Two partner banks with rapidly growing BaaS businesses are facing serious regulatory concerns following supervisory examinations, according to new reporting from industry sources. Other partner banks are reportedly slowing or stopping onboarding of new BaaS and fintech clients, or even ending existing relationships. All signs point to intensifying regulatory scrutiny
Compliance News & Education
Financial crime increases during and after a major economic downturn. Past financial crises show this to be true. Law enforcement authorities, regulators, international organizations, and industry experts all agree on this fact. Yet, amidst pressing business challenges, financial crime compliance can fall out of focus. Given our current bleak economic
When cryptocurrency first started to gain popularity, financial institutions struggled to search for cryptocurrency exposure in accounts. Compliance officers often were stuck manually keyword searching for known cryptocurrency exchanges in hopes of finding potential exposure. As cryptocurrency increases in popularity, compliance officers need better ways of understanding their exposure to
As use of virtual currencies has exploded, the perception of the crypto industry as posing increased financial crime risks remains. If you work in a crypto business, you need to become familiar with the financial crime obligations that are relevant to you.
As compliance officers well know, fintechs and banks already take on a host of legal, regulatory, and business challenges when entering into arrangements with each other. But recent restructuring decisions at the U.S. Office of the Comptroller of the Currency (OCC) are a signal that regulatory scrutiny of bank-fintech
Last week, the Joint Chiefs of Global Tax Enforcement (J5), issued a first-of-its-kind “intelligence bulletin” on Non-fungible Tokens (NFTs) marketplace red flags for financial institutions, law enforcement, and private citizens. Compliance officers should review these red flags as the J5’s bulletin provides practical and unique insights into the financial
Last week, the U.S. Office of the Comptroller of the Currency (OCC) issued a first-of-its-kind Consent Order to Anchorage Digital Bank. The order offers compliance officers unique insights about compliance expectations vis-à-vis digital assets and remediation activities. Anchorage was the first crypto firm to receive conditional approval for a