On a recent American Banker podcast, Sima Gandhi, Co-Founder of the Coalition for Financial Ecosystem Standards (CFES), argued that fintechs must take greater responsibility for compliance and risk management.
"The reality is that fintechs need to be doing more," Gandhi said, emphasizing that banks should not bear the sole burden of regulatory adherence. CFES — which includes members like Stripe, Brex, and Mercury — is launching a framework to establish industry-wide standards in such areas as anti-money laundering (AML), compliance management, and third-party risk.
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