Stripe
September 30, 2024
Stripe Unicorn News - September 30, 2024
In response to the Synapse incident, fintech giants including Stripe and Block have established the Coalition for Financial Ecosystem Standards. This new coalition aims to enhance compliance measures across the fintech industry, focusing on areas such as anti-money laundering and adherence to the Bank Secrecy Act regulations.
() Introduction
() Stripe, Block, and Other Fintech Giants Form Compliance Coalition in Wake of Synapse Incident
Sima Gandhi has launched the Coalition for Financial Ecosystem Standards (CFES) in March, aiming to establish compliance guidelines for fintech companies. This initiative seeks to prevent issues like those experienced by Synapse, where consumers lost access to their funds. Major fintech companies, including Jack Dorsey's Block and Stripe, are supporting the coalition and contributing to the development of standards in areas such as anti-money laundering and adherence to the Bank Secrecy Act regulations. The guidelines are still under development, but the coalition's goal is to introduce more accountability and elevate compliance standards across the fintech industry.
