Compliance and FinTech - Today's Regulations for Tomorrow's Technology
Wednesday, October 23, 2019
12:00 pm – 1:00 pm Eastern
Financial technology, or fintech in short, is an emerging sector that provides financial services using technological innovations. Fintech companies aim to offer simple and transparent financial services to their modern, tech-savvy customers. As a participant in the delivery of Financial Services, these companies must comply with Federal and State regulations.
FinTech applications are designed to make financial transactions more accessible:
- Applications that support financial and banking services such as mobile banking apps and software for payment processing.
- Programs that permit monetary transfers online or through mobile devices, peer-to-peer lending apps, online wealth management, etc.
- Virtual currencies that exist in databases and are transacted through online networks.
Also, traditional companies are using technology to employ solutions in the delivery of their products as well – thus becoming a FinTech company as well.
In this BankerCollege exclusive FinTech training, recorded August 2019, Industry Expert, Connie Fenchel covers the critical elements of FinTech every financial services professional needs to know.
Topics Covered:
- Why many FinTech companies are classified as MSBs, or "Money Services Businesses"
- Which regulations impact affect FinTechs including BSA, AML, and OFAC
- State and Federal regulations that Money Services Businesses must follow
- The 'Four Pillars' of FinTech Program Requirements
- AML/OFAC requirements that banks make many FinTechs follow, even if not required under BSA
- Potential risks associated with specific FinTechs
- Mitigating controls, red flags, OFAC Compliance and Exec Order 13772 explained
Speaker:
Connie Fenchel, CAMS, CPAML, President, AML Experts, Inc.
Connie Fenchel is an internationally recognized expert with more than thirty years experience in the areas of money laundering, detection of suspicious activity and financial investigations. Ms Fenchel served as the Deputy Director of the Financial Crimes Enforcement Network (FinCEN); the executive Director of Operations, Director of Financial Investigations, Group Supervisor and a Special Agent for the U.S. Customs Service. As a twenty-six year federal government employee, Ms. Fenchel was a manager for twenty years and a high-ranking Senior Executive for five years.
Attendance verification for CE credits provided upon request.
Webinar Sponsored by BankersHUB
If you are having issues with registering online, please contact CBAO's Education & Training Coordinator, Lianne Simeone, (614) 610-1877