Compliance That Makes Sense

If you've been listening to this show for a while, you'll know that I don't approve of traditional compliance education. So, I decided to create my very own FinTech compliance certification program, and I am very excited to announce that it is going to be launching on September 1st! The program will equip you with all the knowledge and skills you need to become a competent and confident compliance expert. Tune in today to hear more details and where to sign 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:

[00:55] The very exciting program that will be launching on September first!

[01:57] The main reasons that FinTech founders don't choose optimal business solutions.

[02:15] Common mistakes made by FinTech founders.

[04:17] My motivation for creating my own FinTech compliance certification program.

[04:36] How the new program differs from the trainings and workshops I have held in the past.

[05:34] What you can expect from the program.

[06:13] Why my program will benefit you more than traditional compliance education programs that already exist.

[06:28] Problems with traditional compliance education.

[10:04] An overview of my approach to compliance education.

Show links:

• Sign up here to earn your FinTech StartUp Compliance Pro certification!

• 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.

Unfortunately, Apple's policies around cryptocurrencies, in-app purchases, and NFTs have negative implications for many FinTechs. Tune in today to hear an overview of those policies, examples of the issues that companies have run into as a result, and common mistakes that founders make when trying to defend themselves.

Although I can't do anything to change Apple's approach, I can equip you with the knowledge you need to satisfy their requirements so that you can get your Apps approved. So, don't miss out on the workshop I am running on the second of August that will focus on this topic!

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:

[00:58] Why today's topic is important.

[01:18] The conflict between Coinbase and Apple that occurred in 2022.

[03:09] Exploring the case of Uniswap versus Apple.

[04:54] Why Demus recently faced expulsion from the App Store.

[06:14] Trouble that Zoss ran into with Apple.

[08:52] The purpose of the workshop I am running in August.

[10:31] Apple's requirements in relation to cryptocurrencies, in-app purchases, and NFTs.

[14:14] Arguments that you shouldn't use to defend yourself against Apple's policies.

[18:08] The importance of understanding Apple's expectations around in-app purchases.

[19:09] A word of advice with regard to proving legal opinions to Apple.

[19:50] What you can expect to learn in my upcoming workshop!

Show links:

• Join my workshop on 02/08/2023 at 1pm CET: Complying with Appstore Guidelines For Crypto Services.

• 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.

If you are considering creating a decentralized autonomous organization (DAO), listen to this episode first! In it, I debunk some common misconceptions about decentralized autonomous organizations (DAOs) by sharing some of the most common use cases, governance models, and my honest opinion on whether or not it's worth it to create one!

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] An overview of the focus of today's episode (and why this topic is particularly relevant right now).

[02:11] Providing a governance structure: a common use case for a decentralized autonomous organization (DAO).

[02:56] Examples of some of the most successful DAOs.

[04:12] How DAOs can be used for crowdfunding and pooled investments.

[05:09] DAO hackings that have taken place in recent years.

[06:10] The role that DAOs can play in terms of decision-making around decentralized apps.

[07:23] How DAOs can enhance community engagement and activism.

[08:42] Exploring some of the most common issues with DAOs.

[13:38] Reasons that founders give for creating a DAO.

[16:23] The most popular governance models used by DAOs.

[18:04] My honest opinion on creating a DAO.

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.

"Your business will grow to the level of problems you are willing to handle," so if you want your business to thrive, start getting comfortable with solving bigger and more complex problems!

Tune into this third and final segment of the Rise of the Business-Like CCO for a deep dive into the five stages of business (and what each stage means for compliance) and to have all your questions about hiring (from my rule of thumb to avoid the trap of overhiring to why you should think carefully before hiring part-time interns) answered!

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:

[01:56] An overview of what you can expect to learn from this episode.

[03:26] How to ensure that your compliance organization is improving.

[05:29] A common fear experienced by compliance officers (and why this fear is problematic).

[07:50] A new perspective on dealing with problems as a compliance officer.

[09:04] Why Coinbase was recently sued by the SEC and how they have managed the situation.

[12:53] Basic business principles that all companies should uphold.

[14:41] Understanding the problem of conditional performance.

[16:56] Why I recommend the "be, do, have" approach to problem-solving.

[19:15] Comparing the operations side of compliance to the project management side of compliance.

[21:48] Advice on the types of roles you should and shouldn't be hiring for if you are the founder of a small startup.

[25:28] My rule of thumb to avoid the trap of overhiring.

[26:45] Common hiring mistakes made by startup founders.

[28:27] Requirements that need to be fulfilled by an authorized compliance officer.

[30:15] Why I am weary of hiring part-time compliance interns in the FinTech space.

[32:52] When to hire your first compliance employee.

[34:44] The importance of understanding the five stages of business (in relation to compliance).

[35:26] The Age of Innocence: characteristics of stage one.

[36:07] Throw money at the problem once: characteristics of stage two.

[39:16] The Stone Age: characteristics of stage three.

[40:52] Firefighting: characteristics of stage four.

[45:48] Factors that determine how well new hires fare in a startup.

[47:35] Leverage: characteristics of stage five.

[49:51] Final words of wisdom and encouragement for compliance officers.

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.

Welcome to Part 2 of the Rise of the Business-Like CCO, a free video training from June 2023. This video training is broken up into three different sessions and today's podcast episode is the replay of Day 2.

Now that we know the common and major mistakes from Part 1 of this series, it's time to jump into the metrics and strategies of the business-like CCO. In our discussion today, we consider where to focus our time and energy and which metrics we should be looking at in specific scenarios. What you will find is contrary to what we've believed for a long time - effort doesn't always mean results.

Today's episode:

[02:01] When you ask for something, you would be much more successful if you link your request to a monetary accomplishment.

[04:45] Compliance professionals tend to link their results to how hard they work.

[07:08] It is easy to get in the mindset of fear as a compliance professional.

[09:04] Calibrate your efforts to the task, not the ideal scenario.

[10:10] What tasks are not relevant?

[11:29] Working hard does not always lead to results.

[12:18] What tasks are the ones to put the most focus on?

[14:25] Management values different things.

[16:04] There are a lot of metrics, but some are more important than others.

[19:07] Is it a compliance problem or someone else's problem?

[23:19] Sometimes you have to step out of your comfort zone to solve problems.

[26:15] You must consider how your company measures success.

[29:16] Try to learn from your colleagues and find where you can make a difference.

[32:47] Listen to the metrics to look at in specific scenarios.

[36:31] We always want more tools, but sometimes more tools mean more wasted time.

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 is a unique experience as it is a replay of a free video training where we discussed the rise of the business-like CCO. This video training is broken up into three different sessions and today's podcast episode is the replay of Day 1.

Before we jump into the metrics and strategies of the business-like CCO, we need to talk about the biggest mistakes compliance professionals make in their career. In order to learn something new and become better, it's so important to begin with this introduction.

So listen on to learn what these common and major mistakes are, what you can do to shift your mindset to avoid these mistakes, and how we can begin to improve compliance performance.

Today's episode:

[02:02] Oftentimes, people want to take the advice but are unable to.

[04:45] One reason compliance professionals are not able to achieve their goals is because they have inadequate beliefs and a very specific perception.

[06:10] We need to start with misconceptions and mistakes to become more aware.

[08:58] Compliance professionals tend to have a lot of limiting beliefs.

[10:50] Big mistake #1: Sacrificing time for clarity.

[12:22] You may hesitate to make a decision until someone else does first.

[15:07] Big mistake #2: How do we ask for money as compliance professionals and what is our relationship with money?

[16:47] Your mentality makes a huge difference.

[19:23] Compliance should position itself and the organization to recognize it as the revenue driver.

[22:08] Big mistake #3: Value of information.

[24:28] The value of information is declining.

[26:45] If you recommend something, you should be a part of implementation.

[27:29] What you believe about compliance will determine what is possible for you within your organization.

[31:37] What is the minimum risk and the maximum risk you can take?

[33:08] Live participants of the session ask questions on the 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.

Today's episode is inspired by the recent SEC conflicts with Binance and Coinbase. After taking a few days to think things over, I have some conclusions to share.

Listen to learn what compliance problems are, what is happening with the SEC, and the things to consider when compliance problems arise. Sometimes, there's more to it than meets the eye.

If you want to learn more about compliance function and how to make it more productive and efficient, join the free training on June 19th! Join by signing up for The Rise of the Business-Like CCO here.

Let's talk about it.

Today's episode:

[01:24] What does it mean to have compliance problems?

[02:35] Many people interpret compliance problems as a personal issue.

[03:53] Fear makes things more difficult and more complicated.

[06:21] Learn SEC's interpretation of the recent conflicts.

[07:55] The decisions made are a good example of taking risks when there is a good chance of success.

[10:26] The SEC went after the two biggest exchanges.

[11:38] Binance is different from Coinbase in a few ways in this situation.

[14:28] It appears that customer funds are not currently at risk.

[15:54] How will Binance be negatively affected by this?

[18:04] It's understandable where Binance is coming from, but it's uncertain if they will be successful.

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.

FinTechs have multiple options for revenue generation, and in this episode, I am going to discuss some of the most common and easily understood revenue sources as well as some of the more complicated ones that tend to lead to pushback from regulators!

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: The different business models that FinTechs use to make money.

[02:11] Examples of the types of fees that FinTechs charge.

[04:31] How FinTechs can make money from proprietary trading.

[04:57] Some of the FinTechs that offer subscriptions to generate revenue.

[08:00] How FinTechs can make money through advertising revenue and affiliate commissions (and the criticism that this approach often receives).

[11:49] The controversial practice of charging inactivity fees.

[12:45] How FinTechs can make money through investing customer balances and why this is a risky route to take.

[14:11] My thoughts on why advertising revenue and commissions are problematic ways of making money for FinTechs.

[17:03] Do you know of any other sources of revenue for FinTechs?

[17:33] The benefits of investing in my FinTech Compliance Self-Starter Package!

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.

Consumer protection, especially in recent years and especially in Europe and the western world, has become counterproductive.

Some regulators believe that we don't need more FInTech startups because we already have enough of them and because more startups may fail and hurt consumers.

I disagree. We need more startups because many financial services are still inefficient and many problems are not solved, which means we need more innovation and more disruption. Let's talk about it.

Today's episode:

[01:23] Many regulators have slowed down the approval of new applications.

[02:56] The current situation in the financial sector is far from ideal.

[04:37] The investment process is very difficult right now.

[06:09] It is clear that we need more innovation.

[07:50] Consumer protection is so important.

[10:24] It's hard, but try to find a retirement service provider that is innovative and aggressive.

[12:01] What should be the role of the government on consumer protection?

[13:29] What is your opinion on the balance between consumer protection and regulations and personal choices?

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 tendency to micromanage compliance is rife in the FinTech world. In this episode, I discuss the various reasons why this is the case and offer some advice on how to deal with a micromanager!

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 today's topic.

[00:58] Examples of what micromanagement of compliance typically looks like.

[04:16] One of the main reasons that so many founders micromanage their compliance teams.

[05:02] Why micromanagement is problematic.

[05:10] Additional reasons for the prevalence of micromanagement of compliance teams by FinTech founders.

[08:05] Advice for how to overcome micromanagement tendencies (or deal with a micromanager).

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.