Compliance Challenges and Tech-Driven Solutions in Combating Financial Crime Within the Fintech Ecosystem

Abstract

The fast-growing Fintech industry has become a battleground for financial crime, posing significant challenges to regulators and business stakeholders. This chapter investigates financial crime threats and regulatory implications in the changing FinTech environment. The study looks into the awareness of financial crimes and examines the major Fintech risks that businesses face. Employing an exploratory research approach, the study examines public awareness of financial crimes through a survey questionnaire sent to the target respondents. Moreover, the recent regulatory actions against FinTech companies are examined, illustrating the growing emphasis on consumer protection and compliance. The chapter concludes by emphasising the importance of an exclusive global legislative framework for combating financial crimes in FinTech. This chapter advances understanding of financial crime risks and regulatory considerations in FinTech, providing significant insights for scholars, regulators, and FinTech enterprises.