Though Hollywood films tend to exaggerate and dramatize stories, they do often depict some kernel of truth. Even the most dramatic cinemas—filled with explosions, heists and deception—are based on stories that happen in real life, such as the financing of terrorist attacks or laundering of money obtained through ill-gotten gains. On Tuesday, September 30, Jessica Fitch Olmstead ’00, P’29, current managing director for French bank BNP Paribas, will join the Society of Skeptics to reveal to students just how close some of those plot lines come to reality. For instance, she reiterates a statistic from NASDAQ that “the amount of ‘dirty’ money laundered annually through the global financial system was estimated to account for more than $3 trillion USD, according to NASDAQ’s 2024 Global Financial Crime Report.” 

Excited to engage with her fellow Bucs, Jessica looks forward to offering some insight into her career and how she got to where she is–as a managing director, leading the financial intelligence and anti-money laundering teams for one of the world’s largest international banks.

“I stumbled into my career a bit by chance in terms of timing,” Jessica shared in a pre-event interview. “I was in my second year of college when the September 11 terrorist attacks took place. The events of the day were tragic to say the least, but they also offered the birth of a path for me. I found a niche understanding in studying geopolitics as they unfolded in front of me.

“The USA PATRIOT Act [Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism] was enacted just 45 days following September 11. Being a young adult at the time, I was forced to see the world beyond the safety of my bubble. Like many others, I felt the need to do something and my interest had been piqued in this new field of regulation.”

So Jessica accepted an offer to work for a financial institution in the field of compliance, a role that allowed her to protect customers, the institution she worked for and the people they employed “while offering an opportunity to genuinely help make the world a slightly better place.”

Her specialty quickly became financial intelligence with a focus on international sanctions, anti-money laundering, counter-terrorist financing, and combatting other financial crimes like drug and human trafficking, corruption, fraud and tax evasion. "Compliance is challenging and constantly evolving,” she notes, “which provides opportunities to engage in critical and creative thinking on a daily basis.”

“The staggeringly large and increasing amounts of illicit funds moved through financial systems have given rise to growing media attention as journalists have globally banded together in pursuit of uncovering this underground world of financial crime....Likewise, the United States and foreign governments coordinate regulation and law enforcement efforts within international groups. Yet, as these expectations grow increasingly, we continue to see headlines where financial institutions attempt to keep up but the job of a criminal is to stay a step ahead. Financial institutions have been fined almost $55 billion USD since the global financial crisis of 2008 in relation to money laundering and terrorist financing control deficiencies and economic sanction violations, further driving the importance and commitment to the field of compliance.”

Though Jessica might consider herself fortunate to have discovered her professional calling early on in her career, she says her son (a current Blair student) was even quicker to realize what he wanted to do. One point she’d like students to learn from her Skeptics talk is something she tells her son today: Be accepting of pivoting.

“The best advice I can give to those unsure of what they want to do in the future is the same advice I offer my own son: Be a sponge and be brave enough to explore and seize opportunities in front of you. It’s okay to not yet know your career path. Now is the time to explore your interests and think beyond the comfort of your bubble. Most importantly, be open to pivoting your plan.”

All are welcome to hear Jessica speak in the forum of the Chiang-Elghanayan Center next Tuesday at 7 p.m.

History of Skeptics
 
The Society of Skeptics was established as a forum for students and faculty to discuss and debate important global issues; it has grown to become one of the premier high school lecture series in the United States. Each week, speakers from the political, social, scientific, economic and literary arenas share their unique perspectives with students, who are encouraged to engage with presenters, asking questions and debating points of view.
The program, which is funded in part by the Class of 1968 Society of Skeptics Endowment Fund, is an outgrowth of the Blair International Society, begun in 1937. Forty years later, former history department chair Elliott Trommald, PhD, Hon. ’65, established the modern Skeptics program as a regular forum for student discussion and debate; history teacher Martin Miller, PhD, took over in the mid-1980s and molded the program into a weekly lecture series, one that has since continued without interruption. Under the tutelage of Dr. Miller and his successor, history department chair Jason Beck, Skeptics has featured a wide variety of speakers who are thought-provoking, engaging, accomplished in their respective fields and often controversial. For a listing of upcoming Skeptics programs, please visit Blair’s website.