Compliance That Makes Sense

After speaking to many people who have lost their jobs due to FinTech company failures, I was motivated to create the Compliance Collective to help people in that position understand their value and get back on their feet. Tune in today to hear the reasons behind the job losses in the crypto space and how my program can benefit 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:

[00:39] The main topic of today's episode.

[01:07] The general sentiment of the people who I recently interviewed who lost their jobs because of company failures.

[07:11] Why so many people missed the signs that their businesses were heading for trouble.

[08:26] The current state of the crypto markets.

[08:38] My motivation for creating the Compliance Collective.

[09:58] Examples of what is covered in the Compliance Collective.

[12:15] The main goal of the Compliance Collective.

[13:46] Who the Compliance Collective is and isn't aimed at.

Show links:

• Learn how to be valued as a FinTech compliance expert! Join our next call: https://yana-afanasieva.mykajabi.com/collective

• 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 share my analysis of why US regulators have recently gone on a crusade of enforcement in the crypto space, using Kraken, Paxos, and Binance as the prime examples to highlight the issues that are being experienced by FinTech organizations currently.

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.

[01:07] A common mistake made by struggling compliance professionals and the program I created to change this.

[04:37] Exploring the concept of staking.

[06:52] What the Kraken staking program consisted of.

[07:23] The issue that US regulators had with Kraken's marketing approach and a safer approach that could have kept them out of trouble.

[08:40] Kraken's second mistake: mixing their own staking pool with their customers' staking pool.

[11:34] A summary of the factors that made Kraken vulnerable.

[12:50] Why the SEC forced Paxos and Binance to stop issuing Binance USD Stablecoins.

[17:33] Examples of what the term "stablecoin" refers to.

[18:12] Changes that stablecoin issuers and users can expect in the coming months.

Show links:

• Learn to be valued as a FinTech compliance expert! Join our next call: https://yana-afanasieva.mykajabi.com/collective

• 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.

Have you used ChatGPT? I was interested to know what it would give me back regarding CBDCs and why they're unlikely to be implemented on a large scale. Tune in today to hear the assessment I received from ChatGPT regarding the problems facing CBDCs versus my own! Which do you like better?

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:

[00:39] I used ChatGPT to ask about CBDCs and this is what AI gave me back.

[02:33] A quick structure to follow for this episode.

[03:07] Here's what ChatGPT had to say about CBDCs.

[05:13] ChatGPT's concerns about implementation of CBDCs.

[07:00] My analysis and concerns regarding CBDCs and their use.

[08:55] The first of three main obstacles facing CBDCs.

[11:05] CBDCs will not solve the financial inclusion problem.

[12:18] There are substantial reservations about CBDCs from established banks.

[13:53] Have you used ChatGPT? How do you feel about the difference in our conclusion regarding CBDCs?

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 explore some advantages and disadvantages of establishing a startup in the FinTech hubs of Luxembourg, Lichtenstein, Ireland, and Lithuania. A perfect environment does not exist, but this episode should give you clarity around which country will be best suited to you and your company.

WORKSHOP ANNOUNCEMENT:

On February 21st, 2023, Yana is offering a brand new, one of its kind, 90-minute workshop on the end-to-end scope of crypto compliance.

Following the recent SEC actions against Kraken Digital Asset Exchange, #busd, #stablecoins and #staking, we have added another section about stablecoins and staking into our agenda to ensure your company can navigate the regulatory uncertainties.

Most of my clients have received and continue receiving additional questions from their banking partners, regulators, auditors, card processors, and other partners, which can be summarized as follows:

• Were you in any way impacted by the FTX collapse and the following series of crypto bankruptcies and litigations?

• How can you prove to us that your company is better than FTX &Co and did not deploy any of the malpractices, abuses, and opportunistic regulatory arbitrage that seemed to be so common?

The easiest way to answer these questions would be to share with all these stakeholders that your entity has implemented many of the common compliance best practices that go beyond AML.

https://yana-afanasieva.mykajabi.com/offers/o6cY5poK

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:

[00:54] An overview of the new workshop I am hosting on February 21st!

[02:12] The benefits of establishing a FinTech in Ireland.

[03:08] Some of the barriers to setting up a FinTech in Ireland.

[04:31] What to expect from the FinTech license application process in Ireland.

[05:26] Understanding the regulatory environment in Lichtenstein.

[07:15] Factors that make Lichtenstein special from a compliance point of view.

[08:47] Stringent requirements upheld by regulators in Lithuania.

[09:51] Expectations that the Bank of Lithuania has of FinTech companies that are established in the country.

[10:26] Recent Lithuanian VASP regime updates.

[12:00] Some of the advantages of establishing a FinTech in Luxembourg.

[13:34] Aspects of the FinTech industry that are emphasized in Luxembourg.

[14:29] Why the licensing process takes longer than it used to.

Show links:

• Sign up for the 'End-to-End Complete Scope of Crypto Compliance' Workshop here.

• 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.

Many times projects are delayed due to an excessive amount of initial research and an unwillingness to take action. I've found that this is most often due to FinTech managers bringing on teams that do not have a same or similar business model to them. Tune in today to hear my advice on how you can use the Queen's Gambit style of chess as a FinTech strategy!

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:

[00:39] How I relate to Queen's Gambit, the Netflix show, and what it has to do with compliance strategy.

[02:01] Many FinTech projects tend to drag on forever due to overly extensive research at the beginning.

[04:17] One recent client experience I had, that speaks to this research issue.

[06:34] The reason most people procrastinate is because the tasks are overwhelming.

[09:08] The Queen's Gambit strategy is a different mental game with all the heavy lifting happening first.

[11:18] Why many project managers that come from large companies end up being inefficient at startups.

[13:58] Tech founders are more likely to measure success based on user numbers versus number of employees.

[14:50] Before I take on any new project, I always ask myself "Can I scale this?".

[15:28] When you hire a service provider as a FinTech startup, make sure that their business model matches yours.

[16:32] I'm going to be holding a workshop dedicated to end-to-end operational compliance for a vast company. Sign up!

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.

While there is no region that won't present at least some challenges to FinTech leaders, there are several factors that are likely to predict the success or failure of a business. Tune in today to hear my advice on finding a home for 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 commonly-asked question that inspired today's episode.

[01:26] Benefits of operating a FinTech in a country with an existing FinTech business ecosystem.

[01:50] Why there is no such thing as a perfect country to operate a FinTech.

[02:43] Factors that are good predictors of FinTech success in a particular region.

[05:40] Red flags to look out for when considering where to establish your FinTech.

[08:38] How to handle inevitable changes in the industry.

[10:01] Some noteworthy regulatory trends that I have become aware of.

[12:11] Examples of countries that are experiencing increased levels of regulatory friction.

[14:02] Please reach out if you want to know 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.

Around this time last year, I was feeling pessimistic about the state of the world (just like the people at Davos). However, I now believe there are many reasons to be optimistic about our future, and in today's episode, I share why!

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 purpose of today's episode.

[01:53] Some of the key topics that were covered at Davos.

[03:56] Why I feel optimistic about the world.

[04:16] The power of out-of-the-box thinking.

[05:14] Benefits of the enhanced levels of clarity in the business sphere.

[06:24] Positive outcomes of the rise in collaboration between independent thinkers.

[07:59] How our social and business circles have changed for the better in recent years.

[09:04] The new wave of asset tokenization that is currently underway.

[09:44] How are you feeling about the world right 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.
• Read about fragmentation, The Art of War, inflation and recession in Europe, meaningless sanctions, and opportunities in emerging economies

The New York State Department of Financial Services recently fined Coinbase, and since then, there have been harsh (and in my opinion, false) accusations made against the company. In this episode, I share my thoughts on why Coinbase ended up in this position and what they could have done to avoid 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:

[00:50] Some of the most popular explanations given for the fine that Coinbase received.

[01:21] The settlement order that Coinbase was issued by the New York State Department of Financial Services.

[03:08] My thoughts on the root cause of the issues that led Coinbase to be fined.

[04:34] The four areas where Coinbase reportedly had deficiencies.

[08:42] The outcome of the Coinbase audit conducted in 2020 and why they agreed to pay the fine.

[10:59] Examples from the settlement order that highlight why the harsh accusations made against Coinbase are inaccurate.

[13:46] The finding in the settlement order that was most surprising to me.

[19:39] Why Coinbase ended up with a backlog of "suspicious alerts" and how they could have avoided this.

[27:17] Mistakes that Coinbase made with regard to due diligence for high risk accounts.

[31:51] An overview of my thoughts on what went wrong at Coinbase.

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.

Oftentimes, when FinTech startups receive funding, they spend a lot of it on hiring new employees. During this episode, I explain the numerous negative consequences of growing your team before your company is ready for 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:

[00:50] What many FinTech startups do when they receive funding.

[01:13] The numerous problems that are associated with hiring people in a hurry.

[04:21] A common occurrence that takes place when experienced people join a less mature team.

[05:43] What often happens when people aren't 100% occupied at work.

[06:10] Complaints that are likely to arise when startups hire people before they need them.

[07:02] A commonly-held false belief about growth.

[08:11] Why needing an expert is not a good reason to hire someone.

[09:19] The three factors that lead to the growth of FinTech startups.

[10:52] The correlation between knowledge and risk-taking.

[11:15] What is required of FinTech founders when they are trying to grow with a big team.

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 FinTech startups believe that the reason for their many unfinished projects is that they have too many ideas and too little time and resources to get them all done. However, I think this is a huge misconception, and in today's episode, I explain why!

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:

[00:50] The belief held by most startups about why they have so many unfinished projects.

[01:49] Why I believe so many FinTech startups run out of money.

[02:12] The problem with believing that a lack of resources is why projects are abandoned.

[03:28] The root causes of many problems in FinTech startups.

[04:09] Issues with the way many startups approach hiring new talent.

[08:07] An analogy that highlights the dangers of abandoned projects.

[09:38] Analyzing Elon Musk's first steps as Twitter CEO.

[11:07] What to do if your company is struggling with a multitude of abandoned projects.

[12:37] The three key components that enable progress and growth in FinTech startups.

[12:47] Pros and cons of hiring new people.

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.