What’s inside?
Test and fortify your BaaS compliance readiness using this checklist to:
- Ensure you have the mandatory fraud and risk solutions in place
- Enhance your AML program with modern strategies
- Identify gaps in compliance to quickly address them
- Protect your FI from non-compliance fees and cease-and-desists
Enhanced Due Diligence
- Conduct thorough due diligence on BaaS partners to compare your relationship with them against stated compliance requirements.
- Audit your communication and partnership structure with all fintech companies or other entities that leverage your charter to provide banking services through their platforms.
- Ensure each partner adheres to robust AML and fraud-prevention practices and complies with the latest regulatory requirements.
Comprehensive KYC Procedures
Banking-as-a-Service (BaaS) is booming, with customers enjoying the low-friction, highly customized, and agile experience. Of course, because fraudsters are always looking for new opportunities to attack, they’ve trained their sights on gaps in BaaS fraud prevention. Through sharpened tactics and sophisticated new tools, they can exploit gaps in BaaS fraud and AML solutions that aren’t up to par.
Regulators, in response, are now cracking down on FIs who don’t have clear oversight of their fintech partners. New regulations aim not only to address fraud threats, but bring the responsibility of compliance back to a shared one rather than letting sponsor banks defer to their fintech partners.
Year-After-Year,
the Industry’s Choice
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