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FinTech: The Emerging Financial Crime Compliance Minefield
More than ever, the intersection of technology and financial crime compliance (FCC) for financial institutions is dynamic terrain. At the same time, technology continues to improve, and sometimes disrupt the way in which consumers and businesses participate in the financial services industry. The proliferation of so-called “FinTech” ' particularly by startups outside the financial sector ' raises a host of thorny FCC issues for regulators and financial institutions required to comply with the Bank Secrecy Act (BSA) and its anti-money laundering (AML) mandates. These include how to define the financial crime risks at play; if, how, and to what extent a new technology or service falls within the scope of existing regulations; and, for banks and other institutions that partner with FinTech startups, ensuring compliance with rules on third-party risk.
Background
In one sense, FinTech is nothing new. In the 1960s, mainframe computers and ATMs were early precedents, marking the analog-to-digital evolution of financial services. But these days, we more commonly associate FinTech with the rapid and pervasive wave of innovations in financial services over the last decade that, by and large, has tracked advances in computing and mobile technology. In retail banking, for instance, consumers already take for granted some recent forms of FinTech ' mobile check depositing comes to mind ' as indispensable parts of the banking experience. Other emerging FinTech areas range from public funding sources (“crowdfunding”) and streamlined electronic payment processes (“e-payments”) to consumer-driven lending (“person-to-person lending”) and artificial-intelligence-based financial advisory services (“robo-advisers”). One need only glance at Forbes' “Fintech 50,” published for the first time in December 2015, to appreciate the breadth and, at times, groundbreaking potential of these new technologies.
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