FinCEN fines a bank $390M for non-compliance: Lessons for Fintechs: BFSITechTalks Review

Wayne Brown and Buck Kulkarni discuss the penalty levied by finCEN on a big bank. The history, the specific regulatory requirement that was not complied with, and the lessons for startups selling or intending to sell to banks. Banks are already putting massive pressure on vendors and suppliers for compliance – both on the business side (as in this case) and technical (focused on security, privacy, resilience etc) and such events tend to increase that pressure as banks re-look at their vendor risk posture. Fintechs should see this as part of their BAU and bake preparedness into their product offerings.