Elizabeth Paige Baumann ’90

DEGREE: B.A. in political science; J.D. from Tulane School of Law

JOB TITLE: Vice President and Chief Anti-Money Laundering Officer at Fidelity Investments; co-chair of the Anti-Money Laundering and Financial Crimes Committee of the Security Industry and Financial Markets Association

FAVORITE TRINITY MEMORY: I loved the crew team, and I have a lot of friends that I am still in contact
with that were rowers. We were a tightly knit bunch; we traveled to meets and regattas together, and our
friendships spanned across all class years.

REPORTER: Can you describe your role as chief anti-money laundering offi cer at Fidelity Investments? What does that job entail?
BAUMANN: I support our firm’s financial businesses that are covered by the Bank Secrecy Act of 1970, as amended by the USA PATRIOT Act of 2001 and other laws and related regulations. People most commonly associate the latter act with wiretapping and concerns about invasion of personal privacy because of coverage in the media, but the goal of both acts is to mitigate the risks associated with money laundering and the financing of terrorism. I advise Fidelity’s financial businesses about the requirements of these laws and regulations and oversee their compliance with them. Using my legal degree in compliance, I analyze regulations and try to figure out with my Fidelity colleagues how to comply efficiently and effectively.

REPORTER: What is the Anti-Money Laundering and Financial Crimes Committee of the Security Industry and Financial Markets Association, and what purpose does it serve?
BAUMANN: The committee serves as an advocacy group for the broker-dealer industry and is, among other things, an interface between that industry and the U.S. Department of the Treasury and the Federal functional regulators on different topics. When Treasury issues a proposed regulation pursuant to the Bank Secrecy Act, for example, our committee will interpret it and, as appropriate, submit written comments and share best practices on how to comply with the final regulation, once issued. The committee puts on a conference every
year at the beginning of March, where industry experts talk about trends and challenges. I speak on panels at this conference and other conferences focusing on anti-money laundering topics, which is a lot of fun.

REPORTER: How did you become involved in this field?
BAUMANN: I kind of fell into it. When I was at Trinity, my concentration was international relations. I love to travel, and I knew I wanted to go to law school, possibly to study international law. But I learned pretty quickly that international law is very difficult to enforce. You can implore Iran to not develop nuclear weapons, but how do you enforce it? UN resolutions and other sanctions don’t appear to be entirely working. So when I entered law school, I took courses in maritime law, which I loved because it was one big history lesson about Greek and British law, both of which were huge marine powers at one time. Plus, I have always lived on the ocean and love to sail, row, surf, and kayak. After law school, I worked briefly in maritime law, but I soon switched to financial services. I worked at Charles Schwab and then Fidelity, where I supported Fidelity’s clearing business from a general compliance perspective. In 2001, I was given the opportunity to
work on anti-money laundering compliance. I don’t regret the switch from maritime law; I have had great mentors, and the job plays on a lot of my interests.

REPORTER: Was there a professor or course at Trinity that helped shape these interests?
BAUMANN: Professors Albert Gastmann and Walker Connor were my favorite professors and further inspired my strong interest in politics, history, and international travel. One of my favorite classes with Professor Connor focused on the Middle East, the Arab-Israeli conflict in particular. It’s interesting that I took the course in the late 1980s, but the topic is still such an important part of international politics.

REPORTER: What is the most rewarding part of your work?
BAUMANN: I love it because it is interesting, cutting edge, and most of all very important. Law can be boring, compliance can be boring, but anti-money laundering is compelling because you’re trying to catch the bad guys and prevent them from using the U.S. financial system to perpetuate criminal activity or profit from such activity. I also enjoy the people that I work with at Fidelity and interface with in the industry and the government, particularly through my co-chair role.