The phrase “business prevention department” is often used at any mention of “compliance,” which really comes as no surprise considering that many people’s perception of compliance comes from large, traditional firms where the compliance department is often a large and expensive part of the firm. The size of these departments and the stereotypical, risk-adverse nature of compliance professionals have earned compliance its negative reputation.
The growth of FinTech firms around the world has led to the demand for a new type of compliance mindset, as well as a new type of compliance professional. Any compliance professional who decides to get involved in the compliance of a FinTech startup will probably need to adapt to doing business in a different way—or even completely rethink the way they manage compliance.
