Sanctions Compliance Programs for the Fintech SectorAmir Fadavi and Elizabeth Severinovskaya1
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The financial technology, or "fintech" sector has grown dramatically in recent years.2 The number of new fintechs increased by more than 70% globally between 2019 and 2020 as the COVID-19 pandemic hastened technology adoption.3 With this rapid rise in technological innovation, sanctions compliance officers are encountering novel challenges which 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. We share below some best practices for fintech sanctions compliance programs, leveraging ...
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