Attempting to balance innovation with regulatory compliance is a challenge facing all startups and companies in tech. For fintech businesses dealing with consumers’ and businesses’ money, the challenge of overcoming regulatory hurdles is even more acute.
As the Bancorp’s head of AML and sanctions risk management, Pawneet Abramowski shares her insight on how the company stays one step ahead, provides advice for startups and talks about the challenges of regulating without stifling innovation in new technology like blockchain.
Speaking in the Finetics™ Studio at Money20/20 in Las Vegas, she says: “Make sure you do your research,” says Abramowski. “Pay attention to your legal counsel on how your products and services will fit into the existing regulatory structure because that is not changing any time soon. You have to pace your product development and innovation. It’s a balancing act for any entrepreneur.”
For more insight balancing compliance and regulation with innovation, check out the Finetics blog for interviews with The Bancorp COO & EVP Gail Ball, Manatt Phelps & Phillips Partner Barrie VanBrackle, EPA director general Tony Craddock & Hyperwallet CEO Brent Warrington.