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Do CEOs and founders worry about compliance too much? In this episode, Yana wants to discuss some things that are more fundamental, like problems, issues, or misconceptions that she believes have been around for a long time. She hopes that this conversation will show you a different way to approach and think about compliance. Yana will share her perspective on addressing some of these things and how to think differently in different areas like misconceptions or lies about compliance that live in many founders' mindset and belief system, plus much more on this Compliance That Makes Sense episode. 

Want more? - Subscribe to Yana's super popular newsletter everyone is talking about!

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

Today's episode:

• [00:34] Hello, my friends!
• [01:41] Yana will state a belief, misconception, or lie and then give her perspective.
• [01:54] Compliance is a big cost or a burden.
• [02:20] Yana shares her perception of this belief.
• [03:40] It is hard to find good people in compliance.
• [03:54] Yana gives her insight into this comment.
• [05:30] I don't have the money to invest in compliance.
• [05:52] Yana gives her view on this belief.
• [08:51] Have you invested enough in compliance? 
• [10:06] Founders look for a complete list of everything that is required to be compliant.
• [10:48] Yana addressed this issue in Episode 11.
• [11:45] Founders feel like they want to drive their compliance decisions by themselves.
• [12:39] Yana shares a warning for anyone who believes they can do it on their own.
• [14:13] Yana says they can learn compliance, but if they are a CEO or founder, they probably won't be doing your actual job.
• [16:04] Yana feels like many founders and CEOs worry about compliance too much.
• [18:46] Thank you for listening!

Additional Materials:

Is your compliance lean and agile? If you are not sure, go to www.competitivecompliance.co/lean-compliance-quiz and answer 6 questions to get specific recommendations on how to reduce your compliance cost.

Listen as Yana discusses why some FinTech startups make it to the top, keep growing, and secure license applications, partnerships, and funding. In contrast, most startups just run out of money and aren't able to make it. What is it that those few startups have figured out? Yana gives her insight into the symptoms that might cause you to fail and what she believes is the secret sauce that allows some to make it, plus much more on this Compliance That Makes Sense episode. 

Want more? - Subscribe to Yana's super popular newsletter everyone is talking about!

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

Today's episode:

• [00:33] Hello, my friends, and welcome back!
• [01:32] Yana shares some symptoms that might cause a startup to lose money and fail.
• [03:45] There is a lot of free and paid content published on FinTech compliance. Are you taking advantage of this information?
• [05:32] Agile, just-in-time methodology is proven and most recognized in delivering tech products.
• [07:22] Yana says she is always asked for a complete list of what they need to be in 100% compliance.
• [10:21] Yana discusses what she learned when she started with Amazon and PayPal.
• [12:12] Yana talks about her job responsibilities when working with PayPal.
• [14:34] When large companies like PayPal and Amazon share customer processes, or payment flows with younger FinTechs, it involves decision making around risks.
• [16:31] Yana speaks about how she sees the FinTech compliance function evolve.
• [18:45] Listen as Yana talks about your customer onboarding, and although you might be automated, everything else is manual.
• [21:15] When you have inconsistencies, your compliance cost per customer and time cost per customer is getting higher day by day.
• [23:06] Have you found the right balance between compliance efforts and growth opportunities?
• [26:02] Thank you for listening!

Additional Materials:

Is your compliance lean and agile? If you are not sure, go to www.competitivecompliance.co/lean-compliance-quiz and answer 6 questions to get specific recommendations on how to reduce your compliance cost.

Do you think that Stablecoins are E-money? Listen, as Yana discusses what E-money and Stablecoins are and how they are used. Yana explains how most stablecoins do not meet the requirements to be called E-money and the difference between issuing E-money versus using and accepting E-money. Yana is hoping this conversation will clarify what E-money is and how Stablecoins may or may not be considered E-money, plus much more on this Compliance That Makes Sense episode. 

Want more? - Subscribe to Yana's super popular newsletter everyone is talking about!

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

Today's episode:

• [00:34] Hello, my friends, and welcome back!
• [01:22] Yana shares her new favorite activity.
• [03:19] Yana believes that all compliance professionals should use the rules of shooting a gun daily.
• [04:42] Yana shares the definition of what E-money is.
• [06:56] Yana discusses how most stablecoins do not meet the requirements of E-money.
• [08:21] She speaks about another reason stablecoins can't be called E-money.
• [11:01] If you design your product not to meet E-money conditions, does it mean it is safe?
• [12:46] Yana talks about the important distinction between issuing E-money and using and accepting E-money.
• [14:10] Yana discussing paying someone through PayPal.
• [17:05] What makes you an E-money issuer?
• [19:10] Bye for now!

Show links:

• Follow Yana on Instagram and check out our new training calendar for the latest workshops and trainings.

Have you heard about the new Crypto regulations that are coming? Yana explains what they are and what they mean for Crypto companies. She believes the regulation will harmonize requirements from country to country with a single regulatory regime that will cover different types of crypto services. Yana shares that half of the regulatory document covers different kinds of stable coins, and she goes into detail about why that is important. Listen as Yana shares some core lessons and takeaways from her reading of the regulatory draft on this episode of Compliance That Makes Sense. 

Want more? - Subscribe to Yana's super popular newsletter everyone is talking about!

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

Today's episode:

• [00:34] Hello, my friends, and welcome back!
• [01:00] Yana explains the new EU-Wide regulations.
• [02:02] The idea of the regulation is to harmonize requirements.
• [03:31] Half of the document is describing different types of stable coins.
• [04:30] Yana discusses significant e-money tokens.
• [06:07] One major takeaway from the document is in crypto custody because until now, there have been no specific requirements.
• [09:03] Yana shares another thing she believes is important to know for the time being.
• [10:42] Yana circles back to the e-money stable coins tokenized asset idea.
• [13:30] Yana expects that most stable coins will be divided into one of two categories.
• [16:30] Yana feels like this will come into force in a year.
• [18:53] Yana hopes this has been helpful. Stay tuned for a future episode continuing this conversation.

Show links:

• Follow Yana on Instagram and check out our new training calendar for the latest workshops and trainings.

Are you looking for ways to make more money in compliance? Listen, as Yana discusses how people working in compliance, risk, internal control, or audit professionals who work in FinTech can make more money. Yana shares the pros and cons of three different ways she believes you can make more money as a compliance expert. Changing jobs, becoming an independent board member with another startup, and becoming a paid advisor or a co-founder of a new startup. Listen to Yana's opinions and see if you agree on this episode of Compliance That Makes Sense. Want more - subscribe to Yana’s super popular newsletter everyone is talking about!

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

Today's episode:

• [00:34] Hello, my friends, and welcome back!
• [01:15] Yana shares the first way she believes you can make more money.
• [04:00] They like to believe that the next opportunity will allow them to stay for a long period.
• [05:39] Yana discusses her main objection to changing jobs.
• [07:39] Becoming an independent board member with another startup is the second way you can make more money.
• [11:08] There might be some exposure and liability if you don't have good oversight, but the experience can be a learning opportunity.
• [13:34] Yana believes compliance know-how is not always on the list when looking to grow a startup, you must argue how you can add value.
• [16:24] The third way is to become a paid advisor or co-founder for a new startup and help them grow.
• [17:09] Yana shares the pros and cons of this option.
• [19:56] Yana says that compliance experts don't normally have a lot of free time, making the time count.
• [22:39] Thank you for listening.

Show links:

• Follow Yana on Instagram and check out our new training calendar for the latest workshops and trainings.

Have you been thinking about investing in Bitcoin? Listen, as Yana discusses the announcement that PayPal recently made in Europe about their partnership with bitFlyer. Yana also explains what that another announcement means for PayPal customers in the U. S. and how it affects you if you want to buy cryptocurrency. Yana also explained why this announcement is a good thing for PayPal customers interested in getting involved with cryptocurrency but never knew where to start and for the FinTech industry, so listen to her discussion on this episode of Compliance That Makes Sense.

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

Today's episode:

• [00:34] Hello, my friends, and welcome back!
• [01:15] Two months ago in Europe, Paypal announced that they would partner with bitFlyer.
• [02:43] Yana says that PayPal will not be buying and selling any cryptocurrencies.
• [04:04] Yana explains what will happen if a PayPal customer wants to buy bitcoin.
• [05:30] This is good news because many customers of PayPal will now be able to hold bitcoin inside of their account.
• [06:31] It's limited news because the only way to sell what you buy from PayPal, you can only sell back to them.
• [07:02] This also applies to deposits and withdrawals of bitcoins.
• [08:22] Yana speaks about the limits per day, per month, and per year that PayPal has issued.
• [09:57] Are smaller players going to be squeezed out by larger players? Or is there still room for smaller companies?
• [12:07] Yana discusses the statement PayPal has made that through PayPal, their merchants will accept bitcoin for merchant transactions.
• [13:53] Yana talks about how this is a huge opportunity for the FinTech industry.
• [15:38] Thank you for listening!

Show links:

• Follow Yana on Instagram and check out our new training calendar for the latest workshops and trainings.

Do you know what CBDC is? Listen as Yana discusses what has happened recently in the CBDC space, what the powers that be have determined, and whether cash would still be distributed. Yana speaks about the issues the CBDC and international authorities have with distributing digital money, the need for some kind of stable coin that will allow people to pay and get paid instantly, and what it would mean for FinTech. Yana has great insight into this issue, so listen to her discussion on this episode of Compliance That Makes Sense.

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

Today's episode:

• [00:34] Hello, my friends, and welcome back!
• [01:28] Listen as Yana shares what has happened recently in CBDC.
• [03:50] Yana speaks about the issues governments had getting money to people during the pandemic.
• [05:55] Central Banks and other international authorities don't like cash payments because they're a heavy operation to manage.
• [07:05] Yana shares its biggest issue with giving people digital money.
• [10:11] Yana explains what this means for FinTech.
• [13:16] Yana believes that regulatory attention to stable coins will grow, and she will expand on it in a different episode.
• [13:53] Thank you for listening!

Show links:

• Follow Yana on Instagram and check out our new training calendar for the latest workshops and trainings.

Are you hesitant to hire a compliance expert because you are not sure if you need one? Listen as Yana discusses when it's time to hire a compliance person into your FinTech team and what happens if you unnecessarily delay this decision. Hiring someone from your team that is not a compliance expert to write compliance documents takes forever, can make your company look immature and cause delays. Hiring a compliance expert can keep your company from making mistakes that can potentially get you in trouble and much more on this episode of Compliance That Makes Sense.

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

Today's episode:

• [00:34] Hello, my friends, and welcome back!
• [01:38] Yana speaks about the most common issue she sees happening with startups.
• [03:45] One of the common mistakes she sees a lot is using marketing slang and doesn't describe details in the way it is expected.
• [04:55] Another strategy that isn't working is to just do nothing about hiring compliance professionals.
• [06:31] Hiring consultants instead of a compliance expert is expensive and slow.
• [08:42] Yana says hiring a big four is not a safe bet if you want speed and progress.
• [10:08] Is crowdsourcing information a good way to bypass hiring a compliance expert?
• [12:13] Yana recommends hiring a compliance person when you have to do it by law or if you aren't required by law, but you regularly need to submit documents to others.
• [13:43] It's necessary to hire a compliance expert if you have 20 or more active customers at any given time.
• [15:17] Thank you for listening!

Show links:

• Follow Yana on Instagram and check out our new training calendar for the latest workshops and trainings.

Do you know what constitutes reputational risk? In this episode of Compliance That Makes Sense, Yana discusses reputational risk, and she believes her view on this topic might not be very popular. Listen, as Yana shares some examples she has seen and some examples of what others might call reputational risk, but she disagrees with them. At the end of the episode, she plans to give some clarity on both spectrums, so sit back and listen to Yana's insights and see if you agree with her take on reputational risk.

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

Today's episode:

• [00:34] Hello everyone, and welcome back!
• [01:22] Yana defines what she believes is a true reputational risk.
• [04:21] She also gives an example of what she doesn't believe is reputational risk.
• [04:33] Yana shares some potential reputational risks some companies make.
• [06:08] Yana speaks about the point she is trying to make.
• [07:35] What about controversial figures? Yana shares her views on this question.
• [09:41] Listen as Yana gives an example of what she doesn't believe is reputational risk, but others do.
• [13:13] If you look at Yana's example from a purely legal perspective, all the people violated their financial provider's terms, but the intention was good.
• [15:17] Reputation is something that may have a long-term impact, negative or positive.
• [17:22] Yana thinks in the absence of the profound and clearly defined reputational risk; the moral and ethical consideration is personal.
• [18:16] The first question a compliance person should ask themselves is whether this is legal.
• [19:33] See you next week, bye for now!

Show links:

• Follow Yana on Instagram and check out our new training calendar for the latest workshops and trainings.

Today Yana discusses why she believes that compliance professionals are paid less than other people in the company. Often, compliance is put in a category with things you must do because the government requires it, like paying taxes. It then puts the burden on the compliance officers to prove their value and how they can add to the company's bottom line. Listen as Yana shares how she priced her services and showed her value when she got into compliance, plus much more on this episode of Compliance That Makes Sense.

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

Today's episode:

• [00:34] Hello everyone, and welcome back!
• [01:24] Yana believes that companies often pay compliance people less, and she shares why.
• [02:13] It's hard to quantify how much value compliance adds.
• [03:46] You end up triggering different incentives and logic about compliance if you try to compare it to something people have to do, like paying taxes.
• [04:33] Yana discusses how she priced her services when she got into compliance.
• [05:39] Yana shares an example of how she can quantify her value with the company.
• [07:35] Bye for now!

Show links:

• Follow Yana on Instagram and check out our new training calendar for the latest workshops and trainings.