Compliance Checklist

The Compliance Checklist for Bank-Fintech Partnerships and BaaS Providers

Whether you’re a bank, fintech, or BaaS provider, this compliance checklist outlines specific areas of consideration for regulatory compliance and mitigating risk.

A review of the organization's business experience, including:

Company overview

Organization charts

List of client references using the activities being considered

Volume and types of complaints, including those available from the company, regulatory agencies, and other public sources

Public records of any legal or regulatory actions and to establish corporate standing, if applicable

Media reports mentioning the company

Summary of any past operational failures of the company

A review of the organization's regulatory compliance practices, including:

Policies, procedures, training, and internal controls pertaining to compliance with legal and regulatory requirements

Proposed contract terms that specify performance of legal and compliance duties

Information regarding customer-facing delivery channels or applications (for example, mail, online, and telephone)

Proposed marketing materials and regulatory disclosures with product details such as fees, interest rates, or other terms

Methods used to monitor, remediate, and respond to customer complaints

Customer complaint records involving thefintech company

Inventory of all third-party relationships

Highlight relationships that involve critical activities

Approved plans for third-party relationships

Due diligence results, findings, and recommendations

Costs associated with partnerships

Executed contracts

Risk management and performance reports of third parties

Reports to senior management and the board of results of ongoing monitoring of third parties

Reports to senior management and the board of results of reviews of organization’s overall risk management process

Make Compliance Your Competitive Advantage

Whether you’re a bank, fintech, or BaaS provider, prioritizing compliance oversight is critical to managing risk with third-party relationships and for gaining a competitive advantage.

PerformLine’s omni-channel compliance monitoring solution provides

Comprehensive coverage of your organization and your partners across marketing channels, including the web, calls, messages, emails, documents, and social media
An adaptable compliance program that matches your risk threshold as you bring on new partners
Scalability as your partner program grows, allowing your organization to bring on more partners faster while ensuring compliance

The Compliance Checklist for Bank-Fintech Partnerships and BaaS Providers

Third-Party Risk Management Process

Due Diligence

Compliance Management System

Documentation and Reporting

Make Compliance Your Competitive Advantage

Check compliance off your list

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