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Banking as a Service (BaaS) continues to be within the crosshairs of the federal authorities.
The newest banks to be hit with consent orders from the FDIC are Sutton Financial institution and Piermont Financial institution.
Sutton Financial institution’s consent order dated February 1 was targeted on third-party danger administration. The banks should implement “a revised AML/CFT program designed to take care of financial institution compliance with the Financial institution Secrecy Act.” It should additionally compile a list of all its third-party relationships.
Piermont Financial institution’s consent order was dated February 26 and directs the financial institution to assessment all transactions since September 2022 to all suspicious exercise was reported. There have been additionally new necessities for supervision of administration and third-party danger administration.
As Piermont CEO Wendy Cai-Lee commented, “Each financial institution that touches BaaS is getting an enforcement motion.”
Regardless of all this detrimental consideration, BaaS is definitely booming with new banks nonetheless clamoring to get into the house. Attention-grabbing instances.
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> Piermont, Sutton banks hit with FDIC consent orders over BaaS
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The FDIC ordered Piermont to assessment all transactions since September 2022 to make sure all suspicious exercise was reported. Sutton, in the meantime, should compile a list of its third-party relationships.
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> Chris Dean, Co-Founder & CEO of Treasury Prime on the banking-as-a-service panorama
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