Davis Polk partner Dan Stipano was quoted in MoneyLaundering.com on the U.S. Federal Reserve’s potential requirement for fintech and other emerging non-bank financial firms to show that they have anti-money laundering controls in place before they are provided with accounts and services. “It seems clear that compliance with AML requirements will be an important factor in the Fed’s decision-making process [for opening accounts],” Stipano said. 

“US Federal Reserve Could Make Fintech Accounts Contingent on AML Programs,” MoneyLaundering.com (May 14, 2021) (subscription required)

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