I spent $2,500 on a niche compliance consultant and I'm torn on the value.

When we were getting our payments app ready for launch, I hired a consultant who only works with early-stage Canadian fintechs. The cost was about $2,5k for a full review of our anti-money laundering setup. On one side, it saved us. They found a huge gap in our transaction monitoring rules we totally missed. Probably saved us a future fine from FINTRAC. But on the other side, it burned. A lot of their 40-page report was generic advice we could have gotten from a free OSFI guide. It felt like paying for reassurance more than real work. Now I can't decide if this is a must-do for every startup or a tax on being nervous. Has anyone else done a deep dive on compliance help and felt it was worth the cash?

3 comments

3 Comments

rowan65826d agoTop Commenter

Consider the fine you avoided your real return on investment.

jenny_hall25d ago

Totally get that. Dodging a bullet can be the best profit of all.

joel_hall1725d ago

A finance podcast said the average person spends 2.5 years in bad jobs or relationships. The cost of leaving early is always less than the cost of staying. That's the math they never teach you.