Navigating KYC, KYB, and AML: Lessons from Mercury's Journey in Fintech Compliance

Artificially Intelligent with Sam Maule and Maia Bittner

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محتوای ارائه شده توسط Sam Maule, Maia Bittner, Rachel Morrissey, Sam Maule, Maia Bittner, and Rachel Morrissey. تمام محتوای پادکست شامل قسمت‌ها، گرافیک‌ها و توضیحات پادکست مستقیماً توسط Sam Maule, Maia Bittner, Rachel Morrissey, Sam Maule, Maia Bittner, and Rachel Morrissey یا شریک پلتفرم پادکست آن‌ها آپلود و ارائه می‌شوند. اگر فکر می‌کنید شخصی بدون اجازه شما از اثر دارای حق نسخه‌برداری شما استفاده می‌کند، می‌توانید روندی که در اینجا شرح داده شده است را دنبال کنید.https://fa.player.fm/legal

The Final Flight of Captain Forrester

1
The Final Flight of Captain Forrester | 1. The Mystery of Tiny 05 38:05

15 روز پیش38:05

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38:05

In late 1972, U.S. Marine Captain Ron Forrester disappeared on a bombing run into North Vietnam. Back home in Texas, his family could only wait and hope. Audio subscribers to Texas Monthly can get early access to episodes of the series, plus exclusive interviews and audio. Visit texasmonthly.com/audio to join. Go to HelloFresh.com/FLIGHT10FM to get 10 Free Meals with a Free Item For Life.…

حدود یک سال پیش 27:43

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Send us a text

Can financial compliance be the key to a safer global economy, or is it a labyrinthine obstacle for startups? In this episode, we unravel the intricate world of KYC (Know Your Customer), KYB (Know Your Business), and AML (Anti-Money Laundering), using the recent developments with the digital banking startup Mercury as a springboard. We dissect the complexities behind sensational headlines, exploring the foundational importance of KYC in thwarting fraud and money laundering. Discover the historical journey of the term "money laundering," from its emergence during Watergate to its critical role in Reagan's war on drugs and post-9/11 global security efforts. This segment will give you a comprehensive understanding of the global initiatives aimed at preventing financial crimes and ensuring institutions don't inadvertently assist terrorists.
Our conversation then shifts to the persistent challenges of identity verification and the inefficiencies plaguing current systems. We delve into the struggles faced by under-documented individuals and propose innovative solutions, including a startup idea leveraging gig economy workers for identity verification. Finally, we explore the KYB process and its implications for startups like Mercury, particularly the challenges of regulating international business dealings. Listen in as we share actionable insights on balancing compliance with business opportunities, emphasizing the crucial role of thorough verification processes in maintaining a robust and secure financial ecosystem.

Hosts: Sam Maule & Maia Bittner

فصل ها

1. Navigating KYC, KYB, and AML: Lessons from Mercury's Journey in Fintech Compliance (00:00:00)

2. Financial KYC and AML Compliance (00:00:05)

3. Identity Verification Challenges in Banking (00:08:21)

4. Global Business Challenges and Opportunities (00:16:21)

20 قسمت

#Tech #Society #Business #Sam Maule, Maia Bittner, Rachel Morrissey #Maia Bittner #Rachel Morrissey #Sam Maule

Navigating KYC, KYB, and AML: Lessons from Mercury's Journey in Fintech Compliance

Artificially Intelligent with Sam Maule and Maia Bittner

published حدود یک سال پیش

اشتراک گذاری

MP3•خانه قسمت

Send us a text

Hosts: Sam Maule & Maia Bittner

فصل ها

1. Navigating KYC, KYB, and AML: Lessons from Mercury's Journey in Fintech Compliance (00:00:00)

2. Financial KYC and AML Compliance (00:00:05)

3. Identity Verification Challenges in Banking (00:08:21)

4. Global Business Challenges and Opportunities (00:16:21)

20 قسمت

#Tech #Society #Business #Sam Maule, Maia Bittner, Rachel Morrissey #Maia Bittner #Rachel Morrissey #Sam Maule

همه قسمت ها

1
What We Got Wrong in 2024! 18:01

18 weeks پیش18:01

18:01

Send us a text Boy- did we get it wrong sometimes! Failure is the best teacher. So, Sam and Maia sat down in the MoneyPot Booth at Money20/20 in October and went over where they really missed the mark, and what it has taught them about what to look for in 2025. This episode dives into the lessons learned in FinTech during 2024, exploring the unexpected challenges within the housing market, societal attitudes toward financial fraud, and the reality of AI in customer service. • Reflecting on the surprising downturn of the housing market • Discussing cultural shifts toward defrauding financial institutions • Analyzing the repercussions of BaaS failures • Critiquing the impact of AI on customer service experiences • Considering the role of deepfakes in modern media and politics • Addressing the stagnation of NFTs and missed opportunities for growth Thank you for your support through the year! Connect with us on LinkedIn and Twitter to share your thoughts! Hosts: Sam Maule & Maia Bittner…

1
Dissecting the Viral Chase ATM Glitch 51:49

33 weeks پیش51:49

51:49

Send us a text What if you thought you found a loophole to get free money from ATMs, only to end up with a negative balance? Join us as we dissect a viral TikTok trend that had Chase Bank customers depositing fraudulent checks for quick withdrawals. Maia dives into how Chase later corrects these transactions, emphasizing the crucial role of identity verification and KYC (Know Your Customer) in online banking. We also tackle the unique challenges non-US residents face in accessing US-based bank accounts and the relentless efforts of banks to combat international fraud. Our conversation takes a nostalgic turn as we explore the transformation of human banking behavior over the years. From amusing misconceptions about ATM and teller services to the early days of credit card usage, we highlight how technological advancements have altered our financial interactions. Discover personal anecdotes that reveal the stark contrasts between high-trust and low-trust societies, setting the stage for a deeper look into a supposed glitch at Chase ATMs. In our final segment, we demystify the complexities of check fraud and the measures banks take to prevent it. Learn about the provisional access to funds, the stringent underwriting process, and the severe consequences of committing check fraud. We delve into how viral TikTok videos have influenced consumer behavior and the alarming rise in check fraud-related Suspicious Activity Reports since 2021. To wrap up, we explore the future of banking with AI, the concept of Net Interest Margin (NIM), and essential fintech metrics like LTV and churn rate. Tune in for an insightful discussion that spans from fraud prevention to customer acquisition strategies in the ever-evolving world of banking. Hosts: Sam Maule & Maia Bittner…

1
Navigating KYC, KYB, and AML: Lessons from Mercury's Journey in Fintech Compliance 27:43

36 weeks پیش27:43

27:43

Send us a text Can financial compliance be the key to a safer global economy, or is it a labyrinthine obstacle for startups? In this episode, we unravel the intricate world of KYC (Know Your Customer), KYB (Know Your Business), and AML (Anti-Money Laundering), using the recent developments with the digital banking startup Mercury as a springboard. We dissect the complexities behind sensational headlines, exploring the foundational importance of KYC in thwarting fraud and money laundering. Discover the historical journey of the term "money laundering," from its emergence during Watergate to its critical role in Reagan's war on drugs and post-9/11 global security efforts. This segment will give you a comprehensive understanding of the global initiatives aimed at preventing financial crimes and ensuring institutions don't inadvertently assist terrorists. Our conversation then shifts to the persistent challenges of identity verification and the inefficiencies plaguing current systems. We delve into the struggles faced by under-documented individuals and propose innovative solutions, including a startup idea leveraging gig economy workers for identity verification. Finally, we explore the KYB process and its implications for startups like Mercury, particularly the challenges of regulating international business dealings. Listen in as we share actionable insights on balancing compliance with business opportunities, emphasizing the crucial role of thorough verification processes in maintaining a robust and secure financial ecosystem. Hosts: Sam Maule & Maia Bittner…

1
The age old question - Will the US ever have a superapp? 33:26

39 weeks پیش33:26

33:26

Send us a text Curious about why superapps are struggling to make a splash in the U.S. market? Join us as we uncover the unique barriers and skeptical outlook surrounding their success. Discover how the high costs of customer acquisition in fintech are pushing companies towards the super app model as a solution to maximize revenue from their existing user base. Tune in as we share insights from the latest Finnovate conference and debate if a major retailer like Walmart has what it takes to defy the odds and thrive in this complex landscape. What makes the U.S. so different from regions where super apps have flourished? We examine the disparity between the enthusiasm of CEOs and the practical hurdles of implementing such apps stateside. From the lack of government support that has bolstered similar ventures in China and Dubai to the way the pandemic has altered consumer behavior with technologies like Apple Pay, we analyze whether these shifting market dynamics could pave the way for super apps in America. We also highlight the unique environments that have enabled super apps to excel abroad and why replicating that formula in the U.S. is not a straightforward task. Could Walmart be the game-changer in the fintech arena? With a vast and loyal customer base, a significant physical footprint, and strong strategic partnerships, we explore Walmart's potential to offer superior financial solutions. We delve into the importance of their grocery business, substantial e-commerce growth, and the challenges posed by cultural and talent gaps in tech and financial services. Drawing on insights from Jason Del Rey's book "Winter Sales: Amazon, Walmart and the Battle for Our Wallets," we discuss whether Walmart can overcome these obstacles to emerge as a leader in the super app space. Join us for this engaging exploration of the future of super apps in the U.S. and Walmart's potential role in shaping it. Hosts: Sam Maule & Maia Bittner…

1
FedNow or FedLater? 29:24

40 weeks پیش29:24

29:24

Send us a text How did a payment system from Japan in 1973 pave the way for the digital wallet in your pocket today? Join us as we uncover the fascinating history and rapid evolution of faster payment systems worldwide. We take you on a journey from Japan's groundbreaking Zenjin system to contemporary giants like the UK's Faster Payment System, Brazil's PIX, and India's UPI. Along the way, you'll hear my firsthand experiences from a recent FedNow feedback session in Utah, featuring insights from industry leaders like MX and Galileo. Ever wondered why some transactions are instant while others take days? We break down the complexities of payment systems, diving into the mechanics of ACH, RTP, and the newly introduced FedNow. Learn about the crucial differences between push and pull payments and how banks manage the risks and fraud associated with each type. Through real-world examples, we emphasize the importance of maintaining a balance between transaction speed and security. Discover why certain transactions might seem slow but are actually designed to protect you from fraudsters who adapt quickly to new systems. Is FedNow poised to revolutionize the financial industry like Zelle or UPI? In our final discussion, we compare these two real-time payment platforms and debate FedNow's potential to become a game-changer. We invite you to share your thoughts and feedback via LinkedIn or Twitter, and suggest future topics you'd like us to cover. Don't miss this comprehensive exploration of faster payments, filled with intriguing anecdotes and expert insights. Thank you for tuning in, and we can't wait to hear from you on our next episode! Hosts: Sam Maule & Maia Bittner…

1
Tech and Real Estate: Adapting to Post-Pandemic Work Models 34:31

41 weeks پیش34:31

34:31

Send us a text Witness the dramatic transformation of commercial real estate as we discuss the staggering fall of St. Louis's tallest tower, from a $205 million valuation in 2006 to just $3.6 million today. We bring you an expert analysis from Joe Brady, who unpacks the "urban doom loop" and the potential for city revitalization through strategic public-private partnerships. Using Detroit's impressive resurgence, fueled by investments from Dan Gilbert of Rocket Mortgage, as a prime example, Joe shares his unique perspectives on reversing urban decline. Explore the ongoing shifts in urban development and how office spaces and retail sectors are adapting post-COVID. We debate the potential strategies banks and property owners might employ to handle the instability, drawing parallels to the "extend and pretend" tactics seen during the retail downturn. Delve into the challenges and opportunities faced by B and C office buildings in New York City, and learn from successful urban redevelopment projects in Tampa and Chicago. Also, discover the surprising real estate trends in San Francisco, where condo prices are dropping despite the city's tech dominance. Get insights into the future of hybrid work models and the evolving landscape of office spaces. We critique the outdated notion of mandatory in-office presence and advocate for flexible work arrangements that suit diverse employee needs, drawing on examples from companies like Chime and JP Morgan. Hosts: Sam Maule & Maia Bittner…

1
Exposing Vulnerabilities: Evolve Bank's Breach and the Fintech Trust Challenge 22:47

45 weeks پیش22:47

22:47

Send us a text Can a single phishing attack lead to the financial ruin of millions? Brace yourself as we uncover the catastrophic data breach at Evolve Bank, orchestrated by the infamous LockBit ransomware group. Maia and Sam dissect this digital disaster, where a simple phishing scam blew open the floodgates, exposing the personal identifiable information (PII) of millions of Americans on the dark web. This breach isn’t just a wake-up call; it's a seismic shock, revealing glaring loopholes in our current security measures. We commend Jason Mikula for his fearless reporting on this issue, even under the looming shadow of legal threats from Evolve Bank. The breach at Evolve Bank has sent shockwaves through the fintech industry, triggering a wider trust crisis. Imagine the chaos when social security numbers and other unchangeable PII are compromised. Drawing from the notorious Equifax hack, we stress the urgent need for robust, multifaceted security measures. We discuss the ripple effects impacting services like instant payouts and buy-now-pay-later schemes and scrutinize Evolve's lackluster response compared to the proactive stance of industry leaders like Max Levchin of Affirm. Join us as we call for better handling of such existential threats to sustain consumer trust in fintech innovations. Hosts: Sam Maule & Maia Bittner…

1
Unlocking the Mysteries of Credit Card Loyalty Programs And the Bilt Conundrum 30:42

46 weeks پیش30:42

30:42

Send us a text Ever wondered how credit card loyalty programs actually work and why some stand out more than others? Join us as we unravel the secrets behind these fascinating systems! Our episode kicks off with Maya Bittner and Sam Maul taking you on a nostalgic journey through the origins of loyalty programs. We highlight milestones from American Airlines' pioneering efforts in 1981 to Sam's amusing memories of Piggly Wiggly stamps. Maya passionately argues why the Chase Sapphire Reserve card is a game-changer in today's market, focusing on its Visa Infinite classification and higher interchange fees. Together, we navigate the complexities of how loyalty programs are implemented, right down to the nitty-gritty details of rewards calculations and the essential data elements involved. As we transition to the deeper layers of transaction data, you'll get a comprehensive look at how credit card companies categorize each purchase you make, from merchant category codes to the elusive SKU-level data. We also dissect the profound impact these loyalty programs have on consumer behavior and financial models, spotlighting examples like Costco's transition from Amex to Citi. Lastly, we delve into Visa's strategic push to capture rent payments and discuss Built's innovative, though financially demanding, rewards program for rent payments via Wells Fargo. Tune in to understand the broader implications and strategic maneuvers behind these ubiquitous yet intricate loyalty programs. Hosts: Sam Maule & Maia Bittner…

1
Revolutionizing Philanthropy: Salomon Serfati on Donor Advised Funds and Innovative Giving Strategies 25:32

46 weeks پیش25:32

25:32

Send us a text Discover how Donor Advised Funds (DAFs) can revolutionize your approach to philanthropy with Salomon Serfati, CEO and co-founder of Chariot. Saul joins us to shed light on how DAFs offer significant tax benefits and the flexibility to time your contributions for maximum impact. Through a touching personal anecdote, Saul reveals how he and his fiancée used a DAF to help fund weddings for those in need, illuminating the communal and heartfelt potential of these funds. We also explore the innovative possibilities of DAFs in making charitable giving more strategic and aligned with personal values. Learn about DAF pay, an exciting solution that simplifies the donation process directly from nonprofit websites, making philanthropy more accessible than ever. Whether you're new to the concept or a seasoned donor, this episode promises valuable insights into how DAFs can help democratize strategic philanthropy and make your charitable efforts more impactful. Hosts: Sam Maule & Maia Bittner…

1
Venturing into Fintech: Sheel Mohnot on Navigating Early-Stage Investments and the Future of Wearable Tech 42:05

47 weeks پیش42:05

42:05

Send us a text Ever wondered what it's like to receive an unexpected haul of shoes just by tweeting about sore feet? Tune in as we learn about the unexpected windfalls for a finfluencer. With us is Sheel Mohnot, co-founder of Better Tomorrow Ventures, who takes us through his thrilling journey in the fintech landscape. Get an insider's look at how he teamed up with Jake Gibson of NerdWallet fame to create a venture capital firm aimed at fostering early-stage fintech innovations. Sheel dives into the gritty details of early-stage investing and fundraising, offering a candid look at the fine line between "fake it till you make it" and fraud, highlighted by the FTX and SBF saga. We discuss the obstacles Sheel faced while raising their initial funds and how the COVID-19 pandemic played a pivotal role in their journey. The episode is a masterclass in strategic decision-making, including why Better Tomorrow Ventures chose to limit their fund size to stay sharp and effective, and the tough but necessary act of turning down investors. In the latter part of our chat, we explore the fascinating world of neobanks, SaaS, and consumer fintech, uncovering both the opportunities and challenges in these sectors. We touch on the immense potential within niche markets and the crowded space of consumer fintech, stressing the importance of targeting underserved communities. The episode wraps up with a futuristic glimpse into wearable tech, where Shiel shares his thoughts on smart glasses' practicality and privacy issues. It's an episode packed with insights, humor, and forward-thinking perspectives that you won't want to miss. Hosts: Sam Maule & Maia Bittner…

1
Unpacking the Cash App Controversy and FTX's Collapse: Lessons in Fintech Fraud and Founder Dynamics 26:52

47 weeks پیش26:52

26:52

Send us a text Could the collapse of a major fintech entity be more complex than a simple case of fraud? Join us on this intriguing episode of "Artificially Intelligent," where Maia Bittner and Sam Maule, with their signature mix of humor and insight, navigate the murky waters of fintech controversies. We jump right into the latest buzz surrounding Cash App, currently under the microscope of New York regulators. Maia then passionately dissects the downfall of FTX and its enigmatic founder, Sam Bankman-Fried, challenging the black-and-white narrative that has dominated headlines. Learn why she believes there's a potential for investors to reclaim their losses, and imagine the massive ripple effects if similar shutdowns happened to other major financial players. Ever wondered how far you can push the boundaries of "fake it till you make it" in the startup world? Discover the delicate balance between ethical and unethical practices through personal anecdotes and high-profile fintech examples like Binance and WeWork. We also delve into the vital role of a founder's charisma in securing investor trust and achieving market fit. From the importance of regulatory compliance to the nuances of product-market alignment, this episode is packed with thought-provoking discussions and practical lessons for aspiring fintech entrepreneurs. Don't miss out on the lively banter and deep insights that Maia and Sam bring to the table! Hosts: Sam Maule & Maia Bittner…

1
The Modern Family Office: Digital Tools and Historical Lessons 28:08

50 weeks پیش28:08

28:08

Send us a text What if the secret to preserving family wealth across generations lies hidden in the history books? We venture back to the roots of family offices, drawing lessons from the legendary Morgans and Rockerfellers. Hosts Sam Maule and Maia Bittner share compelling personal stories and historical insights, setting the stage for a deep dive into the evolution of family offices. Our special guest, Simran Kang, founder of MyFO-Tech and former PwC strategist, provides a rich perspective on how family offices maintain intergenerational wealth amidst alarming attrition rates. Ever wondered how the ultra-wealthy manage their vast fortunes? Join us as we explore the sophisticated ecosystem of family offices in the U.S., which oversee billions in assets. This chapter uncovers the complexities of targeting affluent individuals with over a million dollars in assets looking for diverse investment options. Simran shares her expertise on the critical role of professional management in family offices and the importance of technological tools for seamless operation. We also navigate the murky waters of regulatory challenges and the risks that come with poor management practices. Imagine replacing your chaotic Excel sheets and notebooks with advanced digital tools for wealth management. This episode reveals the transformative power of specialized software in organizing family and business documents. We discuss the integration of AI to simplify legal complexities and the emotional resistance people have towards abandoning traditional methods. Lastly, we touch on the impactful role of philanthropy and collective giving in managing family wealth. Tune in for invaluable insights and practical advice that bridge the gap between old-school financial management and modern technological solutions. Hosts: Sam Maule & Maia Bittner…

1
Crafting a Modern Community Bank: Insights from Corey LeBlanc 37:41

50 weeks پیش37:41

37:41

Send us a text Ever wondered what it takes to build a bank from the ground up in less than a year? Join us as we sit down with Corey LeBlanc, co-founder of Locality Bank, who managed this incredible feat in Miami for under a million dollars. Corey shares his remarkable journey, from overcoming regulatory obstacles to raising capital, and how his background in the Air Force surprisingly prepared him for the structured world of banking. This conversation is packed with insights that anyone in the fintech and banking sectors will find invaluable, especially those passionate about community banking. Relationships are the backbone of the banking industry, and this episode underscores their critical importance. We discuss with Corey and other industry leaders how seasoned executives and strong networks can navigate the complexities of obtaining a banking charter. Learn how reputation and relationships can fast-track progress and foster innovation, even amidst post-2009 regulatory challenges. Discover our mission to revive community banking by blending local decision-making power with modern technological advancements. The decline of community banks in America is a pressing issue, and we explore its impact on local markets like Broward County in South Florida. Corey sheds light on the challenges these banks face and the potential for modernization through innovative tech solutions. From strategic decisions in building a tech stack to managing partnerships and contracts, we delve into the intricacies of launching a banking startup. This episode is a goldmine of practical advice on balancing development costs, maintaining customer trust, and successfully navigating the fintech landscape. Don’t miss out on these invaluable lessons. Hosts: Sam Maule & Maia Bittner…

1 year پیش1:12

1:12

Send us a text Einstein once said, I have no special talent, I'm just passionately curious. But let's be honest, Albert was selling himself way too short. When it comes to fintech, Sam and Maia have definitely honed a few talents over the years. They've got over a decade each in banking and payments industry, so they've earned their stripes. Now some in the industry like to dub them fintech thought leaders- but they prefer to see themselves as perpetual fintech interns. And that's precisely why they decided to launch the Artificially Intelligent podcast - to create a platform where they can learn and look about edge cases in fintech, those hidden corners that have been ignored far too often. So hey! Come and join us on the quest to get a little bit more Artificially Intelligent. Hosts: Sam Maule & Maia Bittner…

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Artificially Intelligent with Sam Maule and Maia Bittner « » Navigating KYC, KYB, and AML: Lessons from Mercury's Journey in Fintech Compliance

فصل ها

1. Navigating KYC, KYB, and AML: Lessons from Mercury's Journey in Fintech Compliance (00:00:00)

2. Financial KYC and AML Compliance (00:00:05)

3. Identity Verification Challenges in Banking (00:08:21)

4. Global Business Challenges and Opportunities (00:16:21)

Navigating KYC, KYB, and AML: Lessons from Mercury's Journey in Fintech Compliance

فصل ها

1. Navigating KYC, KYB, and AML: Lessons from Mercury's Journey in Fintech Compliance (00:00:00)

2. Financial KYC and AML Compliance (00:00:05)

3. Identity Verification Challenges in Banking (00:08:21)

4. Global Business Challenges and Opportunities (00:16:21)

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Artificially Intelligent with Sam Maule and Maia Bittner « »
Navigating KYC, KYB, and AML: Lessons from Mercury's Journey in Fintech Compliance