Alloy, an identity risk management company, has unveiled a report revealing that 60% of surveyed fintechs faced compliance fines exceeding $250,000, with a third paying over $500,000. Larger fintechs reported higher fines, as 37% of those with 1,000+ employees paid over $500,000 in compliance fines last year.
The ‘State of Compliance Benchmark Report’ surveyed over 200 compliance decision-makers from U.S. financial technology firms. Results showed that 93% found bank secrecy act (BSA) compliance, including anti-money laundering (AML) and know your customer (KYC) requirements, challenging to fulfill. However, 80% of fintechs exceed the minimum risk management required for compliance, suggesting a need for comprehensive programs.
Fintechs prioritize customer confidence (34%) and reputational damage (25%) as key influencers on BSA compliance decisions, while 34% rated writing and filing suspicious activity reports (SARs) as the most time-consuming compliance task. Regardless of size, fintechs found SAR filing time-consuming, with 25% stating it takes 1-2 weeks per report.
To access more insights, refer to the complete report here.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}