Test and fortify your BaaS compliance readiness using this checklist to:
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Banking-as-a-Service (BaaS) is booming, with customers enjoying the low-friction, highly customized, and agile experience. Of course, because fraudsters are always looking for new opportunities to attack, they’ve trained their sights on gaps in BaaS fraud prevention. Through sharpened tactics and sophisticated new tools, they can exploit gaps in BaaS fraud and AML solutions that aren’t up to par.
Regulators, in response, are now cracking down on FIs who don’t have clear oversight of their fintech partners. New regulations aim not only to address fraud threats, but bring the responsibility of compliance back to a shared one rather than letting sponsor banks defer to their fintech partners.
With this checklist, you can confidently turn your fraud and AML programs into compliant ones quickly. It covers the most crucial steps to build a solid foundation on which you can continue to grow and improve your fraud defenses.
“Sponsor Banks need to ensure their BaaS compliance program is very well thought out and documented. Create processes and procedures designed to strengthen your fraud and risk solutions while enhancing your AML program with modern strategies. Identify and mitigate compliance gaps swiftly to safeguard your financial institution from non-compliance fees and cease-and-desist actions. We have provided the basics in the following checklist.”
– DataVisor VP of BaaS & BSA Brenda Banks
About DataVisor
DataVisor is recognized as an industry leader and has been adopted by many Fortune 500 companies across the globe.
DataVisor is the world’s leading fraud and risk management platform that enables organizations to respond to fast-evolving fraud attacks and mitigate risks as they happen in real time. Its comprehensive solution suite combines patented machine learning technology with native device intelligence and a powerful decision engine to provide protection for the entire customer lifecycle across industries and use cases.