Compliance That Makes Sense

I complete interviews as a compliance expert often. In this episode, I am going to tell you the common questions I get when I’m interviewed by venture capital investors. 

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:

[00:32] - The focus of today’s episode.

[01:10] - Interviews for compliance experts are the norm now.

[02:14] - The common questions asked to compliance professionals.

[03:23] - How lean, agile, and flexible compliance can be.

[04:28] - Inactive customers have an associated cost.

[05:05] - What compliance budgets should look like.

[06:33] - Requests for test products without the full scale of compliance efforts.

[07:51] - The current jurisdiction is the one to focus on.

[08:40] - Investors ask questions to validate cost and time spent.

[09:34] - Investors like options that are within the budget.

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.

There are major differences between working in a large institution and working in a startup environment. Nothing against PayPal, but this episode is all about the mindset shift that I had to make when I left the company and joined the FinTech startup world! 

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:

[01:31] Why you shouldn’t waste time preparing regulatory reviews in a FinTech startup environment (and what you should do instead). 

[02:55] What risk assessments for a startup should look like. 

[03:26] When you need a legal opinion, and when you don’t. 

[04:06] Why there is no such thing as a FinTech/crypto expert. 

[05:22] The importance of not being afraid to make mistakes!

[05:49] Advice for dealing with auditors, bankers, lawyers, and regulators.

[07:05] Mistakes are inevitable.

[07:48] The best way to handle your mistakes.

[08:15] Value in learning to compromise on your product complexities. 

[08:41] Success and size are not correlated in the FinTech startup world! 

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.

My business model is the way it is because of the fact that I work with early-stage start-ups. In this episode, I am going to explain why it is so important that your service providers, partners, and vendors have a similar operating model to your business! 

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] The focus of today’s episode.

[01:39] Why traditional professionals are often not effective business people. 

[03:21] Reasons why I chose not to work with a traditional law firm that I was approached by.

[03:48] Characteristics of the law firm that I was approached by, and the work that they wanted me to help them with.   

[06:09] An example of how to eliminate a lot of friction and misunderstanding that occurs in the business realm. 

[06:45] Why SAAS/tech companies typically work well together. 

[08:00] One of the biggest friction points for businesses.  

[09:05] How SAAS/tech founders measure success.

[10:00] The approach I have taken to building my business.  

[11:00] Valuable advice for FinTech founders who are looking to hire a service provider.

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 convergence of crypto and fiat regulations is already happening, and it is not going to slow down. In today’s episode, I share with you a few reasons why I think this is a good thing!

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] The topic of today’s episode. 

[00:57] Examples of times when crypto and fiat regulations have converged. 

[02:08] Arguments about regulations that are no longer valid. 

[02:39] How I expect blockchain services will be regulated in the near future. 

[03:56] Crypto fraud; how the convergence of fiat and crypto regulations will change the way this is dealt with. 

[04:43] What the convergence means for DeFi projects. 

[04:59] How the expected changes to crypto regulations will change the perceived riskiness of cryptocurrencies. 

[05:39] Why I think the convergence of regulations is a good thing. 

[07:19] What are your thoughts about the convergence of crypto and fiat regulations?

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.

Although money-moving businesses are an essential service, FinTech startups can still face major challenges during times of economic hardship. In today’s episode, I share how some steps that you can take to prevent your FinTech startup from being decimated by the economic downturn we are heading towards.

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:

[00:44] The inspiration for this episode.

[01:02] A valuable piece of advice that Mara received from its investors. 

[01:30] The major collapse that recently occurred in the equity and crypto markets, and what this could signal.  

[02:33] Negative economic developments that are causing pain for a lot of people.

[03:43] Examples of how FinTech startups can prepare for an economic downturn.

[05:59] Why the FinTech sector will be affected less than other industries during an economic downturn. 

[06:39] Challenges that FinTech startups are likely to face during an economic downturn. 

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.

I have experience working in emerging markets and developed markets, and in today’s episode I am going to share with you some of the key differentiating characteristics, and a few of the pros and cons of each!

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:

[01:21] Why many emerging markets are categorized as high risk.

[02:20] The importance of rethinking your customer risk matrix if you are working in emerging markets.

[02:41] Documentation issues that you may run into when working in emerging markets.

[03:19] Challenges that can arise when analyzing sources of funds and wealth in emerging markets. 

[04:02] Differences between marketing and customer acquisition strategies in emerging and developed markets, and how this impacts compliance.

[04:36] Why winning local corporate deals and securing local financial partnerships is easier in emerging markets.

[05:56] The problem with the way markets are categorized according to risk.

[08:43] Differences between the career trajectories of the people who I work with in emerging markets and those who I work with in developed countries.

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 week’s episode I share answers to some of the most frequently asked outsourcing related questions, and I explain why I don’t think outsourcing compliance is a good idea for early stage FinTech startups!

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:

[00:45] A common question I get asked by potential customers about outsourcing.

[01:30] Why I think it is better to do your compliance in house, rather than outsourcing it.

[02:15] Some of the downsides of outsourcing compliances.

[02:51] When outsourcing compliance is a good idea.

[04:25] The importance of listening to feedback from your customers carefully when you are an early stage FinTech startup.

[07:30] Why larger, more established companies will benefit more from outsourcing. 

[09:24] Examples of functions that I would recommend outsourcing.   

[10:30] Some of the most frequently asked questions I receive about outsourcing. 

[11:33] Critical versus non-critical outsourcing. 

[15:41] Comparing outsourcing and vendor services. 

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.

Pricing should be a part of the overall growth strategy of your FinTech, and in today’s episode I’m going to be talking about the pros and cons of a number of different pricing models. 

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:

[01:04] Why FinTech CEOs worry about charging their customers. 

[01:26] The inspiration for this episode.

[03:37] Changes that Apple and Google have made in the past few months which have affected the price of online advertising. 

[04:47] Why free models have been used as a growth strategy by many FinTechs.

[05:20] The difference between freemiums and free trials.

[06:25] When you should consider using a freemium model.

[10:40] Benefits of using a free trial model.

[12:30] Where the limitations of free trials and freemiums lie.

[13:11] An overview of subscription based models and premium memberships.  

[15:19] The downsides of free trials.

[15:46] How pricing grandfathering works.

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.

Despite their appeal, when it comes to compliance tools, less is more! Tune in to today’s episode to hear why, and also to get some advice on the types of questions you should be asking any compliance vendor you are considering hiring. 

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:

[02:06] Why compliance tools often produce inconsistent data.

[03:40] Do less checks!

[06:48] The mindset that you should adopt when you enter into negotiations with a compliance vendor.

[07:18] Why you should find out how long a compliance vendor has been in business and who their customers are before you hire them.

[08:21] Statistics that you should ask for when interviewing compliance vendors. 

[09:02] When you should negotiate a fixed fee arrangement with a compliance vendor.

[09:49] The importance of understanding how a compliance vendor generates red flag signals. 

[10:39] Why you should always find out if a compliance vendor is utilizing their own technology or somebody else’s.

[12:00] Reasons to always test the interface, rather than relying on the demo.

[15:03] Final words of advice: no tool is perfect, and less is 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.

War is a process of managing resources and people, and today’s episode is all about how to win a war without fighting. I have borrowed wisdom from Sun Tzu’s book, The Art of War, and applied these concepts to the FinTech compliance industry. 

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] What you can expect from today’s episode, which revolves around The Art of War, a book written by Sun Tzu.

[01:25] Examples of how to win a war without fighting (as Sun Tzu describes in his book).

[02:18] Why countries never benefit from prolonged wars.

[03:06] The main theme of The Art of War, and how it relates to the compliance industry.

[03:46] My new motto, inspired by Sun Tzu’s wisdom. 

[04:34] Examples of compliance projects that become problematic if they aren’t finished quickly.  

[05:05] Sun Tzu’s thoughts about which kind of people make the best spies, and what FinTech startups can learn from this.

[07:30] Factors that will enable your FinTech to move fast and win.

[07:53] Why I initially disagreed with Sun Tzu’s idea of placing your army in a desperate position in order to win, and what made me change my mind. 

[10:25] A moment of appreciation for the wisdom that we have access to. 

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.