Jan 29
8 min read

Compliance: The key element for the success of any business

In the midst of one of the biggest global parties that exists, such as the World Cup, many of the priorities are reversed. But, if there is one that we cannot ignore in our companies, it is compliance, since we all know that regulations and regulators never sleep.

For this, in this first edition of our series of online events, MetaChats, we discuss compliance, regulations, and the importance of scalable and secure onboarding tools for startups and companies of all sizes.

December and the World Cup

The World Cup is not only a sporting event that paralyzes a large part of the world, but also this year's edition was held in December.

A period where most companies tend to take a break from their normal operating rhythms to focus on evaluations of the past year, at the same time the focus goes on the strategies that will be applied in the coming new year.

“The World Cup and the planning can seem quite distracting. However, there are very relevant issues that never go out”. Ramón Escobar, A. Director, Community Development & Partnerships at MetaMap.

Therefore, it is important to point out that, despite all the situations that could be distracting in our companies, we must always be confident and sure that we are in compliance with the regulators, especially if the holidays are linked to a World Cup. soccer.

Compliance is not boring

The compliance are those processes that have the objective of adhering the operation of a company or institution to the laws, regulations and guidelines established by external authorities or government bodies.

Implying that the policies, practices and actions of an organization are aligned with the relevant rules and regulations to avoid sanctions and maintain a good reputation with investors, other companies, regulators and above all, with end users.

For this reason, one of the first sentences that he mentioned Elena Barajas, Compliance Officer Mexico y LATAM en Uber Payments in our MetaChat, was that the issue of compliance is not boring at all, as many may think. Rather it is a topic that has become interesting thanks to new technologies.

“Compliance today is a very dynamic and rich topic. Unlike how it was several years ago, these systems that traditional banks had,'' he explained Elena Barajas.

For Barajas, Although it is true that compliance is not the sales force, which at the end of the day is what makes businesses earn income, it is that tool that will allow you long-term growth.

“The new trend in compliance is to be more active, instead of reacting to regulatory problems”, stressed Barajas.

In addition, we cannot ignore the end user, who in recent years has demanded a greater security and immediacy of the platforms on which they subscribe. Which, coupled with the frenetic pace of process improvement, the publication of new products, or the launch in new markets by the technology sector, have placed great weight on the need for allied platforms that are capable of responding to the pace of our time.

Therefore, companies of any size and any industry increasingly demand and need the use of new technologies, not only to deal with the complicated issues of compliance, but also with the same problems that the markets present to them.

So, in a context marked by dynamism and the need to grow in a responsible, transparent and regulated manner in several markets simultaneously, compliance becomes a fun obligation today.

Especially as the trust that a user places in a company becomes a differentiating element.

How does compliance align with my company's goals?

The subject of Know-Your-Client (KYC), Know-Your-Business (KYB) and Anti-Money-Laundry (AML) compliance seems to have become a complicated issue for all companies worldwide.

Well, we are no longer dealing with a single financial or state regulator that is constantly changing its legal framework, but with a diversity of them that extends across all sectors. Not to mention that these already have the technology and logistics to be interconnected with each other.

Therefore, companies face a complex regional and international regulatory framework, which forces them to be in perfect compliance to be able to face it, especially for those companies that have opted for a global expansion plan.

In addition, it encourages them to look for scalable technological tools that help them with this task, which doesn't even stop with the end-of-year parties, a pandemic and a World Cup.

Source: Photo from our MetaChat.

So, taking into account that it is absolutely necessary to comply with regulations in every industry regardless of the size of the company, the natural question to answer is How can I do it in a way that does not generate an extra financial burden and that can also contribute to the general objective of my company?

“Let's say they want to get an electronic wallet, but you have to consider that for this you have to comply with A, B, C and D regulatory requirements, and if you do not comply, you know that you will have a sanction. Are you willing to assume the risk? ”explains Barajas.

The answer is that compliance will generate the following benefits in your company, as expressed by Elena Barajas:

  • All the revenue that was generated will be kept and will not end up in fines, sanctions and operational problems.
  • Greater investor confidence.
  • Greater confidence to our customers
  • A sustainable growth.

Compliance is presented as a necessary duty rather than a luxury that only large companies can afford. Above all, a need that, thanks to new technologies and scalable tools that are easy to use and implement, can be within the reach of the majority.

The compliance proportionality index:

Our experts discussed that when talking about compliance, we cannot talk about the short term, but about a plan of at least 5 years. And, for this, the following points must be evaluated, taking into account the size of your company.

  • Your growth plans
  • The macroeconomic context in which your company is located.
  • Your goals with respect to regulators
  • Best audit observations

Therefore, according to Elena Barajas, it is necessary to “tailor a compliance program that is a tailor-made suit for your company and the needs”.

Additionally, he stated that there are different ways to comply with the KYC and AML regulations, which can also be adjusted to the different budgets that your company is managing.

It is important to have tools that fit your needs, size and budget in order to aspire to scale your market and your product. “Always looking for the greatest impact with the least effort”, closed Elena Barajas.

Technology as the perfect ally

Technology is presented as one of the most important allies for companies, regardless of their size.

“I love the tools that also help you analyze the data and present it to you in graphs that allow you to make better and more accurate decisions…”,Barajas assured.

For Barajas, having the answers to the following questions may help your firm to be fully regulated. As long as the tool you have hired has the following options.

  • How many completed the KYC process?
  • How many alerts were raised?
  • How much of a match was there in biometric issues?
  • Matches in AML lists

These parameters will allow you to make the best decisions about whether the controls that were implemented were correct.

"With this, the objective is to open the doors to more and more clients, while reducing the risk of unwanted users entering your platform," Uber's chief compliance officer said.

Barajas also suggests that companies of all levels be as digital and automatic as possible from the beginning, in their new user registration processes. Even if it is the most basic at the beginning, you must always keep in mind the automation processes, since:

  • Operational risks are reduced
  • human error is eliminated
  • Loss and alteration of records is reduced

“Think about being automatic from the start, with very strong bases in this sense. Since what you are doing today will not be used in 6 months, but in 5 years. We must also keep in mind the integration of this compliance platform with your company's processes today and tomorrow”, Elena Bajaras added.

So, what to do?

Taking into account the importance of creating these processes that allow companies, whether in the area of ​​technology or any other industry and regardless of their size, to keep up with regulations, we have carefully developed our product around these vital principles. .

in MetaMap We have a product powered by Artificial Intelligence (AI) that can help your business in automatic, secure and customizable onboarding issues to the needs of your firm, today and for the future.

For example, you can automate repetitive tasks like document validation, freeing your employees from manual tasks to focus on more important jobs, thus saving time, logistics and operational costs.

We can also help you make more accurate predictions and make better decisions by providing data-driven insights and recommendations with our 25+ identity validation and KYC/AML compliance tools.

The platforms like MetaMap they make integrating compliance tools into your business fast, simple and frictionless.

Features like drag and drop or using one of our many pre-built templates will allow you to integrate, onboard and be fully regional and international compliant in just a few minutes.

In addition, we are the ones who adjust to the needs of your startup or company and not the other way around. With this, it will not be an impossible economic burden for your company to cover, but your perfect ally.

See how quickly and easily you can start to trust your users and unlock the potential of your business.

If you're interested in learning more about this and other topics, be sure to check out our other blog posts, like this one where we mention 3 Steps to Frictionless Customer Onboarding

Our team of experts is always available to answer any questions you may have. Don't hesitate to contact us today and schedule a free demo of our product!

https://www.youtube.com/embed/sNpa4VqkCLU

Webinar On-Demand

Webinar On-Demand

Layering fraud detection techniques to mitigate identity theft

Fraud Detection

Compliance

Compliance: The key element for the success of any business

Elena Barajas

Compliance Officer Mexico y LATAM @ Uber Payments

Register for this on-demand webinar.

You’ll be able to watch it instantly.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

By filling out this form, you’re agreeing to our privacy policy

Originally hosted on

Dec 21, 2022

In the midst of one of the biggest global parties that exists, such as the World Cup, many of the priorities are reversed. But, if there is one that we cannot ignore in our companies, it is compliance, since we all know that regulations and regulators never sleep.

For this, in this first edition of our series of online events, MetaChats, we discuss compliance, regulations, and the importance of scalable and secure onboarding tools for startups and companies of all sizes.

December and the World Cup

The World Cup is not only a sporting event that paralyzes a large part of the world, but also this year's edition was held in December.

A period where most companies tend to take a break from their normal operating rhythms to focus on evaluations of the past year, at the same time the focus goes on the strategies that will be applied in the coming new year.

“The World Cup and the planning can seem quite distracting. However, there are very relevant issues that never go out”. Ramón Escobar, A. Director, Community Development & Partnerships at MetaMap.

Therefore, it is important to point out that, despite all the situations that could be distracting in our companies, we must always be confident and sure that we are in compliance with the regulators, especially if the holidays are linked to a World Cup. soccer.

Compliance is not boring

The compliance are those processes that have the objective of adhering the operation of a company or institution to the laws, regulations and guidelines established by external authorities or government bodies.

Implying that the policies, practices and actions of an organization are aligned with the relevant rules and regulations to avoid sanctions and maintain a good reputation with investors, other companies, regulators and above all, with end users.

For this reason, one of the first sentences that he mentioned Elena Barajas, Compliance Officer Mexico y LATAM en Uber Payments in our MetaChat, was that the issue of compliance is not boring at all, as many may think. Rather it is a topic that has become interesting thanks to new technologies.

“Compliance today is a very dynamic and rich topic. Unlike how it was several years ago, these systems that traditional banks had,'' he explained Elena Barajas.

For Barajas, Although it is true that compliance is not the sales force, which at the end of the day is what makes businesses earn income, it is that tool that will allow you long-term growth.

“The new trend in compliance is to be more active, instead of reacting to regulatory problems”, stressed Barajas.

In addition, we cannot ignore the end user, who in recent years has demanded a greater security and immediacy of the platforms on which they subscribe. Which, coupled with the frenetic pace of process improvement, the publication of new products, or the launch in new markets by the technology sector, have placed great weight on the need for allied platforms that are capable of responding to the pace of our time.

Therefore, companies of any size and any industry increasingly demand and need the use of new technologies, not only to deal with the complicated issues of compliance, but also with the same problems that the markets present to them.

So, in a context marked by dynamism and the need to grow in a responsible, transparent and regulated manner in several markets simultaneously, compliance becomes a fun obligation today.

Especially as the trust that a user places in a company becomes a differentiating element.

How does compliance align with my company's goals?

The subject of Know-Your-Client (KYC), Know-Your-Business (KYB) and Anti-Money-Laundry (AML) compliance seems to have become a complicated issue for all companies worldwide.

Well, we are no longer dealing with a single financial or state regulator that is constantly changing its legal framework, but with a diversity of them that extends across all sectors. Not to mention that these already have the technology and logistics to be interconnected with each other.

Therefore, companies face a complex regional and international regulatory framework, which forces them to be in perfect compliance to be able to face it, especially for those companies that have opted for a global expansion plan.

In addition, it encourages them to look for scalable technological tools that help them with this task, which doesn't even stop with the end-of-year parties, a pandemic and a World Cup.

Source: Photo from our MetaChat.

So, taking into account that it is absolutely necessary to comply with regulations in every industry regardless of the size of the company, the natural question to answer is How can I do it in a way that does not generate an extra financial burden and that can also contribute to the general objective of my company?

“Let's say they want to get an electronic wallet, but you have to consider that for this you have to comply with A, B, C and D regulatory requirements, and if you do not comply, you know that you will have a sanction. Are you willing to assume the risk? ”explains Barajas.

The answer is that compliance will generate the following benefits in your company, as expressed by Elena Barajas:

  • All the revenue that was generated will be kept and will not end up in fines, sanctions and operational problems.
  • Greater investor confidence.
  • Greater confidence to our customers
  • A sustainable growth.

Compliance is presented as a necessary duty rather than a luxury that only large companies can afford. Above all, a need that, thanks to new technologies and scalable tools that are easy to use and implement, can be within the reach of the majority.

The compliance proportionality index:

Our experts discussed that when talking about compliance, we cannot talk about the short term, but about a plan of at least 5 years. And, for this, the following points must be evaluated, taking into account the size of your company.

  • Your growth plans
  • The macroeconomic context in which your company is located.
  • Your goals with respect to regulators
  • Best audit observations

Therefore, according to Elena Barajas, it is necessary to “tailor a compliance program that is a tailor-made suit for your company and the needs”.

Additionally, he stated that there are different ways to comply with the KYC and AML regulations, which can also be adjusted to the different budgets that your company is managing.

It is important to have tools that fit your needs, size and budget in order to aspire to scale your market and your product. “Always looking for the greatest impact with the least effort”, closed Elena Barajas.

Technology as the perfect ally

Technology is presented as one of the most important allies for companies, regardless of their size.

“I love the tools that also help you analyze the data and present it to you in graphs that allow you to make better and more accurate decisions…”,Barajas assured.

For Barajas, having the answers to the following questions may help your firm to be fully regulated. As long as the tool you have hired has the following options.

  • How many completed the KYC process?
  • How many alerts were raised?
  • How much of a match was there in biometric issues?
  • Matches in AML lists

These parameters will allow you to make the best decisions about whether the controls that were implemented were correct.

"With this, the objective is to open the doors to more and more clients, while reducing the risk of unwanted users entering your platform," Uber's chief compliance officer said.

Barajas also suggests that companies of all levels be as digital and automatic as possible from the beginning, in their new user registration processes. Even if it is the most basic at the beginning, you must always keep in mind the automation processes, since:

  • Operational risks are reduced
  • human error is eliminated
  • Loss and alteration of records is reduced

“Think about being automatic from the start, with very strong bases in this sense. Since what you are doing today will not be used in 6 months, but in 5 years. We must also keep in mind the integration of this compliance platform with your company's processes today and tomorrow”, Elena Bajaras added.

So, what to do?

Taking into account the importance of creating these processes that allow companies, whether in the area of ​​technology or any other industry and regardless of their size, to keep up with regulations, we have carefully developed our product around these vital principles. .

in MetaMap We have a product powered by Artificial Intelligence (AI) that can help your business in automatic, secure and customizable onboarding issues to the needs of your firm, today and for the future.

For example, you can automate repetitive tasks like document validation, freeing your employees from manual tasks to focus on more important jobs, thus saving time, logistics and operational costs.

We can also help you make more accurate predictions and make better decisions by providing data-driven insights and recommendations with our 25+ identity validation and KYC/AML compliance tools.

The platforms like MetaMap they make integrating compliance tools into your business fast, simple and frictionless.

Features like drag and drop or using one of our many pre-built templates will allow you to integrate, onboard and be fully regional and international compliant in just a few minutes.

In addition, we are the ones who adjust to the needs of your startup or company and not the other way around. With this, it will not be an impossible economic burden for your company to cover, but your perfect ally.

See how quickly and easily you can start to trust your users and unlock the potential of your business.

If you're interested in learning more about this and other topics, be sure to check out our other blog posts, like this one where we mention 3 Steps to Frictionless Customer Onboarding

Our team of experts is always available to answer any questions you may have. Don't hesitate to contact us today and schedule a free demo of our product!

Missed this webinar?

Sign up to our newsletter to get notified of our future webinars, events and more.

Thank you! You have successfully subscribed to our newsletter!

Oops! Something went wrong while submitting the form.