Until now, US FinTech companies have managed to tap into the financial system without being an actual bank by partnering with community banks to hold customers' money. Now, FinTechs are increasingly considering whether or not to apply for a bank charter with the OCC to become a regulated US digital bank. What are the factors that lead to decisions to go for or not go for a banking license and what role does FinCrime compliance play in the decision making? What point in a firm's scaling process can this be considered and what are the pros and cons associated? What changes were made to FinCrime programs to prepare for applying for a license or launching a banking service?
Moderator: Megan Millard, North America Lead, FINTRAIL Solutions LLC
Pravin Chandrasekaran, BSA Officer, Varo Bank
Tyler McIntyre, Founder, Bank Novo