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Discussion Points on Fintech Banking

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AML typologies have changed over time, bringing new challenges and tighter compliance rules. Recent fines against major financial institutions point to ongoing problems, such as outdated systems and weak risk management. For FinTechs, strong AML practices can boost credibility and give them a competitive edge.

The rise of crypto-wallet services and evolving FinTechs suggests a need for more precise taxonomy in this sector. Additionally, open banking models are poised to simplify compliance processes by improving data sharing and integration.

In US community banking, risks include limited resources and old technology, which complicate AML efforts. As FinTech and Banking-as-a-Service (BaaS) models develop, there’s a risk of either too much or too little regulation. The rise of crypto-wallets and new FinTech services shows a need for clearer guidelines. Open banking models could help simplify compliance by improving data sharing and integration.

Speakers:

Sarah Beth Felix, Co-Founder, and Chief AML Officer at Acceleron Bank

Oonagh van den Berg CEO, Founder, Compliance Consultancy at Virtual Risk Solutions – VRS

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