An AML compliance program is designed to prevent money laundering, terrorist financing, and other forms of illicit activity by identifying and addressing various risks. Fintechs should comply with AML regulations in the sense that they should never allow their products and services to be used to facilitate financial crime, but not all fintechs are required to develop a full-scale AML program. Building an AML compliance program can help reduce the overall burden of financial fraud, as the average fintech loses 1.7% of its annual revenue to fraud. Maintaining fast onboarding and connectivity when implementing an AML compliance program will be challenging for many due to consumers' limited patience, but a staged approach with more time spent on higher-risk customers can help mitigate this challenge. Automated identity verification solutions can save time by quickly performing most customer identification program requirements and creating a seamless onboarding experience. To get started, fintechs should understand their target market and identify and prioritize high-risk customers before financial crimes even occur, implementing a risk-based approach to meeting AML compliance requirements.