Breaking Banks cover image

Breaking Banks

Episode 550: Cease and Desist

Jun 27, 2024
Regulatory lawyer Jesse, Trustly's Matt, and editor Kiah discuss the aftermath of Synapse's bankruptcy, focusing on banks' compliance failures and AML/BSA issues. They delve into regulatory gaps, risk management, and the need for banks to adapt to digital risks. Insightful discussion on evolving banking landscape and industry challenges.
01:06:24

Podcast summary created with Snipd AI

Quick takeaways

  • Consent orders reveal deficiencies in BSA/AML compliance and risk management in banking institutions.
  • Effective risk management and board governance are essential in navigating evolving banking dynamics.

Deep dives

Understanding the Evolution of Banking as a Service

Banking as a service, evolving through different waves, introduces middleware software enabling bank-fintech collaboration. Complexity arises from mismatched technological solutions causing compliance and oversight challenges.

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