Comprehensive Overview of Regulations in Fintech

Comprehensive Overview of Regulations in Fintech

Regulatory challenges in Fintech are usually related to striking a balance between fostering innovation and protecting consumers from financial crime and loss. This has not come with ease. The debate over whether some digital assets should be categorized as commodities or securities is a prime example.

For one thing, Fintech products often blur the lines between traditional financial services and emerging technologies. With new business models and products, regulatory and compliance risks tend to expand at a rapid pace.

Nevertheless, countries around the world are continually adapting financial regulations to respond to Fintechs’ unique offerings. The regulatory gap is closing slowly but surely.

In this article, we explore some of the major regulatory developments that relate to US Fintechs. But first, let’s answer the following question

KYC/AML Compliance Checklist for Fintechs

KYC/AML Compliance Checklist for Fintechs

KYC/AML compliance is a complex area of regulation that requires a deep understanding of both the financial sector and your business. Do you know what your firm’s obligations are? Read on to learn more about some of the major compliance checklists Fintech firms need to adhere to in order to ensure robust KYC/AML practices and successful third-party relationships.

Understanding the CFPB Section 1071 Final Rule: Implications for Financial Institutions

Understanding the CFPB Section 1071 Final Rule: Implications for Financial Institutions

The Consumer Financial Protection Bureau (CFPB) recently issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data concerning credit applications made by small businesses, including women- or minority-owned small businesses. Here’s what financial institutions need to know about the CFPB Section 1071 Final Rule.

Guidelines for Bank SecrecY Act / Anti-Money Laundering (BSA/AML)Compliance Program 2023

Guidelines for Bank SecrecY Act / Anti-Money Laundering (BSA/AML)Compliance Program 2023

A BSA/AML compliance program aims at bringing about greater transparency, inclusiveness, and accountability in financial systems. Given the increased regulatory scrutiny and enforcement actions, financial institutions must prioritize BSA/AML compliance and ensure their policies, procedures, and controls are up-to-date.

In this article, we explore some of the fundamentals of BSA/AML regulations (BSA 101), including BSA/AML compliance meaning and examples, the pillars of BSA/AML, the entities subject to BSA/AML compliance, and important steps taken by financial institutions to stay compliant.

Audit Procedures for Financial Institutions

Audit Procedures for Financial Institutions

the audit procedure is a standardized process set up by banks to assess their level of compliance with relevant rules and regulations. Also known as the technique of auditing, an audit procedure is carried out by an internal or external auditor and may be conducted on a continuous or periodic basis.

Top 10 Risk and Compliance Trends for 2023

Top 10 Risk and Compliance Trends for 2023

With the rapidly growing digital revolution, financial institutions have undergone a significant technological change to meet demands from increasingly sophisticated customers and global competition. Hence, it is crucial to know what should be your risk and compliance...