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PYMNTS: Neobanks, Small FIs Face Heavy Lift Building Compliant AML Systems From Scratch

July 09, 2021

O’Melveny partner Laurel Loomis Rimon was interviewed by PYMNTS in an article detailing the Financial Crimes Action Task Force’s (FinCEN’s) release of its National Anti-Money Laundering Priorities, and what those priorities mean for financial institutions. 

FinCEN’s priorities require institutions to tackle a laundry list of illicit activities, including corruption, cybercrime, terror financing, fraud, human trafficking, and transnational organized crime. 

Smaller, newer firms are not immune from FinCEN’s oversight, noted Rimon. “The FinTechs that come into this space get their venture funding, and they don’t always invest in compliance and regulations because those efforts are not part of the growth trajectory or part of the product design — even though they should be part of the product design,” she said, adding: “Now is the time to get started, and you need to have something to show regulators when they come in.”

Read the full article here.