You’ve seen it on TV – gangsters moving money around to make illegally gained money appear legal or “clean.” Think Jason Bateman in Netflix’s Ozark.

According to government estimates, between CAD $45 billion and $113 billion in funds are laundered in Canada each year. And, with methods that are becoming increasingly sophisticated, it poses a major challenge for Canada’s financial system.

This is where Jake Choi, MM-A ’25, enters the picture. After gaining a start in digital banking in Hong Kong, Choi came to Canada and worked at a consulting firm, a move that didn’t align with his skills or interests. He still had an eye for the banking industry.

“I thought it was time for a change, so I decided to take on a Master’s program,” said Choi, who chose Ivey Business School to meet that need. “It really paid off because I was able to get back into the banking industry even before I graduated.”

Designed for professionals, the 12-month Master of Management: Analytics program (MM-A) blends online and in-class experiences. Now Choi is in the midst of the risk management area at RBC, as manager of AML Model Tuning and Optimization, a role he described as “absolutely something new to me.”

Not only did Ivey’s reputation as a top business school contribute to gaining an interview, but it also helped him gain the necessary skills and provided a valuable understanding of the Canadian business landscape. And its challenges.

With methods like “structuring” (breaking up a reportable transaction into smaller, non-reportable ones to avoid reporting requirements) and “round and repeat” (repeated roundtrips of money with minimal economic value), money laundering is an ever-more sophisticated challenge. Choi and his team work to identify suspicious activities using the skills the MM-A program gave him.

“The case teaching method taught me to self-learn, especially learning to ask the right questions or find the right information to tackle the case problem,” said Choi. “It’s very similar to real business practice because it teaches me to work on my own, find the relevant information – for example, to understand how to improve the model’s performance when faced with a new criminal activity.”

Working on the program while starting a new role also taught Choi valuable lessons.

“It’s a great opportunity for students to learn how to manage their time. When you’re in the program, you are both employee and student, and you have to learn how to balance everything. How you manage your time is critical.”

Maintaining friendships with fellow alumni has been another important benefit of the program, said Choi.

“After two or three days, everyone gets to know one another, and soon friendships are forming. I don’t know, maybe that’s the Ivey magic!” said Choi, who discovered that – despite the varied ages, backgrounds and cultures – lasting friendships were still made. “This is something I really value.”