Compliance for Fintechs: Know What Examiners Expect
In Part I [https://hummingbird.co/blog/how-to-launch-a-regulated-product/] of
this series, we went through the main differences between working with a bank
and being regulated yourself. Regardless of which route you decide to take,
preparing what examiners expect of you beforehand will save you from a lot of
future headaches. What you’ll need includes documentation, a risk assessment,
good auditability, solid timelines, training, testing, and
Filing SARs Doesn’t Have to Hurt! RegTech Can Automate Tedious Tasks, Reduce
Costs, and Maybe Even Help Stop Crime
Slight possibility you could help identify a crime ring? Okay, that does make
regulatory compliance kind of exciting.
Filing out long, complicated forms? Ah, not so much.
We’ve been going fairly light in this series on explaining how Hummingbird’s
anti-money laundering RegTech tools can help, but Suspicious Activity Report
(SAR) filing has such a glaring need for automation that