Sunday, April 21, 2024
13.4 C
Los Angeles

Civilians at Risk as Large-Scale Fighting Looms in Darfur

After a months-long, uneasy détente between Sudan’s...

Advancing technology for aquaculture | MIT News

According to the National Oceanic and Atmospheric...

Using deep learning to image the Earth’s planetary boundary layer | MIT News

Although the troposphere is often thought of...

Alloy’s Report Highlights Compliance Challenges and Costs for Fintechs

FinTechAlloy's Report Highlights Compliance Challenges and Costs for Fintechs

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

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

Check out our other content


Check out other tags:

Most Popular Articles