Compliance That Makes Sense

So many FinTech start-ups struggle with compliance, and I have had many people ask me how they can get their compliance in order. I have dedicated today’s episode to answering that question so listen in as I explain the three key components which make up a FinTech compliance structure that is likely to lead to success: pragmatic risk taking, efficient processes, and good documentation and policies.

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] A reminder about our giveaway!  

[01:34] What sparked my decision to discuss today’s topic.

[03:07] The three key components which make up a good compliance structure. 

[03:41] How these three key components interact.

[05:24] I explain what can go wrong when you are missing the documentation component of your compliance structure, using Binance as an example.

[07:55] Problems that commonly occur when efficient processes have not been put in place.

[10:23] Why I refer to the disconnect between what companies say and what they do as window dressing.

[10:54] A real world example of window dressing.  

[12:06] Challenges that you will run into if you do not engage in pragmatic risk taking. 

[14:31] An overview of the importance of the three components I have talked about in today’s episode. 

 

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.

 

 

Through my years of experience working with FinTech start-ups, I have noticed that many CEOs have a strange relationship with compliance. Often, CEOs don’t know when to act or when not to act when it comes to compliance issues. I have developed two guiding principles that I use to build relationships between businesses and compliance, which I am going to share with you in today’s episode. These will make it much easier for CEOs to make decisions when it comes to compliance. Also, I am running a very exciting giveaway, so listen in to hear how you can win! 

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:

[00:35] An announcement about a very exciting giveaway I am running!  

[02:17] The question that prevents CEOs from making their compliance function more efficient. 

[02:34] What I have noticed about the relationship that CEOs have with compliance. 

[03:10] Problems that arise when people don’t have a system of guiding principles around when to act and when not to act. 

[04:06] Requests that I have recently had from a few clients. 

[04:55] The two guiding principles that I use to build bridges between businesses and compliance. 

[05:59] More details about my first guiding principle, including some examples. 

[08:51] Examples of how to make use of my second guiding principle. 

[09:55] Act based on what you know. 

[11:00] What the role of the CEO is with regard to compliance. 

 

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.

 

The well-established nature and high price points of large consulting firms have led to the common assumption that they are the best choice for FinTech companies looking for support with their license applications. Big 4 firms do have a role to play, but in today’s show I explain why this role is different than you may think, using real world examples from my own clients’ experiences. 

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:

[01:34] A common belief that people have about large legal firms.

[02:38] What an efficient license application process should look like.    

[03:27] I share a personal experience which highlights why I don’t recommend using Big 4 firms for license applications.  

[05:31] Another example of why Big 4 firms are not the places to go for license applications.

[07:01] The kinds of clients I usually work with.

[07:30] Elements you need to have in order when you are applying for a license, and the dangers of trying to do all of them at the same time. 

[08:50] When it is a good idea to approach a Big 4 firm. 

[11:28] Why Big 4 firms are not equipped to handle forward looking projects where they have to deal with risks.  

[12:56] How Big 4 firms justify their value and their high costs. 

[15:00] The main reason that I believe you should not be approaching Big 4 firms to support your license application.

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 - click here to join and learn more about FinTech compliance

 

 

Most founders would rather be seen as an inspirational, positive figure in their organization, and not as the person who has to constantly push back against their compliance team. If you are one of those founders who feels as if they are always playing the bad cop, this episode is for you! In today’s show I share my perspective on how to improve the relationship between founders and compliance officers; it is not a quick fix, and involves some major changes incorporated in a subtle way, but if you are able to implement these changes, it will benefit the parties on both sides of the equation, and the organization as a whole. 

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:

[00:38] Why this month feels different, in a good way! 

[01:21] The common theme that I have recently noticed amongst FinTech founders.

[01:58] A founder who I worked with in the past who hired someone to play the “bad cop” role.  

[03:55] Reasons that founders don’t want to push back against compliance officers, and why this isn’t the right mindset to have. 

[04:52] Why decisions around compliance issues usually fall onto the shoulders of founders.

[07:03] What founders need to understand about their compliance teams. 

[08:20] I share a story which highlights the old-fashioned nature of compliance in some organizations. 

[11:12] Why creating long lasting changes in compliance is going to take time.    

[12:55] Just-in-time versus just-in-case compliance.

[13:28] My recommendations for changing the compliance culture in your organization for the better.  

[15:44] Why you should make it clear that changes relating to compliance don’t have to be permanent.

[16:56] The importance of regular reviews and analyses of the changes you are implementing. 

[20:07] Content you can expect at the brand-new workshop that I am going to be holding on August 24th.

 

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.

 

 

• Interested in partnering with Lirium AG and offering crypto services to your customers? - click here for more information

 

 

• Join the "How to open bank accounts for FinTech startups" workshop here

 

 

The pan-governmental regulatory body, The Basel Committee, recently released a draft document which contains a proposal that is sure to change the cryptocurrency landscape. In this episode, I explain what the proposed regulation means for banks who are holding cryptocurrencies, and the opportunities that this brings about for Fintech companies who are not held to the same excessive restrictions.

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:

[01:02] The draft issued by The Basel Committee regarding banks and cryptocurrencies.

[02:27] An explanation of capital adequacy requirements that banks are subjected to.

[03:11] How banks calculate the amount of reserves of particular assets they need to hold. 

[04:02] What The Basel Committee’s proposed high-risk categorization of cryptocurrencies means for banks holding cryptocurrencies. 

[05:46] Experts’ opinions on what the proposal means for the future of banks holding cryptocurrencies.

[06:42] Interest that banking customers are showing in cryptocurrencies.

[07:10] Partnerships that banks are considering entering into in order to meet their customers' desires for cryptocurrencies.

[08:20] Examples of partnerships between banks and other organizations which already exist. 

[09:18] My thoughts about the future of this industry, and the opportunities for Fintech companies.

[11:15] The workshop I am going to be holding on August 24th. 

 

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.

 

 

• Interested in partnering with Lirium AG and offering crypto services to your customers? – Click here for more information.

 

 

• Join the "How to open bank accounts for FinTech startups" workshop here.

 

Over the past few years, there has been an increase in the amount of money that companies are spending on compliance, but this is not having its desired effect; there are just as many, if not more, compliance issues occurring. In today’s episode I explain why the old top-down certification-based approach to compliance is outdated, and I share what I think would be a better use of your time if you are interested in the field of compliance. 

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] Why I decided to take on today’s topic, which can be quite polarizing.

[02:20] Recent interest that has been shown for the compliance sector.  

[03:06] The reasons that people pursue CAMS certification.     

[05:44] Goals of the institutional, top-down method of compliance, and why this approach is so problematic. 

[08:14] What traditional compliance teachers believe is point of compliance is.  

[09:01] Learnings I have had from speaking to leaders and founders about compliance. 

[10:26] Increases in the cost of compliance over the past few years, and why this has not had its desired effect.

[13:00] Factors that are not important in a business, and those that are. 

[13:22] What you will learn from traditional compliance certification training, and what you won’t.

[16:23] What I would advise you to do instead of the compliance certification training. 

 

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 been part of dozens of FinTech projects over the last three years and they were all successful, which is why  I felt that for today’s episode it would be helpful to share with you where and why FinTech start-up founders can be unsuccessful with their license applications. From positioning, to mindset, to switching gears, this information helps you get your business successfully licensed!    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 felt hesitant talking about FinTech licensing failures and potentially critizising the work of others.    [02:24] One of the biggest mistakes that FinTech start-up founders make is the way they position their business.      [04:26] The importance of doing things in the correct sequence when you are setting up your FinTech business.   [05:31] A dangerous mindset that many FinTech founders adopt when they begin to experience a level of success.   [06:53] Why companies may decide not to pursue their license applications.    [08:01] Switching gears; what this means and how it can result in an unsuccessful license application.   [09:20] Reasons that moving countries usually doesn’t work out well.

Show links:  

• If you enjoy learning about FinTech compliance and want to be up-to-date with the recent trends, I would love to invite you to sign up for my newsletter here.
• Urgently need to prepare FinTech compliance documentation, but have no time and cannot afford to hire help right now  - consider investing in the FinTech Compliance Self-Starter Package. It will instantly grant you access to all core policies, procedures, license application template and disclosures any FinTech startup needs to survive and grow.

Enquiries are okay, but nobody likes getting complaints from customers, and in this episode of Compliance That Makes Sense I am going to share some tips on what you can do to avoid them! I use examples to explain why it is important to have simple, transparent T’s and C’s, and the upsides and downsides of offering a long guarantee period on your product.   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] Hey guys! Today we are going to take about how to reduce the number of customer complaints.    [01:07] The reason I decided to do an episode on this topic.    [02:54] Why I think you should make your T&C’s as simple as possible.    [04:22] Examples of customer enquiries (which are different to customer complaints).     [05:36] What a formal customer complaint is.    [06:41] An example that highlights why having easily understandable T&C’s will benefit you.    [08:58] Why my business mentor recommends offering a long guarantee period.   [11:00] Some downsides of offering a long guarantee period.    [11:45] Common customer complaints relating to fintech services.   [15:15] Bye for now!

  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 of Compliance That Makes Sense I am going to burst the bubble of confusion that exists around passporting. By the end of today’s show, you will understand what passporting means, the benefits of it, what the available three passportable services are, and the process that you need to follow to get passported. 

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] Greetings from Majorca, and an introduction to today’s topic. 

[01:12] Confusion that exists around passporting in the EU.

[01:33] An explanation of what passporting is. 

[02:18] The three passportable services covering different financial activities.  

[03:50] Examples of circumstances under which your license will not be passportable. 

[05:42] Why it is important to understand the difference between passportable and non-passportable services.

[06:38] How you can provide services without passporting, and the limitations of using this model.  

[08:10] Warnings that can be given for businesses offering services without passporting.

[10:06] The process that you need to follow to get passported. 

[12:38] If you haven’t heard back 3 months after submitting your application, you can assume everything is fine. 

[14:46] Bye for now!

 

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 episode of Compliance That Makes Sense was inspired by interactions that I recently had with two of my clients, both of whom were having problems with the compliance experts they had hired. The information I am going to share with you today will help you to avoid making the same mistakes they did. Firstly, I debunk the myth that compliance hires should be experts in the specific country in which you are working, and I explain why a geographically broader scope of knowledge will be more beneficial to your company. Secondly, I explain what each characteristic on the DISC personality profile is likely to predict about a person’s ability to perform in the start-up world in general, and as a compliance expert specifically. 

If you enjoy this episode, please share it with friends, leave comments and reviews, and join the conversation. 

Compliance person needs to be able to get things done even if things aren’t going smoothly. 

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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. 

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Today's episode:

[00:33] Hi guys, wishing you a beautiful day today! 

[01:08] The reason that I was inspired to have this discussion about mistakes people make when hiring compliance experts.

[02:00] Assumptions about hiring compliance experts made by two clients that I recently worked with. 

[03:06] Why I disagree with the practice of only hiring people who only have expertise in a specific country. 

[05:54] Why working with companies who have projects in many different countries will be beneficial. 

[07:51] What the DISC personality profile is.

[09:44] The characteristics on the DISC profile which largely determine whether someone will be successful in the start-up world. 

[11:58] Why a lower compliance score on the DISC profile increases a person’s chances of succeeding as an entrepreneur.

[14:30] I run through how important each of the DISC characteristics is for a person in a compliance role.

[17:45] Bye for now!

 

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.