Tag: Regulatory Scrutiny

Banking as a Service (BaaS) has been celebrated as a significant catalyst within the European FinTech industry, driving its influence on a global scale. Napier AI, which offers a financial crime compliance solution, recently explored why a risk-based compliance approach is vital for BaaS. 

In recent years, off-channel communications have come under the intense scrutiny of regulators like the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). This scrutiny is largely due to the risks these unmonitored communications pose, ranging from compliance issues to gaps in record-keeping that can affect investor protection.

The SEC and CFTC have charged multiple Wall Street firms with widespread recordkeeping failures, imposing staggering penalties exceeding $2.5bn.

In the latest episode of Napier AI's podcast series, Paysafe’s former MLRO and Napier AI's data scientist delve into the integration of machine learning (ML) in combating financial crimes within the FinTech sector.

With the industry's focus on rapid growth and market domination, the critical role of risk assessment in preventing money laundering, terrorist financing, and other illegal activities is frequently sidelined. This negligence can lead to severe consequences, including regulatory fines and reputational damage, ultimately impeding a company's ability to compete.

In the intricate world of regulatory compliance within FinTech, the three-step standard ‘Know Your Risk’ (KYR) strategy has emerged as a beacon of simplification and clarity.

In a recent post, RegTech firm Eventus outlined key reasons why practitioners must be the key drivers behind trade compliance. 

In a recent post by eFlow Global, the company took a 'deep dive' into the Financial Conduct Authority's Market Watch 73.