How fintechs can evolve their financial crimes compliance

In this webinar, Crowe specialists discuss how fintechs can build and scale compliant anti-money laundering (AML) programs. They provide insights into key components of a compliant AML program, strategies for scaling operations as a fintech grows, and details on enhancing specific program elements like customer due diligence, transaction monitoring, and training.

Presenters

• Tamara Kolb, Principal, Consulting
• Jacob Rivkin, Principal, Consulting
• Mary Harbaugh, Consulting
• Jillian Arezzi, Consulting

Webinar topics

• Conducting a thorough risk assessment to identify inherent financial crime risks and confirm appropriate controls are in place provides the framework for policies, procedures, and board and leadership approval.

• Organizations need to understand contractual obligations between fintechs and bank sponsors for customer identification, know your customer, and other compliance requirements. They also need to verify that metrics and data access allow both parties to uphold their end.

• As fintechs grow and add banking partners, they should develop protocols to adhere to each bank's requirements. Designating points of contact and structure oversight is also critical for good communication.
• Fintechs should complete new product risk assessments before launching offerings in new markets. Ideally, they can make informed decisions regarding risks and necessary controls.
• Fintechs need to maintain ongoing compliance testing such as audits and model validations to assure program effectiveness and to address identified issues.
• Organization should be involved in product development conversations to verify compliance and be aware of changes that could affect the AML program.
• Fintechs that exhibit sufficient controls and have a growth plan for compliance are more attractive partners to bank sponsors.
• Various technology tools can help with customer screening, transaction monitoring, case management and other processes.
• Organizations should conduct regular staffing assessments to meet service-level agreements (SLAs) with appropriate resourcing, whether internal or contracted.
• Enhancing customer identification program collection and verification processes like background checks and ID review is a good, proactive step.
• Organizations can automate risk rating at onboarding and throughout the customer life cycle to be more efficient and dynamic.
• Data collection and analysis for high-risk reviews can be streamlined with dashboards and digestible formats.
• Fintechs should review transaction monitoring system capabilities and enhance key performance and key risk indicators for management oversight of SLAs. 
• Obvious false positives in sanctions screening can be cleared automatically to reduce manual intervention, so enhancing oversight metrics is key.
• Organizations can tailor AML training content to company-specific risks and red flags and use technologies to track completion.

Note: Only attendees of the live webinar are eligible for CPE or CLE credit for qualifying webinars. If you view the webinar recording on this page you may not be eligible for CPE or CLE.

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Additional CPE information