Banking-as-a-Service
Overview
Teleion engaged with Bank in the BaaS banking space to assist in regulatory remediation impacting AML/BSA/OFAC operations. The regulatory findings put restrictions on the bank’s ability to scale the business until they were resolved.
Approach
The objective was to create and execute upon a multi-year project plan to remediate the issues and gain approval from the bank examiners to close the regulatory findings. The multi-year project plan included a strategic roadmap, outlining the steps and action items to enhance both operations and technology which in turn would allow the bank to regain approval to scale the BaaS business while complying with regulatory obligations.
“Teleion brought together a cross‑disciplinary team with expertise across payments, financial services, operations, technology, and data to drive system implementations, strategic execution, and remediation of regulatory findings.”
Results at a Glance
Within 12 months of the engagement, the Bank was able to gain agreement with the examiners to close 64% the regulatory findings. This allowed the bank to open the door to discussions with the examiners to begin opening new business opportunities while remediating remaining regulatory findings.