New frontiers in compliance automation that can strengthen FinTech – Partner Bank relationships under fire
November 5, 2022
Money 20/20 is one of the biggest events in financial services, blending all things digital across banking and FinTech. Despite economic and market uncertainty, this year’s event held last week in Las Vegas, brought energy and optimism that could only be described as infectious.
Over 11,500 registered attendees convened at the Venetian to explore new developments in the industry and challenge the status quo. A major theme of the conference was the need for the industry to strengthen and prove the governance function between FinTechs and their Bank partners, coupled with the availability of automated tools and techniques to support these relationships and their overall risk management functions that benefit FinTechs and Bank partners alike.
Here are some takeaways related to this theme from Money 20/20 this year:
FinTechs continue to need access to a Bank’s charter to move money and/or provide financial services under the watchful eyes of regulators who monitor compliance with KYC, AML, BSA, fraud monitoring, OFAC screening, UDAAP, fair...