FinTech Lawyer NYC - Francelina M. Perdomo Klukosky of Perdomo Law

Fraudulent FinTech organizations and hackers affect everyone. The cost to companies and individuals from frauds, breaches, and other thefts has devastating consequences. Fraud costs FinTech companies in the United States lose approximately $51 million every year. To prevent this, companies operating in the United States receive oversight from multiple organizations. These groups attempt to prevent crimes and keep honest businesses and individuals safe.

Each department overseeing the FinTech industry has unique regulations, and tracking their guidelines takes a lot of effort. State governments often have other laws regulating companies based in their area or that provide services to residents of their state. Understanding the guidelines to ensure compliance from all regulatory groups can take more time and effort than companies can provide alone. Understanding these regulations is one of the reasons why hiring a FinTech attorney becomes crucial for businesses. A partial list of the organizations providing legal oversight of any FinTech company includes:

• The Consumer Financial Protection Bureau
• The Financial Crimes Enforcement Network
• The Office of the Comptroller of the Currency
• The Commodity Futures Trading Commission
• The Financial Industry Regulatory Authority
• The Federal Deposit Insurance Corporation
• The Securities and Exchange Commission
• The Federal Trade Commission

When to Hire a FinTech Lawyer 

The most beneficial time to hire a FinTech Lawyer is before problems begin. Their understanding of corporate, business, and financial law makes them an asset when establishing a company, merging with another business, or planning an expansion. They can draft contracts or review and advise on existing agreements.

The services of a FinTech Law Firm also become invaluable when problems arise. Compliance concerns, technology breaches, data privacy issues, and more can require a consultation with an attorney. Additional reasons to consult with a law firm include:

• Expanding into international markets
• IP licensing and protection advice
• Entering strategic alliances
• Before outsourcing work
• When monetizing data
• Understanding domestic and international tax requirements
• Before investing, selling, or accepting cryptocurrency
• Experiencing potential litigation
• Becoming an alternative trading platform

Perdomo Law FinTech Attorneys Represent Either Side in a Dispute

Hiring a FinTech Law Firm becomes necessary whenever litigation concerns arise. An attorney from Perdomo Law can assist those filing a claim or those defending themselves against a lawsuit. Always hire a team with experience in multiple forms of law for these issues because FinTech litigation can involve matters related to corporate, financial, and business law, as well as many other concerns.

The Benefits of Hiring a FinTech Law Firm

All companies eventually need legal guidance. FinTech attorneys help their clients operate more secure, profitable companies by enabling them to avoid fines and fees and to produce binding and favorable contracts. A lawyer helps companies seek compensation for fraud and breaches and to protect them when facing litigation from anyone.

Avoid delays or unnecessary expenses by choosing an experienced attorney to review all contracts and help update procedures to align with new regulations. Always request legal advice before a merger, sale, or acquisition to ensure the deal benefits the organization.