- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2021-08-30T16:27:00
Three federal banking regulators have released guidance offering tips and suggestions to community banks for conducting due diligence on potential FinTech partners.
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Fintech startups are typically free to enjoy rapid growth without the burden of strict regulatory oversight. But as scrutiny over the industry grows, so does the urgency for fintechs to get their compliance house in order.
Banks and financial institutions regulated by the OCC faced elevated risks in 2021 from cyberattacks launched on them and their third parties, as well as compliance risks related to the pandemic, according to the agency’s latest report.
Experts weigh in with their thoughts on why FinTechs and cryptocurrency firms continue to have a bad reputation in terms of compliance.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
