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Bank-Fintech Relationships: Key Regulatory Developments

Bank-Fintech Relationships: Key Regulatory Developments

Bank-fintech relationships and the Banking-as-a-Service (BaaS) landscape have become major regulatory focuses in the last two years and it's essential to follow the latest compliance developments. We’re tracking and updating this page for key regulatory guidance, events, and discussions on bank-fintech oversight expectations. Subscribe to our newsletter and follow

Financial Crime Predictions for 2023

Financial Crime Predictions for 2023

What will the financial crime landscape look like in 2023? We spoke with industry experts at Alloy, Alloy Labs, Fintech Business Weekly, Griffin, and Treasury Prime to learn what next year holds in store. With the rapid pace of regulatory change, compliance teams need to be ready for what is

OCC Penalties Will Focus More on Identifying and Fixing Issues

OCC Penalties Will Focus More on Identifying and Fixing Issues

The OCC recently released revisions to its Civil Money Penalties (CMP) manual, effective January 1, 2023. The CMP manual guides how the regulator considers aggravating and mitigating factors when assessing potential fines. The key takeaways from these changes are that the OCC will: 1. Place significantly more weight on 2

Russia Sanctions Developments and Practical Compliance Steps

Russia Sanctions Developments and Practical Compliance Steps

As Russian aggression in Ukraine escalates further, the unprecedented sanctions on Russia by the US, UK, EU, and other jurisdictions continue to increase. Recent Russia-related sanctions have received regulators’ full focus and resources. The UK’s Office of Financial Sanctions Implementation (OFSI) is more than doubling its staff given the

Key Implications of New US Beneficial Ownership Reporting Rule

Key Implications of New US Beneficial Ownership Reporting Rule

The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) recently published its long-awaited final rule [https://www.govinfo.gov/content/pkg/FR-2022-09-30/pdf/2022-21020.pdf] setting out new landmark US beneficial ownership information (BOI) reporting requirements. Once the new rule becomes effective, over 30 million legal entities created or

New Clarity on OCC Expectations for Bank-Fintech Relationships

New Clarity on OCC Expectations for Bank-Fintech Relationships

Recently, we wrote [https://community.cable.tech/baas-providers-fintechs-facing-stricter-partner-bank-scrutiny/] about rumors swirling of regulatory crackdowns on bank-fintech partnerships and how to stay ahead of regulatory scrutiny. Those rumors have now become concrete. Blue Ridge Bank, a US partner bank, disclosed an agreement [https://www.sec.gov/Archives/edgar/data/842717/000119312522236606/

Back to Basics for Responding to Tornado Cash Sanctions for Compliance Officers

Back to Basics for Responding to Tornado Cash Sanctions for Compliance Officers

The cryptocurrency mixer and decentralized application (DApp), Tornado Cash [https://home.treasury.gov/news/press-releases/jy0916], made headlines this month after being sanctioned by the US Office of Foreign Assets Control (OFAC). This move has riled up crypto industry members, as well as free speech and privacy advocates. Given these