Compliance Management System (CMS)

General Generally, your Company owns several key functions that have compliance implications, which requires a Compliance Management System (CMS): Product and features Application and user interface for customer accounts and transactions C…

Customer Onboarding, Identification, and Diligence

This guide captures the requirements for onboarding customers onto your platform for bank accounts. By following the guidance, you and your Sponsor Bank will have high-fidelity data on your customers for ongoing monitoring and analysis. It will also…

Compliance and Ops Support (Ground Control)

Overview Synctera’s Ground Control service offers operational support for compliance processes to help companies address compliance policies, procedures, and regulatory requirements. Note that you will still need a Compliance Officer to manage yo…

Account Agreements and Disclosures

This guide captures the requirements for account agreements and disclosures. Note your Sponsor Bank may have additional bank-specific requirements to comply with its bank policy. These will be covered during your implementation and final approval. …

Customer Support and Complaints

Customer Support, Disputes, and Complaints Because you own the customer relationship, you are responsible as a first line to any interactions with your customer. This includes fielding requests on how your app works, technical issues, and customer…

Marketing

General There are several guidelines to marketing your financial products prior to launching. These include topics such as how and when to reference your Sponsor Bank partner, how to address FDIC insurance, how to characterize your Company, and ho…

Use of External KYC Vendors

Use of External KYC Vendors Synctera is connected with specific KYC vendors to conduct identity verification, watchlist monitoring, and OFAC screening. However, using external KYC vendors might be necessary for several reasons, such as utilizing da…

Operational Resilience

Insurance As soon as possible, but at least prior to access to the production API key, it is required for the Company to gather fully executed insurance and to provide a copy of the policy limits via a Certificate of Insurance (COI). We under…

Security

Application Security Ensuring strict, yet agile processes for releasing code, building safe and secure applications and interfaces, and having restricted and limited access to production environments, helps to reduce the likelihood of compromisin…

Promotions or Bonus Programs

Compliance for New Bonus or Promotion Programs Structuring a promotions or bonus program requires striking a balance between attracting and rewarding customers and adhering to legal, ethical, and operational considerations. Regular monitoring, cle…

Change Management

Change Management During the course of your product launch and after it is live, there may be a number of changes you wish to make to the product, marketing, customer base, etc. These changes are expected as part of your lifecycle, but also requir…

Risks & Controls