Fintechs and Regulatory Compliance — A Happily Ever After?

Recent regulatory initiatives around open banking (such as PSD2) have opened up countless possibilities for innovation around payments. Although PSD2 allows fintechs to participate in the money flow as traditional banks do, it also presents them with an array of regulatory requirements related to anti-money laundering (AML) and countering the financing of terrorism (CFT). As promising as the opportunities may sound, fintechs should not assume there are easy shortcuts to open-banking heaven.

In this article, Protiviti’s Owen Strijland shares his insights on how fintechs can overcome the AML challenges related to becoming PSD2-compliant without becoming disheartened in the process.