VISTA InfoSec

APRIL 28, 2024

offers essential guidelines and a framework to safeguard cardholders’ data and mitigate any potential data breaches that may occur in banks. Creating and maintaining a policy that addresses information security for all personnel. The Payment Card Industry Data Security Standard (PCI DSS) compliance 4.0 5/5 - (2 votes)

PCI DSS 130

PCI DSS Compliance Assessments Data Breach 130

Fintech News

MAY 29, 2024

Singapore has released an Environmental Crimes Money Laundering National Risk Assessment (NRA), highlighting the primary threats and vulnerabilities associated with it. Singapore’s law enforcement and supervisory agencies will remain vigilant and implement appropriate measures to mitigate these risks.

Money Laundering 83

Money Laundering Crime Risk Law Enforcement 83

VISTA InfoSec

JUNE 19, 2024

Therefore, this article explores the common cyber threats in video communication and provides strategies to mitigate them. Best Practices for Securing Video Communication Choose the Right Platform When evaluating different platforms, assess their security features comprehensively.

Risk 242

Risk Ransomware Phishing MFA 242

Innovative Payments Association

AUGUST 29, 2024

Conduct a Risk Assessment Before building a compliance program, businesses should conduct a thorough risk assessment to identify potential compliance risks. This includes assessing the risk of money laundering, financial crime, and regulatory violations.

Cannabis Banking 52

Cannabis Banking Boot Camp Compliance Money Laundering 52

Fintech News

JUNE 23, 2024

Singapore has released its updated Money Laundering (ML) National Risk Assessment (NRA) , highlighting increased risks in the digital payment token (DPT) services sector. The updated assessment highlights increased risks due to economic and geopolitical shifts, as well as the rise in technology-enabled transactions.

Money Laundering 86

Money Laundering Risk Crime Law Enforcement 86

The Fintech Times

JULY 31, 2024

As natural catastrophes, including wildfires and convective storms, become more frequent and severe, insurers are looking for new ways to accurately predict and proactively address the growing threat of climate risk. Recognising this, ZestyAI provides property-specific data to help insurers determine the true risk for each property.

Risk 59

Risk AI Risk Assessment Assessments 59

VISTA InfoSec

FEBRUARY 13, 2024

Vulnerability assessments involve scanning systems for known weaknesses, while penetration testing (or pen testing) takes a more aggressive approach by simulating cyberattacks to evaluate the effectiveness of current security measures. This makes cybersecurity education a crucial component of any comprehensive cyber defence strategy.

Cybersecurity 130

Cybersecurity Audit Best Practices Mitigation 130

Neopay

JULY 29, 2024

Without these defined outcomes, it is challenging to assess performance accurately. Unclear management information: Firms often struggle with identifying or accessing the necessary management information or data required for their assessments. This will provide a clear benchmark for your assessments.

Consumer 52

Consumer Assessments Compliance Best Practices 52

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 Payment APIs and Integration 88

Fintech Review

JUNE 12, 2024

We explore the innovations in personalised insurance products, the role of IoT devices in data collection and risk assessment, and the challenges faced by established insurance companies integrating new technologies. Enhanced Risk Assessment IoT data provides insurers with a more accurate understanding of risk profiles.

Risk Assessment 96

Risk Assessment Regulatory Compliance Assessments Risk Management 96

Fintech News

FEBRUARY 21, 2024

In response, the National Institute of Standards and Technology (NIST) has initiated a global effort to standardise post-quantum cryptography (PQC), which includes identifying quantum-resistant cryptographic algorithms compatible with existing communication protocols to safeguard against CRQC threats.

Third Party Vendors 88

Third Party Vendors Cybersecurity Mitigation Encryption 88

VISTA InfoSec

AUGUST 22, 2023

As technology advances and the use of biometric data becomes more prevalent, it is crucial to address the privacy concerns and regulatory compliance associated with this sensitive data. By addressing these issues, organizations can strike a balance between reaping the benefits of biometric technology and protecting individuals’ privacy.

Privacy 130

Privacy Compliance Legal Best Practices 130

Fintech News

MARCH 31, 2024

This balance ensures the protection of legitimate customers’ interests while empowering FIs to effectively assess and mitigate risks associated with financial crimes. It complements the industry’s existing close collaboration with MAS and law enforcement authorities to combat financial crime.

Financial Crimes 80

Financial Crimes Crime Money Laundering Law Enforcement 80

Neopay

MAY 31, 2024

Additionally, the FCA implemented the Modular Assessment Proactive Programme (MAPP) and Focused Supervisory Interventions (FSI) to conduct targeted reviews and engagements with firms. Contact us today to learn how our comprehensive compliance solutions can help you bolster your financial crime prevention efforts.

Financial Crimes 52

Financial Crimes AML Money Laundering Crime 52

Fintech Review

MAY 7, 2024

Machine learning is particularly transformative in various fintech applications, such as personalised financial advice and risk assessment, marking a transformative shift in financial methodologies towards more advanced, data-driven approaches. It is essential to mitigate these risks to prevent potentially devastating impacts.

AI 98

AI FinTech Risk Assessment Fraud Detection 98

Innovative Payments Association

SEPTEMBER 5, 2024

To mitigate these risks and ensure proper oversight of third-party relationships, it is crucial for organizations to go beyond traditional due diligence and establish a comprehensive third-party oversight framework. While these relationships can bring numerous benefits, they also come with inherent risks.

Boot Camp 52

Boot Camp Due Diligence Third Party Vendors Compliance 52

Seon

MARCH 20, 2024

trillion annually, reflecting a 56% increase over the past decade, the urgency to address digital fraud has never been more acute. Digital footprint monitoring plays a crucial role in identifying and mitigating such schemes, enabling a proactive approach to fraud prevention. for financial service firms and banks.

Fraud Prevention 98

Fraud Prevention Assessments Phishing Mitigation 98

VISTA InfoSec

OCTOBER 20, 2023

Financial Stability : Mitigates the financial impact of disasters, including costs from data breaches or loss of revenue. While entities can choose their methods for HIPAA disaster recovery planning, HIPAA mandates basic requirements in section 164.308(a)(7)(ii) , requiring organizations to address certain aspects.

Disaster Recovery 130

Disaster Recovery Regulatory Compliance Procedures Duplicate 130

Fintech News

JUNE 12, 2024

The complex nature of climate change, its global impact, and varying mitigation strategies across jurisdictions make monitoring and analysing climate-related financial risks particularly challenging. In response, BIS and MAS launched Project Viridis to explore the development of a climate risk platform.

Authorization 81

Authorization Risk Assessments Central Bank 81

Neopay

MARCH 7, 2024

In a recent move, the Financial Conduct Authority (FCA) has taken a significant step in addressing the prevalent anti-money laundering (AML) shortcomings among Annex 1 firms. It is imperative for these firms to promptly address any identified shortcomings to align with regulatory expectations. These must be addressed.”

AML 52

AML Financial Crimes Crime Risk Assessment 52

Fintech Review

FEBRUARY 13, 2024

Consumer protection in the digital age isn’t just about enforcing rules; it’s about understanding the evolving risks and being proactive in mitigating them. Regulatory Frameworks Developing adaptable regulatory frameworks is essential in addressing the rapid pace of fintech innovation while ensuring consumer protection.

Consumer Protection 105

Consumer Protection Innovation Consumer FinTech 105

VISTA InfoSec

SEPTEMBER 26, 2023

Assessing Penalties for Non-Compliance In the process of determining the monetary penalty to be imposed under Section 33 (1) , the Board takes into consideration several key factors. Mitigation Efforts: The Board will consider the data fiduciary’s mitigation efforts, including their timeliness and effectiveness.

Compliance 130

Compliance Breach Privacy Mitigation 130

Stax

SEPTEMBER 17, 2024

To mitigate this risk, all transmission of cardholder data must be encrypted using strong cryptographic protocols such as TLS (Transport Layer Security) or IPsec (Internet Protocol Security). Organizations must develop and maintain secure systems and applications by implementing a process for identifying and addressing vulnerabilities.

PCI DSS 88

PCI DSS Credit Cards Compliance Process 88

Clearly Payments

FEBRUARY 7, 2024

It provides merchants with an overview of their payment activity and helps assess overall business performance. A high conversion rate indicates that the payment process is streamlined and user-friendly, while a low conversion rate may signal friction or issues in the checkout process that need to be addressed.

Process 98

Process PCI DSS Processing Costs Settlement 98

Stax

JANUARY 8, 2024

Common risk management strategies for PayFacs include proper merchant vetting and onboarding, transaction monitoring and fraud prevention, chargeback mitigation, KYC/AML compliance, and data breach prevention. You should also have contingency plans or initiatives in place to mitigate the impact of a risk.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

Neopay

AUGUST 5, 2024

This involves identifying and mitigating risks associated with safeguarding and understanding potential threats and vulnerabilities to client assets and data. They should be equipped to challenge and assess new data, policies, or frameworks for compliance. Understanding risk management is also a crucial part of the training.

Compliance 52

Compliance Procedures Audit Risk Management 52

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 86

FinTech Mitigation Risk On-Demand 86

Segpay

MAY 1, 2024

The Act aims to ensure digital services’ continuity, security, and stability, particularly in critical sectors such as finance, by addressing various operational risks, such as cyber threats, system failures, and operational disruptions. A risk-based testing approach is required to detect and address potential ICT disruptions.

Compliance 52

Compliance Cybersecurity Procedures Risk Management 52

Neopay

MARCH 4, 2024

Therefore, prioritising compliance, risk management, and ethical conduct is essential to mitigate the risk of regulatory scrutiny. Through proactive compliance management and diligent risk mitigation measures, firms can safeguard their reputation, protect consumer interests, and avoid being named and shamed in enforcement actions.

Compliance 52

Compliance Mitigation Risk Mitigation Regulatory Compliance 52

FloQast

MARCH 1, 2024

The Sarbanes-Oxley Act of 2002 , commonly referred to as SOX, reflected a bipartisan congressional effort to address the root causes of those financial scandals. This report must state that management has implemented internal controls and assessed the internal control structure for accuracy and effectiveness.

Audit 52

Audit Compliance Assessments Procedures 52

Neopay

JANUARY 25, 2024

The new Guidelines highlight ML/TF risk factors and mitigating measures that CASPs need to consider, representing an important step forward in the EU’s fight against financial crime. Therefore, it is important that CASPs know about these risks and put in place measures that effectively mitigate them.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

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

Neopay

MAY 7, 2024

The FCA aims to assist firms in understanding regulatory expectations while empowering them to assess the adequacy of their financial crime systems and controls. This includes references to the travel rule and updates to sections on risk assessment and fraud.

Financial Crimes 52

Financial Crimes Crime Risk Assessment Money Laundering 52

PYMNTS

SEPTEMBER 29, 2017

One of the most crucial areas for banks’ treasuries is risk mitigation , which, according to Beaulande, has become more complex as it relates to other areas of treasury management. Sixty percent said that internal regulatory examinations include an assessment of risk management practices. Managing Risk.

Treasury 56

Treasury Addressing Treasury Management FinTech 56

Fintech News

SEPTEMBER 17, 2024

For example, the General Data Protection Regulation (GDPR) addresses concerns surrounding automated personal data processing by granting European Union citizens the right to obtain an explanation behind the decision made by automated means in the context of Article 22.

Mitigation 52

Mitigation Risk Assessment On-Demand Research 52

Fintech News

APRIL 7, 2024

Their comprehensive discussion sheds light on the significance of advanced AI and fraud detection technologies, and the importance of collaborative efforts to mitigate these risks. Incorporating passive risk signals during onboarding offers another layer of assurance.

Deepfake 108

Deepfake Scams Fraud Detection Verification 108

Nanonets

SEPTEMBER 22, 2023

Effective  vendor management  contributes to cost optimization,  risk mitigation , and quality assurance. Evaluating potential suppliers through a rigorous qualification process can help mitigate risks and ensure that they align with the business objectives and values. Benefits of Effective Vendor Management: 1.

Risk Mitigation 40

Risk Mitigation Mitigation Risk Assessment Assessments 40