The A-Z of building a compliance program

With the regulatory crackdown on bank-fintech partnerships on the rise, it’s critical for companies launching embedded financial products to have a robust compliance program. Every non-bank in the US facilitating payments, lending, investing, or any other financial product is required by federal and state laws to have safeguards that prevent money laundering, identify illicit financing, and detect fraud.

In addition, non-banks require a bank partner to move money over ACH, wire transfers, RTP, and other payment networks, which only permit regulated banks and financial institutions to send and receive payments. 

A potential bank partner will review your compliance program before allowing you to launch the product, since they are ultimately held responsible by regulators for adhering to compliance laws. That is why some companies choose to have an indirect relationship with a bank -- leveraging a third party to take care of compliance.

However, companies that work directly with a bank have many long-term advantages, such as faster payment settlement, better visibility, and more control over your funds.

The thought of building a compliance program may seem like a mammoth task, which is why Modern Treasury compiled this eBook to help companies seeking to work directly with a bank launch products faster.

Its purpose is to provide an actionable framework for understanding the regulations, terminology, and concepts required to build and operate an effective compliance program. It breaks down the regulatory landscape into easily digestible chunks and sets out an easy-to-follow roadmap for any company to start setting up its compliance program.

What you will learn:

• The design functions of a compliance program
• The three legislations governing money movement in the US 
• Key compliance terminology
• The five pillars of AML compliance 
• The core components of compliance, and of an operational compliance program

Download the eBook