Francesco Matteini’s Post

📐⚡ Compliance change not 🚫 sustainable? Before progressing, I am not talking about anything eco-friendly or the environment. What I am talking about is compliance solutions that endure over time and are quality developments that can be sustained by the business My focus is Financial Crime-oriented, but applicable elsewhere So how is this possible? At some stage, you go through the development of some sort of compliance change Let's consider what you need to be mindful of... 💡 People - whom you are affecting your compliance change towards (could be headcount, team structure or even expertise/ skills) 💡 Process - what operations you are affecting your compliance change into (or creating) 💡 Technology - what technology/ data date? Your affecting your compliance change into (could be a new introduction) Back to the sustainably view - for each of these areas we are looking for ways to ensure the compliance change endures 💡 People Capabilities, skills, capacity, culture, team structure - people will be the recipient of your changes, do they need to make changes to allow your change to be adopted (not just training) 💡 Process Procedures, guides, policies, rules, Responsibilities - again if you going to change something is this a new process, existing, does documentation exist, are the rules clear for escalation, who is doing what - you can deliver uplift here and processes are often impacted 💡 Technology Rules, software, interfaces, integrations, data - this may all be lumped together, however for larger technology changes it nearly always impacts people and processes also - Catch-out: make sure for a tech change you to retain/ upskill someone to support ongoing change or issues Don't just consider your change in isolation, but include at least one or more of these impact areas. If you don't your change longevity may be impacted Example 👉🏼 New KYC/ CDD tool to help with beneficial ownership (BO) searches 👉🏼 Need to update processes 👉🏼 Need to learn a new solution However, a solution demo has revealed that not all of the team understands how BO searches are performed To make this sustainable beyond the new solution implementation impacts worth considering are: 💡 People - uplift BO knowledge 💡 People - uplift how to manage, allocate, and track workload 💡 People - consider who/ how the BO solution is managed (access, rules, etc) 💡 People - understand data storage, privacy 💡 Process - change to the process ongoing CDD 💡 Process - change to the process of onboarding 💡 Process - change to enhanced due diligence 💡 Tech - understand the solution This is effectively "Change Management" and the inclusion of such will improve your change adoption and long-term success What do you do to make your change sustainable? Comment below 👇🏻👇🏻 #financialcrime #changegovernance #changemanagement #compliance

Embracing Compliance: Elevating Standards, Building Trust 🫂 In today's rapidly evolving regulatory landscape, compliance isn't just a box to check – it's a cornerstone of trust and integrity. As a compliance professional, I'm passionate about driving positive change and upholding the highest standards of ethical conduct. Here's why compliance matters more than ever: 1️⃣ Protecting Customers: Compliance safeguards the interests of customers by ensuring fair treatment, transparency, and privacy protection. By adhering to regulatory requirements such as KYC and AML, we empower individuals to trust in the integrity of financial services. 2️⃣ Upholding Reputation: In an age of heightened scrutiny and accountability, reputation is everything. Compliance helps organizations build and maintain trust with stakeholders, safeguarding their brand reputation and fostering long-term relationships. 3️⃣ Mitigating Risks: Compliance isn't just about following rules – it's about identifying and mitigating risks before they escalate. By proactively assessing risks and implementing robust controls, we protect organizations from financial, legal, and reputational harm. 4️⃣ Driving Innovation: Far from being a barrier, compliance can be a catalyst for innovation. By embracing regulatory requirements as opportunities for improvement, organizations can drive innovation, streamline processes, and enhance customer experiences. 5️⃣ Contributing to Growth: A culture of compliance isn't just about avoiding penalties – it's about fostering sustainable growth. By prioritizing compliance, organizations create a foundation for long-term success, attracting investors, customers, and talent alike. In the ever-evolving landscape of compliance, let's continue to champion integrity, transparency, and accountability. Together, we can build a future where trust is not just a commodity – it's the currency of success. #ComplianceMatters #EthicalLeadership #BuildingTrust

📐🌡️⚡ Compliance change not 🚫 sustainable? 😡 Before progressing, I am not talking about anything eco-friendly 🌏 or the environment. What I am talking about is compliance solutions that endure over time ⏰ and are quality developments that can be sustained 📈 by the business My focus is Financial Crime-oriented, but applicable elsewhere 🪄 So how is this possible? 🤔 At some stage, you go through the development 🏗️ of some sort of compliance change ⚡ Let's consider 🤔 what you need to be mindful of... 💡 People - whom you are affecting your compliance change towards (could be headcount, team structure or even expertise/ skills) 💡 Process - what operations you are affecting your compliance change into (or creating) 💡 Technology - what technology/ data date? Your affecting your compliance change into (could be a new introduction) Back to the sustainably 📈 view - for each of these areas we are looking for ways to ensure the compliance change endures 💡 People Capabilities, skills, capacity, culture, team structure - people will be the recipient of your changes, do they need to make changes to allow your change to be adopted (not just training) 💡 Process Procedures, guides, policies, rules, Responsibilities - again if you going to change something is this a new process, existing, does documentation exist, are the rules clear for escalation, who is doing what - you can deliver uplift here and processes are often impacted 💡 Technology Rules, software, interfaces, integrations, data - this may all be lumped together, however for larger technology changes it nearly always impacts people and processes also - ⚠️ Catch-out: make sure for a tech change you to retain/ upskill someone to support ongoing change or issues Don't 🚫 just consider your change in isolation, but include at least one or more of these impact areas. If you don't your change longevity may be impacted 📉 Example 👉🏼 New KYC/ CDD tool to help with beneficial ownership (BO) searches 👉🏼 Need to update processes 👉🏼 Need to learn a new solution However, a solution demo has revealed 🪄 that not all of the team understands 🧠 how BO searches are performed To make this sustainable 📈 beyond the new solution implementation impacts worth considering are: 💡 People - uplift BO knowledge 💡 People - uplift how to manage, allocate, and track workload 💡 People - consider who/ how the BO solution is managed (access, rules, etc) 💡 People - understand data storage, privacy 💡 Process - change to the process ongoing CDD 💡 Process - change to the process of onboarding 💡 Process - change to enhanced due diligence 💡 Tech - understand the solution This is effectively "Change Management" and the inclusion of such will improve 📈 your change adoption and long-term success 🏆 What do you do to make your change sustainable? Comment below 👇🏻👇🏻 #financialcrime #changeleadership #changemanagement #compliance

I think it’s a shame when people miss out on the RoI of investing in compliance. A lot of the times, they don’t see all the benefits of compliance because they see it as just a checkbox activity. An example: I sometimes come across fintechs that rely on high level registry checks and don’t do deeper due diligence on a business’s web presence, industry risk or reputation. For me, that’s a huge red flag 🚩 It signals that a bank or fintech thinks of compliance as something that’s only meant to make regulators happy. So, like anyone that’s just trying to pass a binary yes/no test — they do the minimum it takes to pass. Instead, I like to think of compliance not as a shield — but as a foundation. It helps stops fraud. It builds your reputation. It earns customer trust. I've seen businesses flourish when they make compliance a core pillar of their strategy because their customers stay longer, they spend more, and tell their industry peers. That's real ROI! In the long game, compliance isn't a cost. It's an investment that pays dividends for years. An effective compliance strategy has long-term payoffs that are very much tied to financial performance — customer trust and loyalty increases revenue and lifetime value.

💡 Step By Step Approach Stay Current with Regulatory Developments 📌 Regularly update yourself on the latest AML regulations and compliance trends. Being proactive will help you stay ahead in the compliance field. Implement a Risk-Based Approach 📌 Direct your focus to areas with higher risk — be it specific customer groups, products, or regions. Prioritize monitoring where it counts the most. Craft Effective Monitoring Rules 📌 Work closely with your team to establish rules that highlight suspicious patterns. These rules should align with both regulatory requirements and your organization’s specific risk appetite. Optimize System Configuration 📌 Configure your monitoring system with care. Achieving the right balance between accuracy and efficiency is crucial to reducing false positives. Regularly Review Alerts 📌 Evaluate alerts based on their risk level and context. When necessary, delve deeper into the customer's transactions and activities. Perform Thorough Investigations 📌 For alerts requiring more scrutiny, explore supporting documents and involve key stakeholders to gain clarity and understanding. Document Every Action 📌 Keep detailed records of all steps. Proper documentation not only aids audits but also demonstrates your dedication to compliance. Decision-Making and Escalation Process 📌 After comprehensive analysis, make informed decisions. If required, escalate situations to file appropriate reports or close high-risk accounts. Report Accurately and On Time 📌 Ensure reports, such as Suspicious Activity Reports (SARs), are filed promptly and with precision to meet compliance requirements. Continuously Improve Your Processes 📌 Continuously refine your monitoring rules and leverage emerging technologies to enhance system efficiency and effectiveness. 🚀 Ready to automate your transaction monitoring strategy? Let's connect and discuss the latest trends and techniques in compliance. Comment "Trial" For free limited access to our Advanced Transaction Monitoring Service.

Navigating Compliance Challenges in the Fintech Sector The fintech sector faces unique compliance challenges in a rapidly evolving landscape. Companies like Square address regulatory compliance in financial technology by implementing robust compliance frameworks that adapt to changing regulations. This includes rigorous anti-money laundering (AML) protocols, data protection measures, and adherence to financial regulations like the Dodd-Frank Act. Square leverages advanced technology to monitor transactions in real-time, ensuring compliance with both national and international standards. Regular audits, continuous employee training, and a dedicated compliance team are critical components of their strategy to maintain regulatory adherence and foster customer trust. Handling compliance in the fintech industry requires staying ahead of regulatory changes and implementing scalable solutions that can grow with the business. By integrating automated compliance tools and fostering a culture of compliance, organizations can effectively manage risks and navigate the complexities of the fintech sector.

At Compliance World, we understand the risks involved in making investments or forming partnerships in an environment where fraudulent activities are prevalent. To mitigate these risks and protect your investments, we offer comprehensive Enhanced Due Diligence (EDD) reports. How Compliance World Can Help 1. In-Depth Verification: Before you commit to any investment or partnership, Compliance World conducts thorough background checks and verifications on the entities involved. This includes examining their financial health, legal standing, and operational history to ensure they are legitimate and trustworthy. 2. Detailed Risk Assessment: Our Enhanced Due Diligence reports provide a detailed assessment of potential risks associated with the investment or partnership. This includes identifying any red flags, past fraudulent activities, or regulatory issues that could affect the transaction. 3. Compliance Checks: We ensure that the entities comply with all relevant local and international regulations. This includes AML (Anti-Money Laundering) and KYC (Know Your Customer) compliance checks to prevent any involvement in illicit activities. 4. Ongoing Monitoring: Our services don't end with the initial report. We offer ongoing monitoring to keep you updated on any changes or developments that could impact your investment or partnership. Why Choose Compliance World? Expertise: Our team has extensive experience and a deep understanding of the regulatory landscapes in the MENA and APAC regions. Comprehensive Reports: We provide detailed and actionable insights, helping you make informed decisions. Client-Centric Approach: We prioritize our clients' safety and success, ensuring that all reports are tailored to meet your specific needs. By leveraging our Enhanced Due Diligence services, you can make well-informed decisions and protect your investments from potential scams and fraudulent activities. We are committed to supporting you every step of the way to ensure a secure and successful partnership or investment. Please feel free to contact us for more information or to discuss how we can assist you with your specific needs. [email protected] www.complianceworld.co 00971585034438

🚀 The Six Ethics of FinTech Compliance => If the law is unclear, go back to the basics: do not lie to customers or partners, do not steal or run away with other people’s money, and keep customers' funds and data safe. If you do just these things, you are likely 70% compliant. => Don’t suggest initiatives just in case to look responsible => Have skin in the game: do not stop at providing recommendations, become responsible for finishing projects => Do not inflate risks to get attention and secure bigger budgets => Do not sacrifice time and money to be sure or feel safe. Invest time and money where you see positive ROI => Have a formal process of killing abandoned and unfinished projects before they kill your productivity => 70% compliant is success. Aiming for 100% is a path to failure. What would you add to the list? #fintechcompliance #compliance_that_makes_sense

This article on the impact of compliance technology on small fintech firms may be a handy read. It highlights how compliance technology can level the playing field for smaller fintech players. But let's take a closer look. - Efficiency Gains: Automating compliance processes saves time and resources, allowing small fintech firms to focus on innovation and growth. No more drowning in paperwork! - Risk Reduction: Robust compliance technology helps firms proactively manage and mitigate risks, avoiding costly fines and reputational damage. It's about staying ahead of the curve. - Customer Trust: Compliance isn’t just about avoiding penalties. It’s about building trust with your customers. Implementing strong compliance measures can enhance your reputation and customer loyalty. - Competitive Edge: Leveraging compliance technology gives small fintech firms a competitive edge. It allows them to operate with the same rigour as larger firms, making them more attractive to partners and investors. #Fintech #ComplianceTech #Innovation

The Compliance Officer: unsung hero of financial integrity. I've seen firsthand how crucial this role is. A recent case opened my eyes: → Small fintech, rapid growth → Compliance viewed as "red tape" → Result? Massive regulatory fines Lesson learned: Compliance isn't a roadblock. It's a safeguard. As a Certified Compliance Officer, I can't stress this enough: 1. Empower your Compliance team 2. Integrate PLD/FT protocols into daily ops 3. Foster a culture of ethical decision-making Remember: A strong second line of defense protects your business and reputation. What's your take on the evolving role of Compliance Officers? #FinancialCompliance #RiskManagement