Anton Petrov, Chief Compliance Officer and Member of the Management Board at First Investment Bank, shares his professional journey, what challenges are most pressing for the banking sector in Europe, how the role of compliance leaders will evolve, and more.
CEEIHM: Could you walk us through your professional journey and the milestones that led to your current role on the Management Board of First Investment Bank?
Petrov: My professional path has been shaped by curiosity and a deliberate effort to build perspective from every possible angle. When I was at university, I initially wanted to study abroad, but for family reasons, I stayed in Bulgaria — and that turned out to be a blessing. It gave me the opportunity to get involved in multiple law school competitions and to pursue as many internships as I could. My goal was simple: to understand how the legal and business ecosystem really works from the inside.
I started my career in the private sector, including a brief but very valuable time at one of the Big Four firms. That experience gave me a solid grounding in analytical thinking, structured project work, and the importance of clear risk assessment.
After that, I spent several years in government administration, which I consider essential for anyone who wants to understand how regulation is shaped and applied in practice. To understand the government, you have to see it from the inside.
When I joined First Investment Bank, I was initially part of the in-house legal team, leading complex transactions and cross-border projects. Over time, I transitioned from leading processes to leading people — and ultimately to overseeing the bank’s group-wide compliance and ESG functions. Each step broadened my understanding of how strategic decisions are made and implemented within a large financial institution.
CEEIHM: How has your perspective evolved from your early roles in legal advisory and risk assessment to now overseeing a group-wide compliance function?
Petrov: My perspective has evolved dramatically. As an external legal advisor, you’re typically involved in a specific stage or narrow segment of a project. You focus on identifying risks, but you’re not there to see how the advice is implemented or how it interacts with the business over time.
As an in-house professional, you gain a completely different dimension. You see how strategic goals, operational constraints, and regulatory expectations align — or sometimes collide. When I joined Fibank, I already had experience leading international legal projects and supporting M&A and strategic initiatives, but compliance leadership was a different challenge altogether.
Designing and overseeing a function means building frameworks that not only work today but remain adaptable tomorrow. It involves integrating technology, coordinating cross-functional teams, and ensuring that compliance becomes an enabler of sustainable business growth, not just a gatekeeper. Doing a transaction has a clear start and finish; leading a compliance function is continuous — it evolves with the organization and the world around it.
CEEIHM: The compliance landscape in banking has become more complex than ever. What do you see as the most significant compliance challenges currently facing European banks?
Petrov: The biggest challenge today is managing complexity and interconnection. Regulations no longer exist in silos — AML, sanctions, consumer protection, data privacy, ESG, and operational resilience are all converging. For banks operating across jurisdictions, ensuring consistency and proportionality in compliance frameworks is a daily balancing act.
At the same time, regulators are becoming more proactive and data-driven. Supervisory expectations are not just about having policies in place — they’re about demonstrating effectiveness, traceability, and responsiveness to emerging risks.
Finally, there’s the human element: ensuring that people across the organization understand the “why” behind compliance. Embedding a culture of integrity remains the most powerful — and sometimes the most underestimated — control mechanism.
CEEIHM: How do you see the role of technology and AI changing the way banks detect and prevent financial crime?
Petrov: Technology is fundamentally reshaping compliance. We’re moving from rule-based monitoring to intelligence-driven prevention. AI and advanced analytics allow us to detect behavioral anomalies, link data points that a human might miss, and focus investigative efforts where they truly matter.
At Fibank, we’re integrating a full-scope anti-financial crime platform that combines transaction monitoring, name screening, case management, and risk scoring into one intelligent ecosystem. Automation frees up human capacity for judgment-based work while improving consistency and auditability.
However, technology is not a silver bullet. Data quality, governance, and explainability are key. AI can augment human expertise — but it cannot replace the ethical and contextual judgment that compliance professionals bring to the table.
CEEIHM: What are the main challenges banks face when integrating ESG into their governance and risk management frameworks?
Petrov: The first challenge is defining what ESG means for your institution. It’s a broad and evolving concept, and banks must translate it into practical, measurable objectives that align with their business model.
Second, there’s data and methodology. Reliable ESG data remains a challenge, especially for smaller counterparties and SMEs. Without good data, it’s difficult to integrate ESG into risk models or credit decisioning in a meaningful way.
Third, it’s about embedding ESG into culture. It’s not just about reporting; it’s about making sustainability part of decision-making across departments — from credit and procurement to HR and compliance. At Fibank, we’re working on aligning our governance and risk frameworks with ESG principles, ensuring transparency and long-term value creation.
CEEIHM: Which upcoming domestic or EU regulations do you see as presenting the greatest challenges or opportunities for the banking sector in the next few years?
Petrov: The EU Anti-Money Laundering Package, including the establishment of AMLA, is clearly one of the most impactful developments. It will reshape supervision and bring new expectations for uniformity and effectiveness across member states.
The Digital Operational Resilience Act (DORA) is another milestone, as it changes how financial institutions manage ICT risk and third-party dependencies.
In the medium term, the evolving ESG regulatory framework — particularly under the CSRD and the European Sustainability Reporting Standards — will drive greater transparency and comparability but also significant operational adjustments.
Each of these frameworks presents both a challenge and an opportunity: compliance burdens may increase, but institutions that adapt early and intelligently will gain trust, resilience, and competitive advantage.
CEEIHM: How do you see the role of compliance leaders evolving within the banking sector over the next decade?
Petrov: Compliance leaders are increasingly becoming strategic partners, not just risk gatekeepers. The role is evolving from monitoring and enforcement toward enabling transformation — ensuring that innovation, digitization, and growth happen responsibly and sustainably.
In the next decade, compliance leaders will need to be multilingual in the broadest sense: fluent in regulation, technology, and business. They’ll also need to be effective communicators and cultural leaders — helping organizations not just to comply, but to act with purpose.
At Fibank, we see compliance as a driver of trust — both internally and externally. That’s the direction I believe the whole industry is moving toward.
CEEIHM: What’s one habit, framework, or resource you rely on to stay informed and focused in such a demanding regulatory environment?
Petrov: My approach is based on structured curiosity. Every day brings new information, but the key is to distinguish what’s truly relevant. I maintain a disciplined reading routine — combining regulatory updates, industry analyses, and academic sources — but I also invest time in dialogue: with peers, supervisors, and colleagues from different functions.
I also make a point of attending professional events, forums, and conferences whenever possible. These gatherings are not only a source of knowledge but also inspiration. Many of my best ideas have come to me in those settings — when I have the space to listen, reflect, and connect different perspectives. Even if I come back from an event with just one valuable idea, it’s worth the effort in my view.
No one can know everything, but you can build an ecosystem of knowledge and perspective — and that, combined with moments of reflection, is what keeps me focused and evolving.