Stax

AUGUST 22, 2024

PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. Understanding, addressing, and managing them is crucial for maintaining business operations while ensuring safe payment processing for clients. The due diligence doesn’t stop at onboarding.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

Neopay

MARCH 15, 2024

The consultation, which closes on 9 th June 2024, seeks to address identified shortcomings in the current regulations while aligning with the broader objectives outlined in the Economic Crime Plan 2023-26. System coordination: Strengthening coordination among various systems involved in combating money laundering and terrorist financing.

Money Laundering 52

Money Laundering Consulting Treasury Regulations 52

The Fintech Times

SEPTEMBER 30, 2024

The BeZero Carbon Rating assesses the quality of carbon credits on an eight-point scale ranging from ‘highest likelihood’ to ‘lowest likelihood’ of achieving a tonne of CO₂e avoided or removed. However, the research warns that SDG claims vary in integrity, similar to carbon efficacy, illustrating the importance of due diligence for buyers.

Due Diligence 63

Due Diligence Accreditation On-Demand Research 63

Seon

SEPTEMBER 20, 2023

According to McKinsey, banks use up to 40% of their onboarding time on KYC and due diligence processes. This is often achieved by entering their email address and chosen password. Onboarding ensures the KYC process is worthwhile and well-informed by verifying the identity of prospective customers and assessing their risk level.

Process 52

Process Due Diligence AML Verification 52

Neopay

NOVEMBER 13, 2024

” Metro Bank has since undertaken efforts to address and remediate these issues. Proactive risk management: We help assess your business’s risk exposure, implementing frameworks that keep up with growth, high-risk customers, and evolving regulations to keep your compliance efforts ahead. Those failings went on for too long.”

Financial Crimes 52

Financial Crimes Crime Due Diligence Compliance 52

Neopay

OCTOBER 3, 2024

Key takeaway : If your business deals with high-risk clients, it’s crucial to implement enhanced due diligence procedures. Comprehensive audits and reviews : Our team conducts regular audits of your financial crime prevention systems, including AML, sanctions screening, and customer due diligence processes.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

The Fintech Times

JANUARY 25, 2024

While it is clear that organisations need to develop a risk-based approach to address PEP-related risks in the coming year, it is less obvious how they can begin to do this. Applying enhanced due diligence that draws upon the wealth of third-party data at an FI’s disposal is vital to the successful identification and classification of PEPs.

Risk 58

Risk Due Diligence Financial Crimes Crime 58

Neopay

DECEMBER 20, 2023

Indicators for enhanced due diligence The NCA, in collaboration with other government agencies, has outlined red flags to assist businesses in identifying potential illicit activities. Customer’s name or address similarity to parties on the OFSI consolidated list. Items or services not fitting the purchaser’s line of business.

Due Diligence 52

Due Diligence End User Crime Financial Crimes 52

Neopay

JANUARY 25, 2024

Given the interdependence of the financial sector, the new Guidelines also include guidance addressed to other credit and financial institutions that have CASPs as their customers or which are exposed to crypto assets.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

The Fintech Times

JULY 20, 2024

Additionally, firms must assess existing authorities for cloud service provider (CSP) oversight. Similarly, they must establish best practices for third-party risk associated with cloud service providers, outsourcing, and due diligence processes to increase transparency.

Treasury 58

Treasury FS-ISAC Consumer Financial Protection Bureau (CFPB) Due Diligence 58

The Fintech Times

OCTOBER 31, 2024

It also helps financial institutions strengthen their screening capacity when reviewing existing clients, onboarding new ones, and assessing risks across the whole financial sector. It is a highly practical digital resource that firms can incorporate into their existing systems.

Crime 58

Crime Risk Financial Crimes Due Diligence 58

The Payments Association

OCTOBER 14, 2024

This 50/50 model encourages collaboration, with both parties incentivised to implement effective anti-fraud measures This approach helps address a longstanding challenge in fraud prevention. This includes ongoing monitoring and assessment of fraud detection technologies to ensure they remain effective and can respond quickly to new threats.

Caps 88

Caps Fraud Prevention Fraud Detection Scams 88

PYMNTS

JULY 24, 2020

A traditionally manual process involving PDF questionnaires, supplier due diligence is rarely at the top of the list when organizations are considering where to place their resources to invest in new, automated technology. Crossword Cybersecurity recently launched a new solution designed to address this pain point for small firms.

Risk 70

Risk Due Diligence Risk Mitigation Mitigation 70

Neopay

JUNE 27, 2024

It is crucial to conduct a thorough assessment of your financial position and ensure that you meet the minimum capital requirements. Risk management framework: Develop a robust risk management framework that identifies, assesses and mitigates key risks associated with your business operations.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

The Fintech Times

JANUARY 22, 2024

The Cayman Islands will be removed from the EU’s black list on 7 February after it ‘strengthened the effectiveness’ of its AML/CFT regimes and ‘addressed technical deficiencies’, the EU has said. Being removed from the EU’s AML list paves the way for further dialogue on the policy goals we pursue.”

AML 58

AML Due Diligence Money Laundering Government 58

Stax

DECEMBER 27, 2023

Setting up a merchant account involves choosing the right merchant account provider for your needs, identifying your type of business, submitting an application, and undergoing an underwriting process to assess risk. This is especially common for high-risk accounts, as more vetting and due diligence are typically required.

Accounts 88

Accounts Online and Mobile Banking Payment Gateways PCI DSS 88

The Fintech Times

JANUARY 22, 2024

The 2024 Code The 2024 Code comprises five distinct sections, each addressing critical aspects of corporate governance: board leadership and company purpose; division of responsibilities; composition, succession, and evaluation; audit, risk, and internal control; and remuneration.

Government 58

Government Governance Due Diligence Audit 58

PYMNTS

FEBRUARY 7, 2019

Randy Fields, chairman and CEO of ReposiTrak parent company Park City Group , said this legislation exemplifies the difficulties of supply chain compliance in the food sector, and demonstrates the limitations of technology in automating compliance and due diligence. regulations, even if a vendor is not in the U.S.

Compliance 65

Compliance Due Diligence Audit Blockchain 65

Neopay

DECEMBER 6, 2023

The Financial Conduct Authority (FCA) employs skilled person reviews, also known as Section 166 reviews, to assess and rectify concerns within financial institutions. Skilled person reviews are an integral component of the FCA’s regulatory toolkit, initiated to obtain an independent and expert assessment of a firm’s activities.

Audit 59

Audit Regulatory Compliance Financial Crimes Compliance 59

Fintech News

DECEMBER 17, 2023

By leveraging partnerships, new channels, and modern technology solutions, they can address these challenges and become more agile, evolving faster to meet the everchanging customer needs. They can conduct due diligence to select fintech and cloud providers, ensuring no weak links and addressing regulatory concerns.

Payment APIs and Integration 140

Payment APIs and Integration Money Laundering Due Diligence SWIFT 140

Fintech News

JUNE 5, 2024

In the IEOM award-winning paper titled “Reimagining the Management of Outsourcing Life Cycles in the Fintech Era for Financial Services,” Dr Thng, together with SMU Doctor of Engineering candidate, Tristan Lim, introduced a novel outsourcing life cycle management model tailored to address the unique nuances of financial services more effectively.

FinTech 101

FinTech Mitigation Risk On-Demand 101

The Fintech Times

DECEMBER 26, 2023

As the Brazilian Central Bank works on introducing new features, such as automatic debit, a promising opportunity arises for fintech startups to innovate and address gaps in PIX’s capabilities, eventually adding more infrastructure core features.

B2B 63

B2B Due Diligence AI Central Bank 63

Nanonets

SEPTEMBER 22, 2023

The  vendor selection process  consists of establishing business goals, locating and selecting the right vendor, conducting an initial risk assessment, negotiating  contracts ,  supplier onboarding , and  risk mitigation  and management. Establishing Business Goals 2. Locating and Selecting the Right Vendor 3.

Risk Mitigation 40

Risk Mitigation Mitigation Risk Assessment Assessments 40

Global Fintech & Digital Assets

MARCH 5, 2024

Banks are expected to apply the follow guidance in connection with their digital asset custodial services: Governance and risk management : Prior to launching digital asset custodial services, banks are expected to undertake a comprehensive risk assessment and to implement appropriate policies and procedures to mitigate identified risks.

Authorization 59

Authorization Product Due Diligence Procedures 59

Stax

JANUARY 8, 2024

Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer due diligence, and adherence to card regulations. This includes their name, date of birth, address, identity documents, etc.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

Nanonets

DECEMBER 13, 2023

Real-time reporting enables insurers to address compliance concerns promptly, minimizing the impact on operations. The audit trail acts as a comprehensive record, demonstrating due diligence in regulatory adherence. In addition, AI employs predictive analytics to assess and analyze historical claims data.

AI 102

AI Process Fraud Detection Compliance 102

FloQast

MARCH 12, 2024

Critical Factors to Evaluate Prior to Taking Your Company Public Before embarking on the IPO journey, assessing whether your company is ready for the public spotlight is crucial. While there’s no one-size-fits-all approach to developing an equity story, it should contain the following six components: Addressable market.

Advisors 52

Advisors Due Diligence Audit Legal 52

PYMNTS

JANUARY 16, 2020

Retail investors, said the FCA, “cannot reliably assess the value and risks of derivatives or exchange traded notes (ETNs) that reference certain cryptoassets” and estimated, too, that the ban could save £75 million to £234.3 The latest moves come after a ban on certain cryptocurrency related activities in July of last year. million a year.

Regulations 52

Regulations Money Laundering Due Diligence Cryptocurrency 52

Seon

APRIL 11, 2024

Speak with an Expert Enhancing Risk and Fraud Assessment Through FRAML When a risk team needs to assess an individual, they would first look into traditional AML checks, such as sanctions, politically exposed persons (PEPs), and crime and financial watch lists for hits to inform their investigation.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

Global Fintech & Digital Assets

DECEMBER 21, 2023

In addressing BNPL lending for the first time in the present Guidance, the OCC is flagging for supervised banking institutions the potential risks surrounding a payment arrangement that is growing in availability and popularity among consumers.

OCC 59

OCC BNPL Electronic Fund Transfer Act (EFTA) Federal Trade Commission 59

Fintech News

JANUARY 16, 2024

Generative AI offers many applications in banking, from enhancing due diligence and risk management to streamlining legal contract generation and code writing. Banks must assess their readiness to address interest rate-related risks and potential economic challenges.

AI 108

AI Risk Non-Bank On-Demand 108

PYMNTS

SEPTEMBER 27, 2017

The FinTech space is hoping to address these challenges head-on, targeting the paper and manual-based processes of trade finance transactions though innovations like blockchain. The survey polled more than 515 banks and 1,336 companies across 103 countries, finding that FinTech innovators can, indeed, help address the $1.5

Finance 51

Finance Due Diligence FinTech Risk Assessment 51

Core

FEBRUARY 6, 2024

The well-being of communities, and society as a whole, hinges on government organizations who provide essential services and address the needs of the public. Vendor Verification and Due Diligence Government organizations that work with external service providers should thoroughly validate vendor details to ensure accuracy and legitimacy.

Best Practices 52

Best Practices Government Governance Fraud Prevention 52

Segpay

OCTOBER 4, 2023

The risk is exceptionally high when merchants refrain from subjecting their affiliates to solid due diligence (KYC screening) during the customer acceptance process. They understand the unique compliance risks associated with this industry and can provide guidance and solutions tailored to address them.

Security 52

Security Due Diligence Compliance Payments 52

FICO

DECEMBER 17, 2020

Anti-financial crimes regulations require banks to enact robust risk management frameworks, including extensive KYC due diligence, integrated safeguards for AML transaction monitoring, and sanctions screening. This includes $2.8 billion lost in exchange theft and security breaches, and $4.8

Cryptocurrency 52

Cryptocurrency Risk Financial Crimes Crime 52

The Fintech Times

JUNE 20, 2024

As organisations rely on third-party vendors for various services like cloud computing, payment processing or customer service, these external relationships can introduce vulnerabilities if proper oversight and due diligence aren’t conducted.

Risk 58

Risk Cybersecurity Data Breach Ransomware 58

The Fintech Times

SEPTEMBER 19, 2024

By integrating risk assessments, controls, and regulatory obligations in real-time, and within a unified framework, institutions can proactively identify and mitigate risks associated with new regulations, such as operational resilience requirements. For fraud, the focus was historically on customer identity.

Risk 58

Risk Financial Crimes AML Risk Management 58