The fintech sector has grown dramatically in recent years, with the number of new fintechs increasing by more than 70% globally between 2019 and 2020 as the COVID-19 pandemic hastened technology adoption. With this rapid rise in technological innovation, sanctions compliance officers are encountering novel challenges that are exacerbated both by (1) the inherent features of fintech solutions, such as reduced customer friction, seemingly borderless payments, and a reliance on a complex network of underlying financial partners; and (2) an increasingly unstable geopolitical climate that has resulted in ramped up complex sanctions and unique sanctions evasion techniques. With this in mind, sanctions compliance officers in the fintech sector may be wondering how to develop and maintain a purpose-built sanctions compliance program tailored to their unique risk profile.
Amir Fadavi and Elizabeth Severinovskaya have published an article in the Compliance, Ethics, and Sustainability Journal that shares best practices for fintech sanctions compliance programs. Levering the authors’ experience helping fintech firms across the world comply with guidance documents such as the Office of Foreign Asset Control’s (OFAC) Framework for Compliance Commitments, “Sanctions Compliance Programs for the Fintech Sector” aims to help compliance professionals in fintech firms globally build or improve their sanctions compliance setup.
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