Celebrating Paula Steiner: From Group Head of Compliance to Interim Chief Compliance Officer at Fiat Republic
We are thrilled today to announce the promotion of Paula Steiner to the role of Interim Chief Compliance Officer at Fiat Republic. Her exceptional leadership, innovative approach to compliance, and unwavering commitment to excellence have been instrumental in our success.
Below are a few of the many highlights since she started working here.
Setting Up the Compliance Framework and Processes
Paula has masterfully established a robust compliance framework and processes at Fiat Republic and is constantly developing and updating policies, processes, and controls.
As she has pointed out, a robust compliance framework is about being proactive and giving green signals to the industry and market. “Compliance is the secret ingredient to ensure that traditional finance players not only give crypto platforms access to payment rails they need but also prove to regulators and the general public that web3 is mature enough and here to stay”.
Paula has led compliance at Fiat Republic into becoming a dynamic, forward-facing force. This includes always having our best foot forward and preparing the company for proactive audits, such as for AML/Compliance Framework and SOC2.
Acquiring the DNB License
Under Paula’s guidance, we’ve navigated the complex regulatory environment to acquire the DNB Electronic Money Institution (EMI) licence, a testament to our commitment to upholding the highest standards of compliance. As our CEO Adam Bialy said, “ Fiat Republic will now operate across the entire European Union, providing e-money and payment services. Passporting from the reputable and credible jurisdiction of the Netherlands boosts our legitimacy in the traditional finance world and highlights our commitment to high compliance standards, security, and close collaboration with regulators.”
The DNB licence is just one in a long list of successes, with other notable examples being our Money Service Business registrations with FINTRAC (Canada) and FINCEN (USA). Similarly, Paula has been hard at work building the governance structure of Fiat Republic-regulated entities across the globe.
Building and Leading the Compliance Team
Her leadership extends to building a team that’s not only expert in compliance but also in understanding the unique needs of our clients in the crypto space. This team leadership has allowed us to successfully onboard 20+ Members during this time. Additionally, Paula has been developing a compliance-first approach across Fiat Republic, especially in supporting the sales team with prospects and new members.
As Paula has said, companies need “compliance fitness early on…If compliance is involved in the ideation phase and not considered a separate strategy from the company strategy, products can be both innovative and compliant”.
This is precisely what happened in developing our Transaction Monitoring Product (Oxygen). Paula was there from day one, allowing us to build a product with compliance in mind from day one! It is a testament to the message we often share: compliance, when done right, can be part of the innovation process – rather than a restriction on it.
A Beacon of Excellence and Innovation
As Paula steps into her new role, we look forward to her continued leadership and innovation. There’s no better way to end it than with her exact words: “The relationship between compliance and crypto is undergoing a fundamental shift…These developments signal a future where compliance and crypto coexist harmoniously, reshaping the industry and reinforcing its legitimacy”.
We congratulate Paula on her well-deserved promotion and are excited to see where her vision and expertise will lead us next.