Banking as a Service Compliance Guide
Compliance program must-haves and pitfalls to avoid for a successful BaaS strategy.
Leveraging fintech relationships is a common growth strategy for community and regional banks. But recent regulatory scrutiny has highlighted the importance of investing in scalable compliance.
This guide for bank executives and compliance officers provides actionable recommendations to build a BaaS-ready compliance program that on BaaS compliance.
The Current State of BaaS: Lessons from recent consent orders by regulators, including areas of compliance regulators have frequently found deficiencies.
Compliance Risks and Upcoming Regulatory Changes: Compliance ownership falls on banks, even when fintech partners are required to comply with AML/CFT regulations.
Third-Party Oversight: Mechanisms to ensure your fintech partners have have adequate compliance controls in place that identify and monitor for changes in risk.
Screening Automation: Leveraging compliance systems that can automate KYC onboarding, transaction screening and real-time monitoring reduces compliance teams’ manual work loads and false positives that slow down fintech programs.
Future-Proofing Compliance as You Scale:
Build compliance frameworks that can scale with the growth of fintech partnerships.
Implement continuous monitoring to respond quickly to emerging risks.
Provide regular training to internal teams and partners to keep up with regulatory updates.
Get Your Copy
To ensure your compliance program is built to scale with BaaS, download the guide
