A FinTech Dilemma: The Chief Compliance Officer

Companies offering innovative products, especially those in fintech, are finding that answering questions regarding when to bring on a CCO and recruiting the right person, particularly in this tight labor market, is a difficult and frustrating process. Furthermore, many companies find that hiring a qualified CCO who understands the business and fits with the existing team is going to come at a significant expense that may frustrate the objectives of a growing business. In this article we summarize a few thoughts on why, when, and how to bring on a CCO that fits the company’s size and risk-profile.

John A. Beccia III to Moderate at the ACAMS 18th Annual AML & Financial Crime Conference

John will be moderating a panel discussing how companies should approach due diligence and selecting artificial intelligence regtech solutions, particularly in the financial crimes space. Topics include:

  • Reviewing priorities of AML and FCC operations to determine functions such as transaction monitoring or investigations conducive to AI integration and capabilities

  • Mapping an AI infrastructure that addresses issues such as storage, legacy system compatibility and scalability to pinpoint and vet vendors best suited to fulfill institutional needs 

  • Auditing post-integration processes to determine operating outcomes and efficiencies in areas such as false positive reduction or other metrics and identify and rectify systemic deficiencies

John Collins to Speak at the Financial Innovation and Payments Summit 2019

John Collins to Speak at the Financial Innovation and Payments Summit 2019. Opal Group’s Financial Innovation and Payments Summit will address the enterprising and adoption of innovative payments solutions and practices.

This conference will gather leading players and thought leaders who are creating the landscape for the future of the industry. Uniting executives in the payments realm, stakeholders from corporate end-users, financial and technology services organizations will discuss and explore the key issues and opportunities today.

FinCEN Announces Innovation Hours Program

On May 24th, the Financial Crimes Enforcement Network (FinCEN) announced its new Innovation Hours Program. The new program is designed to facilitate innovative approaches to combating money laundering and terrorist financing. In its announcement, FinCEN stated the program is intended to provide opportunities for both financial institutions and financial technology (FinTech) companies to discuss Bank Secrecy Act (BSA)-related innovations. In this article we summarize the program and provide useful insights for completing the application form.