Fintech Finance

NOVEMBER 18, 2024

Vijay Ray concludes: “The introduction of a statutory trust over funds is the most significant change, designed to address the legal uncertainty that has plagued the payment services sector for years. A key change that will follow will be the introduction of a statutory trust over funds.

Consulting 95

Consulting Payments Regulations Reconciliation 95

VISTA InfoSec

JANUARY 29, 2024

The prevention, detection, and addressing of malicious software (malware) is ensured. 5.3 Employing anti-malware solutions that address all types of malwares is crucial in safeguarding systems from both current and evolving malware threats. Users are protected against phishing attacks through anti-phishing mechanisms. evaluations.

PCI DSS 130

PCI DSS Phishing Best Practices Procedures 130

VISTA InfoSec

FEBRUARY 16, 2024

. - The requirement mandates that software development procedures must be documented and examined to ensure that all security considerations are integrated into every stage of the development process. addressed common coding vulnerabilities in software-development processes. - PCI DSS v3.2.1 PCI DSS v4.0 Requirement 6.5 is now 6.2.2.

PCI DSS 100

PCI DSS Procedures Best Practices Verification 100

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

Neopay

AUGUST 5, 2024

Effective safeguarding training covers the policies, procedures, and regulations that must be adhered to in order to minimise risks and maintain compliance with regulatory standards. They should be equipped to challenge and assess new data, policies, or frameworks for compliance.

Compliance 52

Compliance Procedures Audit Risk Management 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

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

Clearly Payments

NOVEMBER 13, 2024

Companies can analyze BIN data to track transaction patterns, better understand customer demographics, and assess risk in different regions or among various card types. This information helps payment processors and merchants verify transactions, assess risk, and streamline payment workflows for secure and reliable transactions.

Process 76

Process Processors Payments Compliance 76

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. Implementing a structured patch management process is key to overcoming this challenge.

Cybersecurity 130

Cybersecurity Audit Best Practices Mitigation 130

Neopay

JULY 4, 2024

These reports are critical for assessing and evidencing how firms have provided good outcomes for consumers under the Duty. Importance of board reports According to the Financial Conduct Authority (FCA), “Board reports are key to assess and evidence how firms have provided good outcomes for consumers under the Duty.”

Consumer 52

Consumer Risk Assessment Assessments Compliance 52

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

Basis Theory

OCTOBER 1, 2024

On the other hand, organizations with Levels 2, 3, or 4 use Self-Assessment Questionnaires (SAQs) to audit their compliance program. Scenario 2 : If you're processing less than 6 million transactions and aren't using a service provider, someone in your organization will need to address over 300 questions in your annual SAQ D.

PCI DSS 88

PCI DSS Compliance Encryption Assessments 88

VISTA InfoSec

JULY 31, 2023

After completing all the applicable requirements and steps mentioned in the PCI DSS checklist, businesses may engage a Qualified Security Assessor (QSA) to perform a formal assessment of their compliance with the PCI DSS. If any areas of non-compliance are identified during the assessment, the QSA will report their findings to the business.

PCI DSS 130

PCI DSS Security Encryption Compliance 130

VISTA InfoSec

JULY 5, 2023

Personal Data: Personal information such as addresses, phone numbers, e-mails, passport data, social status, and unique identification numbers are available in a secure healthcare database. Regularly test and assess network vulnerabilities to identify and address any weaknesses. PCI DSS does not mention meaningful usage.

PCI DSS 130

PCI DSS Compliance Data Breach Breach 130

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.

Cybersecurity 52

Cybersecurity Compliance Procedures Risk Management 52

Stax

JANUARY 8, 2024

To establish an effective risk management program as a PayFac, you must establish a dedicated risk management team, utilize the right tools and technology, develop proper risk management policies and procedures, conduct regular risk audits, and stay up-to-date with the latest industry regulations.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

Seon

JUNE 24, 2024

A critical aspect of cybersecurity, the fundamentals within this realm center on three main components: identifying, assessing and mitigating risks associated with digital identities and access controls across an organization. The following details a five-step process.

Risk Management 52

Risk Management Mitigation Risk Identity Theft 52

FloQast

APRIL 8, 2024

Addressing material weaknesses is not just a legal requirement but a cornerstone of corporate governance and ensuring investor confidence, no matter the company size. This includes identifying key controls, establishing clear lines of authority and responsibility, and ensuring that policies and procedures are well-documented and communicated.

Compliance 52

Compliance Audit Best Practices Risk Assessment 52

Nanonets

APRIL 24, 2024

This audit aims to verify the accuracy and completeness of the bank reconciliation procedures and ensure that they are conducted in accordance with established accounting standards and regulatory requirements. They assess the adequacy and accuracy of documentation to support the integrity of financial records.

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

Nanonets

FEBRUARY 9, 2024

Remember that internal controls are procedures and processes management emplace to ensure accounting integrity and financial transparency. In this case, the referee (actual control measures and checks) uses the playbook (company procedures built on accepted accounting principles) to manage the game (financial reporting).

Audit 52

Audit Risk Assessment Assessments Procedures 52

VISTA InfoSec

FEBRUARY 28, 2024

Changes Core Focus Limiting database access to programmatic methods (apps, stored procedures) and database administrators. assessments.) Make sure these records outline who does what in terms of managing user accounts. Interview those in charge: do these accounts follow these strict procedures? Requirement v3.2.1 (8.7)

PCI DSS 130

PCI DSS Best Practices Authentication Rules 130

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

EBizCharge

OCTOBER 25, 2023

15 best practices to prevent data breaches Since data breaches can cause significant damage, businesses must be diligent and proactive to prevent, address, mitigate, and avoid these threats. Continuously create and update procedures Staying up to date on cyber security and ever-evolving threats is just one piece of the puzzle.

Best Practices 52

Best Practices Data Breach Breach Phishing 52

Clearly Payments

JANUARY 8, 2024

Identifying and Assessing Risks Understanding the lay of the land is the first step in effective risk management. Conducting a thorough risk assessment tailored to the specific nature of the business is essential. Chargebacks are generally the biggest concern that most merchants have.

Risk Management 66

Risk Management Risk PCI DSS Process 66

EBizCharge

JUNE 20, 2024

Establish an effective dispute management procedure Establish clear dispute management protocols to ensure any AR discrepancies are handled quickly and effectively. For example, a company can implement a dispute management procedure that includes the following steps: Step 1.

Best Practices 52

Best Practices Accounts Disputes Procedures 52

Finovate

FEBRUARY 8, 2024

Dotfile Dotfile is an end-to-end business verification platform that automates KYB and AML procedures, reduces fraud, and streamlines compliance operations. Banks, credit unions, payment providers, and small-and-medium-sized businesses.

Payment APIs and Integration 59

Payment APIs and Integration Identity Theft Deepfake AI 59

PYMNTS

SEPTEMBER 29, 2017

Seventy-nine percent of survey respondents said they are performing enterprise-wide risk assessments in response to stricter regulations, while most also said risk management is also taken into account when performing other tasks like testing, training, compliance audit programs and developing policies and procedures.

Treasury 56

Treasury Addressing Treasury Management FinTech 56

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

Nanonets

JULY 11, 2023

To ensure the effectiveness of purchases controls, organizations must document and assess their control mechanisms through a comprehensive test of control. Photo by Austin Distel / Unsplash What are Test of Control Procedures? They may include inquiry, observation, inspection of documents, and reperformance of control procedures.

Procedures 40

Procedures Audit Mitigation Assessments 40

Seon

SEPTEMBER 20, 2023

This is often achieved by entering their email address and chosen password. Upon acceptance of this information, the organization must request PII from the individual, usually one or more documents confirming their full name, address, and date of birth. Cross-check the PII with the person’s photo ID and/or other documentation.

Process 52

Process Due Diligence AML Verification 52

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

VISTA InfoSec

FEBRUARY 21, 2024

The procedures and methods for limiting access to system components and cardholder data, based on a business’s need-to-know basis, are clearly outlined and comprehended. The allocation and definition of access to system components and data are carried out appropriately. a: This one’s all about verification.

PCI DSS 130

PCI DSS Database Best Practices Procedures 130

Stax

SEPTEMBER 17, 2024

Organizations must develop and maintain secure systems and applications by implementing a process for identifying and addressing vulnerabilities. This includes applying security patches promptly, conducting regular vulnerability assessments, and maintaining secure coding practices throughout the development lifecycle.

Credit Cards 88

Credit Cards PCI DSS Compliance Process 88

FloQast

JUNE 24, 2024

Are you focusing on workflows that allow for standardized steps and procedures to be followed? Assessment : The first step is to gauge where you’re at right now. Design : Once you’ve assessed the situation and understand your pain points, you can create a workflow map to address these issues.

Accounts 52

Accounts Reconciliation Procedures Automation 52

Nanonets

APRIL 11, 2023

In this blog post, we will discuss the challenges faced by commercial lenders today, the pain points in the loan process, and how loan automation can address these issues to deliver significant benefits to all stakeholders. This disjointed communication results in inefficient information exchange and slows down the loan origination process.

Origination 52

Origination Automation Risk Assessment Underwriting 52

PYMNTS

DECEMBER 17, 2018

Department of the Treasury, has assessed a $14.5 The FinCEN said UBSFS didn’t develop and use an appropriate anti-money laundering (AML) system to address the risks in accounts from both traditional brokerage and banking services. The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S.

Fincen 55

Fincen AML BSA Money Laundering 55

Nanonets

SEPTEMBER 27, 2024

In the insurance industry, STP translates to automating various processes such as financial credibility assessment, KYC/Identity verification, underwriting, and claims processing. to assessment, verification, and settlement. A policyholder gets a minor procedure done over the course of a day while being hospitalized.

Process 52

Process Underwriting Automation Database 52