Compliance That Makes Sense

Unfortunately, the vast majority of referral programs established by Fintech and crypto start ups are poorly structured. This leaves them open to being exploited by bounty hunters who are just looking for rewards and don’t have any real interest in the services being offered. In this episode I’ll share with you some advice for how to better structure your programs in order to prevent this pervasive issue! 

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:

[00:41] Why many Fintech and crypto startups offer referral programs. 

[01:31] The problem with the vast majority of referral programs. 

[02:21] What bounty hunters do in this context. 

[03:30] Compliance problems that arise when a referral program is badly structured.

[05:32] Why you should never allocate rewards upfront. 

[08:10] Strict terms of service are essential for a referral program.  

[10:12] Example of the type of language you could use in your terms of service. 

[11:49] The difference between a referral program and a loyalty program. 

[14:26] Vanity metrics, and why you shouldn’t be chasing them. 

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.

Because of the type of service I offer, I have an ideal client base. Sometimes that means saying no to certain requests, and in today’s episode I am going to share a few examples of the times that I have turned down customers, in the hope that it will help make it easier for you to make these types of decisions in your own 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:

[00:41] An overview of what today’s episode is going to be about. 

[01:24] The service that I provide, and the clients who I want to serve. 

[02:35] I share an example of conditions that I set when working with clients who aren’t an ideal fit for my business. 

[06:05] How I know when a client isn’t a good fit. 

[07:44] The way some companies handle their business after they reach their initial milestone. 

[06:33] What I do when the work required by existing clients moves away from what we agreed upon. 

[11:58] Projects that I recently declined because they didn’t need my services. 

[12:54] Why I disagree with the way some consultants do business. 

[14:40] The upgraded training I am going to be providing, and where you can find out more about it. 

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.

This is a short and sweet episode about the reasons that the vast majority of retail public investors want to buy and sell cryptocurrencies, and the tokens that you should and shouldn’t consider offering to your customers if you are a fiat focused fintech looking to branch out into the crypto space.

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:

[00:49] An introduction to today’s topic, and who it is aimed at. 

[01:51] How many non-professional investors view cryptocurrencies. 

[03:49] Inflation pressure, and why people see crypto as protection against this. 

[06:10] The number of tokens you should be offering if you are just getting started with crypto.

[06:50] Types of cryptocurrencies that you should offer.

[07:09] What you can expect to happen when cryptocurrency prices go up.  

[07:25] The increased demand that occurs in the crypto space when the market declines. 

[08:31] Which stable coins you should avoid at the beginning of your crypto offering journey, and why. 

[10:16] Other tokens that you should steer clear of.  

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 today’s episode I am going to take you on a journey into the realms of compliance and sales. Although there are some obvious differences between the two, there are also more similarities than you may think! The purpose of this episode is to help professionals on one side of the fence to better understand where those on the other side are coming from, and therefore improve their ability to collaborate 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:

[00:51] The new role that I have recently taken on which inspired this episode. 

[02:40] What you need to be prepared for when dealing with compliance and sales in the FinTech world.  

[03:41] Benefits of the geo-agnostic nature of compliance and sales.  

[04:49] Why I disagree with people who say it is hard to find great compliance people.

[06:43] The lack of premium services and offerings in the B2B world.  

[09:21] Reasons that I think it is uncommon to find VIP services in B2B sales and compliance. 

[13:47] Why I have chosen an approach that differs from the norm in B2B. 

[14:35] Examples of common mistakes made in compliance and sales sectors. 

[17:03] The most obvious difference between sales and compliance. 

[18:30] Three personality types of salespeople, and the pros and cons of each. 

[23:07] How compliance professionals’ prior work experience generally impacts the way they approach compliance.  

[26:29] Differences between what sales and compliance people need to understand when working in Fintech.  

[28:03] A big thank you to everyone who has been liking and sharing these episodes! 

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.

It is my opinion, and the opinion of many experts who have been working in the space for a long time, that the new US Crypto bill is flawed in many ways. The bill makes assumptions and proposes to impose regulations which, as I will explain today through a number of examples, are likely to cause problems for the US Crypto market.

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:

[00:36] My overall view on the new US Crypto bill. 

[01:08] Some key elements of this bill, and the impact it is intended to have. 

[01:55] An assumption that the bill makes, which I think is flawed. 

[02:39] How the bill changes the categorization of crypto tokens. 

[04:25] Why I disagree with the broad categorizations of tokens under the new bill. 

[04:49] An ambiguously worded provision in the bill which deals with stable coins. 

[06:33] The lack of understanding around e-money in the US. 

[07:11] How the bill approaches contracts that take longer than 24 hours to settle.

[07:39] What the bill proposes regarding anonymous features and platforms, and the changes that are already happening as a result. 

[09:40] Examples of some of the other, relatively small, provisions in the bill.  

[10:39] When this bill was introduced, and the responses that it has sparked. 

[12:04] Why this bill, and the confusion around it, is good news for Europe. 

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.

Most people are aware of the seriousness of sanctions but don’t properly understand the nuances or the mechanics behind them, which leads to the formulation of a number of misconceptions. In today’s episode I’m going to shed some light on this topic, and by the end you’ll have a better understanding of the types of sanctions that exist, and how, as a financial institution, you should be dealing with them. 

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:

[00:48] Why I decided to make sanctions the focus of today’s episode. 

[01:54] How sanctions are imposed. 

[02:26] The two countries that are currently under sanctions, and why this is such a rare occurrence. 

[03:47] Some of the reasons that specific individuals would have sanctions against them, and what these types of sanctions mean. 

[04:55] An explanation and examples of the third category of sanctions: sanctions against groups or organizations,  

[06:41] How sanctions against industries and commercial activities work. 

[07:43] Why is it important to understand the different types of sanctions that exist.

[09:32] Some contradictions in the sanctions realm which can make the life of a compliance officer very interesting. 

[11:00] My recommendation for dealing with countries, industries, people, or organizations that are under sanctions. 

[12:16] How financial institutions should implement sanctions requirements from a technical standpoint. 

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 hundreds of cases in the field of compliance where people create problems for themselves, when, in reality, those problems do not exist! In today’s episode, I’m going to talk you through three of the common fears around compliance in FinTech companies, and why these fears are unfounded.

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:

[00:56] How I have structured today’s episode. 

[01:32] Problem number one: How do we decide whether or not we need articles of incorporation or association? 

[02:13] Why companies collect verification about their customs.  

[04:20] Circumstances under which you don’t need to collect articles of incorporation or association. 

[05:48] A question I was recently asked by a client about data retention.  

[06:50] Why a company may decide to keep customer information for a period longer than five years. 

[08:02] Unrealistic fears that compliance officers have around keeping customer information. 

[09:46] Dealing with risk categorization in European territories. 

[12:28] Approaches to risk categorization that are unnecessary. 

[13:30] How to simplify the “problem” of risk categorization in European territories.

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 so many financial industry veterans being anti-risk, in today’s episode I’m going to explain why I think this is not a good approach, and I share with you the many benefits of taking risks and making losses as a FinTech start-up. 

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:

[00:41] An introduction to today’s controversial topic. 

[01:02] What many financial industry veterans say about risk.

[01:34] One of the biggest myths in the financial industry. 

[01:50] The trait that so many FinTech unicorns share. 

[02:56] “What doesn’t kill you makes you stronger”: what this looks like as a risk management strategy.

[04:21] A question which may make you rethink your opinion on risk. 

[05:48] Examples of rules and regulations which you shouldn’t be spending time and energy on now. 

[07:32] Another regulatory hoax which I speak about in more detail in previous episodes.

[08:05] An approach to risk that I advocate for. 

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.

Today marks one year of me bringing you Compliance That Makes Sense! In today’s episode I share what inspired me to begin this podcast, and what has motivated me to keep going. You’ll learn more about my background, and why I am so passionate about FinTech compliance. Thank you for being a part of this journey, I’m looking forward to many more years with you! 

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:

[00:34] Why this episode is a special one. 

[01:19] A debate I had with a driver in Salzburg about the political and economic situations in Austria and in Russia.  

[04:19] What I have realized about hard work and education in today’s world. 

[05:10] Something that I have in common with many of my friends, colleagues, and followers. 

[07:57] The vision that you and I are likely to share.  

[09:09] Why I am so fascinated by the FinTech space.  

[09:51] Limits you are faced with if you hold all your money in a traditional bank.  

[11:20] Reasons that I have chosen to live and work in Europe. 

[13:59] The contribution that I feel I am making to the future of FinTech.

[14:15] I would love to hear about your FinTech journey. 

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.

For those who don’t know, DeFi is a set of technical solutions that do not have an identifiable person or body behind the service. Today’s episode was triggered by an announcement made by Shapeshift about their intention to completely decentralize their company and go all-in with DeFi because they felt stifled by increased regulatory scrutiny. There are a lot of companies who are taking a similar path, and although I have a lot of respect for DeFi, I am going to explain why I do not think it is going to turn out to be a successful strategy for avoiding regulations and what I predict the future of DeFi projects will look like. Tune in today to hear it all!

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] An explanation of what DeFi is. 

[01:25] The specific use case which inspired today’s episode.

[03:10] Another project of mine which went into the DeFi space. 

[03:21] Growth in the volume of DeFi projects over the past year. 

[03:52] My thoughts on whether DeFi projects are going to work as companies are intending it to. 

[05:13] Why I think regulators are likely to clamp down on DeFi projects. 

[05:44] Examples of how regulators are going to clamp down on DeFi projects.

[08:23] How stablecoins correlate with the tremendous growth of DeFi projects, and where the problem with this lies.

[11:15] The mix of factors that DeFi projects consist of.

[11:48] What I predict is going to happen to DeFi projects in the future. 

Giveaway: 

To celebrate 1 year anniversary of this podcast, I will be hosting a giveaway for my listeners. We winners will get free access to one of my workshops (you choose which one)! 

Here’s how to participate:

• Leave a rating and a review for the Competitive That Makes Sense podcast on Spotify, Apple Podcasts, Google podcasts! 
• Send a screenshot of your rating/review to me by email [email protected] or DM me on Instagram or LinkedIn
• Submissions for multiple podcasting platforms are allowed to increase your chances!
• Giveaway ends on September 21st at midnight CET
• One prize for every 10 submissions will be granted!

Here’s where you can look at my full workshops list: https://competitivecompliance.co/trainings-calendar/ 

The winners  will be contacted by email by September 22nd, and they should reply within 48 hours. I would need your email, name and the name of the workshop you choose to grant you access rights!

It’s been incredible to me how much this niche podcast has grown over the past year. Whether you’re a long-time listener or have only discovered it recently, I want to thank you from the bottom of my heart; your continued support truly means a lot to me and I wouldn’t be able to do this without all of you!

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.