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June 8, 2023

Sankaet Pathak was interviewed about the increasing role regulators are playing with banks and fintechs.

Carla McMorris

Synapse co-founder and CEO Sankaet Pathak was interviewed by S&P Global Market Intelligence recently.

The article highlighted that regulators are directing banks to exert more oversight and control over the fintech partners that they conduct business with.

“Banks are expected to have independent oversight on transactions taking place via their fintech partnerships in order to meet anti-money laundering (AML) and KYC requirements,” said Sankaet Pathak. “This cycle of examination is standardizing what third-party oversight really needs to look like.”

The Federal Deposit Insurance Corp. (FDIC) is evaluating banks' reliance on those fintechs, raising the expectation that they should engage more directly in their fintech partnerships, especially for duties like compliance. The FDIC wants the banks to manage, not just use fintechs. For example, banks would also use their resources to monitor fintech partners and conduct know-your-customer (KYC) on each client. 

According to BankProv, an Amesbury, Massachusetts-based bank, the FDIC was not intending to discourage banks from working with fintechs, but to instead keep third-party risks under control.

The article points out that Thread Bank, a Rogersville, Tennessee-based bank, is one to follow. Thread Bank works closely with its fintech partner, maintaining a close relationship.

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Sankaet Pathak was interviewed about the increasing role regulators are playing with banks and fintechs.

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Carla McMorris
June 8, 2023

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