Recently, the American Fintech Council (AFC) and the Coalition for Financial Ecosystem Standards (CFES) have joined forces. Their collaboration responds to a FinCEN survey, aiming to tackle the rising Anti-money Laundering and Counter Terrorism Financing (AML/CFT) regulation costs. This action follows growing concerns about financial crime and stricter regulatory measures.
The AFC, a major fintech industry player, and CFES, a financial ecosystem standards champion, are merging their expertise. Their goal is to shed light on the critical issue of AML/CFT compliance costs, a topic gaining increasing relevance in the finance sector.
At the forefront of this partnership is Phil Goldfeder, AFC’s CEO. His leadership and fintech experience will add valuable insights to the AML/CFT cost discussion. The AFC’s dedication to responsible fintech innovation, together with CFES’s commitment to financial ecosystem standards, uniquely positions this alliance to tackle these challenges.
Replying to FinCEN’s Survey
The coalition aims to illuminate the cost implications of AML/CFT compliance in response to FinCEN’s survey. The survey’s goal is to collect data on current regulation costs and their impact on various financial industry sectors. It’s a critical issue gaining attention from multiple financial sector stakeholders.
Additionally, AFC and CFES’s joint statement will offer a chance to investigate potential cost mitigation solutions. While AML/CFT regulations are vital in combating financial crime, it’s equally crucial to ensure their cost-effectiveness. Hence, AFC and CFES’s responses are expected to provide substantial insights.
Looking ahead, the spotlight will be on how AFC and CFES’s collective FinCEN survey response shapes the AML/CFT regulations discussion. Given the growing fintech prevalence and financial ecosystem complexities, we can no longer ignore the compliance cost topic.
