atlantic perspective on how supervisors and banks can strengthen their approaches to financial crime risk and emerging technologies.
About Larry Sobin
Larry Sobin joins Reform’s Board with deep senior banking and operating experience. He is a former Partner of IBM Promontory in EMEA and COO of BNP Paribas CIB in North America, bringing first-hand insight into the complexity of
large financial institutions, capital markets businesses, operating models, and transformation at scale. His appointment strengthens Reform’s ability to align its AML Digital Twin technology with the operational realities of
global banks.
About Jeff Lavine
Jeff Lavine joins Reform’s Board following a distinguished career in anti-financial crime advisory and consulting. He is a former Risk Management and Regulatory Partner and Global Financial Crimes Leader at PwC. He has advised major
financial institutions on AML, sanctions, regulatory remediation, governance, and financial crime control transformation. His appointment brings Reform significant expertise in helping institutions design and strengthen
global anti-financial crime programs.
About Markus Schulz
Markus Schulz, appointed Chair of Reform’s Advisory Board, is the former Group Financial Crime Officer at ING and currently serves as Chief Technology Officer at K2 Integrity. He brings more than three decades of experience across financial crime compliance, risk management, technology, banking and institutional transformation. In this role, he will help shape Reform’s advisory agenda, support strategic market engagement, and contribute to the company’s thought
leadership on the future of AML effectiveness, digital twins, and AI-enabled financial crime compliance.
About Reform Technologies
Reform Technologies is a Zaventem-based FinCrime RegTech company helping financial institutions improve the effectiveness of their anti-money laundering frameworks.
Through the Reform Digital Twin, the company enables banks to create a digital twin of their legacy AML systems in order to simulate, validate, optimise and de-risk changes to their transaction monitoring systems before deployment into production.
Reform Technologies was co-founded by Louis Wittock, CEO, and Filip Verbeke, a recognised AML expert. Its mission is to help financial institutions move beyond static and legacy approaches to anti-money laundering compliance, towards smarter, continuous and measurable frameworks that progressively integrate new technologies such as artificial intelligence.
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