Compliance That Makes Sense

The majority of compliance trainings, certification curriculums, and seminars focus on understanding, interpreting, and implementing rules and regulations. In today's episode, I explain why I disagree with this tactic and what I recommend doing instead!

If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select "Ratings and Reviews" and "Write a Review" and tell me what your favorite part of the podcast is.

Today's episode:

[00:53] The inspiration behind today's topic.

[01:24] What the majority of compliance trainings and seminars focus on.

[02:24] Why focusing on learning rules and regulations can hinder your success.

[05:14] The benefit of looking to people who know less than you.

[05:55] Discrepancies in documents that are often not challenged.

[07:36] The factors that are more important than comprehensive knowledge when it comes to solving compliance problems.

[08:12] Benefits of utilizing a "learning-by-doing" strategy.

[09:38] How to get hold of me if you would like to learn more.

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!

• I would love to invite you to sign up for my newsletter. If you are interested, please click here.

• Connect with me on LinkedIn here.

In this episode, I explain why to-do lists aren't actually as helpful as many time-management gurus would have you believe! I also share a new approach that you can use to define your strategic priorities instead of a to-do list.

If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select "Ratings and Reviews" and "Write a Review" and tell me what your favorite part of the podcast is.

Today's episode:

[00:42] What time management gurus have led us to believe about to-do lists.

[01:16] The problems with to-do lists.

[02:20] Examples of common to-do list items.

[02:46] Why to-do lists don't often contain strategic priorities.

[03:54] Items that you don't want to find on your compliance department's to-do list.

[05:22] Indicators that your compliance department is not prioritizing the right things.

[06:04] Shifts that are taking place within hugely profitable companies.

[07:29] The importance of understanding the difference between busy work and solving real problems.

[08:06] A new approach to defining the strategic priorities in your business.

[09:20] An important question that all business leaders should be asking themselves.

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!

• I would love to invite you to sign up for my newsletter. If you are interested, please click here.

In this episode, I run through some of the common mistakes that FinTech founders make when trying to build relationships with the government, and I share some helpful strategies for how to build these relationships more effectively.

If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select "Ratings and Reviews" and "Write a Review" and tell me what your favorite part of the podcast is.

Today's episode:

[01:22] A misconception that many FinTech founders have about government figures at public events.

[04:31] Why I don't think it is beneficial for FinTech startups to offer educational workshops to government officials.

[06:00] A common problem with giving feedback on regulatory drafts.

[09:34] The limitations of being a small startup.

[10:04] How to approach meetings with government officials.

[10:47] My recommendation for commenting on regulatory suggestions in a way that will be helpful.

[12:29] How to respond to unfavorable regulatory feedback in a way that will benefit you.

[14:20] An important factor to keep in mind when dealing with government institutions.

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!

• I would love to invite you to sign up for my newsletter. If you are interested, please click here.

When I interacted with Wirecard a few years ago, I had mixed feelings about them. In some ways, Wirecard is very similar to most other FinTechs, but their fraudulent activity is in a league of its own!

If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select "Ratings and Reviews" and "Write a Review" and tell me what your favorite part of the podcast is.

Today's episode:

• [00:38] The mixed feelings that I had towards Wirecard when I worked with them.
• [03:43] An explanation of what Wirecard does.
• [04:50] Some of the characteristics that Wirecard has in common with most other Fintechs.
• [05:41] Wirecard's unusual path to becoming a public company.
• [07:11] How honest mistakes can benefit a business.
• [07:48] What Wirecard did with the billion dollars they made between 2010 and 2015.
• [08:27] The blind political support that Wirecard received in Germany.
• [10:52] An overview of Wirecard's fraudulent activities.
• [13:08] My top piece of advice for dealing with mistakes.

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!
• I would love to invite you to sign up for my newsletter. If you are interested, please click here.

Yana is recording from one of her favorite cities, Dusseldorf. She's talking all about compliance tools, compliance tool selection, and why you shouldn't select your tools based on pricing alone.

We go through a list of questions to ask about the tool to really understand the metrics and amount of false positive checks created. Choosing the lowest price per check can cost you more if the tool creates excessive false positives. You could end up wasting a lot of time and money.

If you found value in this episode, I would really appreciate it if you could leave a review!

My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies!

If you are on Apple, just click here to review, select "Ratings and Reviews" and "Write a Review" and tell me what your favorite part of the podcast is.

Today's episode:

[02:11] The purpose of adding any compliance tools to your compliance toolkit should be to improve the experience of internal and external users.

[03:43] How many false positives does this tool generate? Ask how many false positives versus true hits I can expect.

[04:43] What can the tool do automatically to help reduce the number of false positives? What will make the settings more accurate and improve the number?

[06:41] Ask if there is machine learning in place that can help adapt the performance of fraud management.

[07:05] Ask how many customers get approved by this tool at the first attempt. How does the tool differentiate active versus inactive accounts?

[09:10] How long on average does it take for an agent or your compliance analyst on an alert or flag to dismiss the alert or come to a decision about the customer?

[10:26] Even if you choose the lowest price per check, if the tool creates a lot of false positives, you will end up paying more.

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!
• I would love to invite you to sign up for my newsletter. If you are interested, please click here.
• 103 - How AML and Other RegTech Tools Became the Candy Crush Office Game for the Compliance Department

Cancel culture refers to the ostracism of a person as a result of them saying morally wrong, subjectively offensive, or politically insensitive. In this episode, I talk about the downsides of cancel culture, and why it could ruin your FinTech startup if you let it thrive.

If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select "Ratings and Reviews" and "Write a Review" and tell me what your favorite part of the podcast is.

Today's episode:

[01:18] The definition of cancel culture.

[02:05] Why I have a problem with cancel culture.

[02:43] Exploring the term 'intolerant minority.'

[05:11] How cancel culture stifles creativity and progress.

[06:03] Why cancel culture often thrives in FinTech startups.

[06:52] Examples of how cancel culture can play out in a Fintech startup.

[11:42] The danger of cancel culture in a Fintech startup.

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!

• I would love to invite you to sign up for my newsletter. If you are interested, please click here.

Compliance templates can be hugely beneficial, but they can also cause a lot of confusion if you don't know how or when to use them. If you've ever wondered about which situations are suitable for compliance templates and which are not, this episode is for you!

If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select "Ratings and Reviews" and "Write a Review" and tell me what your favorite part of the podcast is.

Today's episode:

[00:40] The commonly asked questions that I am going to address in this episode.

[01:10] Benefits of using compliance templates.

[02:19] Why templates can cause confusion.

[04:38] How to approach the creation of a risk appetite statement when you are asked for one.

[07:24] What it means to describe your internal assurance processes.

[08:36] My advice on what to do when someone asks to see your GDPR compliance policy.

[10:18] Why you don't need to panic when you are asked to produce a detailed flow of funds.

[11:07] Additional examples of situations where templates will not work.

[14:20] The additional service that I offer alongside my templates.

[17:57] Don't overthink compliance templates!

Show links:

• Click here to view the Compliance That Makes Sense Helpline.
• Interested in FinTech compliance? – Consider investing in the FinTech Compliance Self-Starter Package!
• Want more insights about FinTech and Compliance delivered directly to your inbox? Let's stay in touch! Click here.

Adding more features, data, and analytics capabilities to your RegTech tools may sound like a worthwhile effort, but it actually does more harm than good in the FinTech world. Tune in today to hear why this trend is more like a Candy Crush office game than an effective business strategy.

If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select "Ratings and Reviews" and "Write a Review" and tell me what your favorite part of the podcast is.

Today's episode:

[01:02] The dangerous trend that is taking place in the RegTech industry.

[01:41] How RegTech companies are trying to differentiate themselves.

[02:35] The main purpose of compliance tools.

[02:49] Why I don't think the strategy that RegTech companies are using is going to work.

[03:13] One of the biggest compliance inefficiencies within FinTech companies.

[05:15] Why compliance professionals often incorrectly believe they need more data.

[07:54] The mission of most RegTech companies.

[08:27] Why adding unnecessary data is like a Candy Crush office game for compliance teams.

[09:21] Advice for founders who are thinking about adopting additional RegTech tools.

[10:03] Let me know about your experiences with this topic!

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!

• I would love to invite you to sign up for my newsletter. If you are interested, please click here.

The Tornado Cash sanctions are unusual, unclear, and in my opinion, a perfect example of how modern politicians weaponize financial services and technical infrastructure. Tune in for this week's episode, where I share my thoughts on why sanctions against Tornado Cash are counter-productive.

If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select "Ratings and Reviews" and "Write a Review" and tell me what your favorite part of the podcast is.

Today's episode:

[00:39] An overview of today's topic and the inspiration behind it.

[01:51] Thoughts that I had about Mikhail Gorbachev during my teenage years and what I respect most about him now.

[04:41] What I believe to be the best use of political power.

[06:26] An explanation of how Tornado Cash works.

[08:24] Impacts of the sanctions imposed against Tornado Cash.

[09:29] The unusual nature of the sanctions against Tornado Cash.

[12:08] Lack of clarity around what happens when a Smart Contract is sanctioned.

[14:48] Why I disagree with the decision to impose sanctions against Tornado Cash.

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!

• I would love to invite you to sign up for my newsletter. If you are interested, please click here.

After noticing that there is a lot of confusion around the difference between client fund segregation and deposit protection schemes, I decided to clear that up in today's episode by diving into what exactly client fund segregation is, why it exists, and how to approach it!

If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select "Ratings and Reviews" and "Write a Review" and tell me what your favorite part of the podcast is.

Today's episode:

[00:40] The inspiration behind today's topic

[01:35] The reason that client fund segregation requirements exist.

[04:18] Why deposit protection schemes are made redundant by fund segregation.

[05:34] The types of funds that need to be segregated.

[06:18] When to segregate clients' funds.

[08:47] Examples of special rules relating to fund segregation in unusual cases.

[11:04] How to manage a case of unallocated funds.

[12:51] Dealing with prepaid/settlement accounts.

[14:20] Find out whether you are able to invest client funds.

[15:48] Client fund segregation: fiat versus crypto.

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!

• I would love to invite you to sign up for my newsletter. If you are interested, please click here.