What questions should I ask a potential compliance service provider?

Compliance Questions

Do you believe our company should register as a regulated entity if we are not already? How should we approach non-financial regulation such as the Federal Trade Commission? Specifically, which KYC and AML requirements apply to our business?

Experience Questions

Does your partner team have a long history of experience in digital finance and fintech, from strategy to hands-on, day-to-day operations? What is your track record of client success? Do you focus on identifying problems or proposing solutions? Are members of your team licensed compliance professionals? Have you worked with broker-dealers, digital lenders, alternative trading systems (ATS), crowdfunding platforms, online advisors and robo-advisors, cryptocurrency platforms, or other fintechs like us? What level of experience do you have with middle- and back-office operations?

Process Questions

How specifically do you communicate recommendations, rationales, and alternatives to clients? Are you able to work and negotiate with other potential partners and vendors? How does your process ensure you get traction and results quickly and efficiently? Do you take ownership by taking compliance and supervision processes off our hands? How will you support our business alongside your other accounts? How do you innovate and improve your approach to compliance?

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