Fintech Compliance and Your Online Business

Legal and compliance risks for the financial services industry arising from applying new technologies have recently been highlighted by authorities. The approach comes in the context of the rapid evolution of financial technology, with multiple implications in the financial sector. These can fundamentally change institutions’ risk profiles and aim to increase their awareness within the supervisory community and the industry. Case studies show that new technologies are already (or could be) used in existing financial processes, procedures, and services. Among them, biometric authentication and mobile wallets are the most used applications by banks.