DFRC-01 The Fintech Compliance Framework Assignment
- Subject Code :
DFRC-01
- What is FinTech?
- Outline the primary elements of the FinTech ecosystem.
- How did FinTech develop and what were some of the important milestones?
- What is the regulatory view of FinTech?
- What are the challenges FinTech poses for the traditional Financial Services Providers – both retail and wholesale?
- How are and will global Financial Services providers react and respond to the threats that FinTech poses to their business model?
- How do FinTech companies differentiate their offerings in terms of customer focus, technological innovation and routes to market?
- What is meant by Compliance in a FinTech environment?
- How does compliance differ in the FinTech space from that of the traditional Financial Services Providers?
- What are the constituent parts of the regulatory environment surrounding Fintech?
- Which regulatory bodies and institutions have the most influence on the growth and development, or otherwise of the Fintech sector?
- Industry Bodies involved in standard setting differ from the regulatory bodies in what ways and how important is their input to Fintech?
- Are modern financial institutions and Fintech’s paying the price for sins of the past?
- How can the Central Bank of Ireland influence the development of Fintech in Ireland
- Outline the primary responsibilities undertaken by the Central Bank of Ireland for the authorisation of credit institutions, payments institutions and electronic money institutions.
- Describe the following – Credit Institution, Payments Institution and Electronic Money Institution.
- What are the regulatory requirements for authorisation of a e-money payment provider?
- Outline the role of the European Banking Authority in the area of Financial Services and more particularly in the case of Fintech institutions?
- Why is PSD2 referred to as ‘Open Banking’?
- What is an API?
- Outline the roles and differences between Payment Initiation Service Providers and Account Information Service Providers.
- Describe what is meant by the terms AML & CFT.
- What are the main regulatory instruments used in both the US and Europe to lead the battle against such illicit transactions and activities?
- How does AML / CFT impact the business of the various forms of Fintech players, or does it?
- Outline the main areas covered and changes which occurred in the latest AML Directive.
- Looking forward, what else do you think may need to be considered for future directive?
- Who protects your data and what exactly is protected?
- Describe the roles of both the EU and the Irish Data commissioners?
- Is the real risk with the institution or Fintech you use or is there a real risk around the device or platform you access your account or details on?
- As data breaches are announced, it is noticeable that banks tend not to be high on the list.
- Is this due to greater security or to less visibility and openness than other sectors?
- In the past it may have been difficult to get answers and support from your banks.
- Does the availability of data driven solutions and supports bring Fintech to the forefront and give it an advantage over the traditional banks?
- Can Fintech bring Financial Services, in a cost efficient and protected manner, to the masses of underbanked and unbanked globally?
