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. In this guide, we discuss the dynamics of skilled person reviews, providing insights into effectively navigating this intricate regulatory landscape.

Audit 59

Audit Regulatory Compliance Financial Crimes Compliance 59

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 58

Risk AI Risk Assessment Assessments 58

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

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. Artificial Intelligence (AI) can also be utilized to ensure compliance and responsible handling of biometric data.

Privacy 130

Privacy Compliance Legal Best Practices 130

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 News

MARCH 3, 2024

In her new role at FOMO Group , Cindy will be essential in advancing the company’s compliance infrastructure, ensuring adherence to the diverse regulatory landscapes of the jurisdictions in which the company operates. She has previously served as the Chief Control Officer at Bank J.

Compliance 100

Compliance AML Money Laundering Regulatory Compliance 100

Fintech News

APRIL 16, 2024

But in order to leverage the benefits of gen AI, risk and compliance functions must establish clear guidelines and frameworks that not only address inbound risks from gen AI but which also ensure the responsible usage of gen AI, a new paper by McKinsey says.

Risk Management 102

Risk Management AI Risk Use Case 102

FICO

DECEMBER 19, 2022

Assessing Digital Identity — You Need to Ask “Who?” That seismic change continues to create inherent risks that banks must address in complex and creative ways. With this framework, FIs can effectively take false positives and assess for authorized fraud/scam exposure. AND “Why?”. FICO Admin. Thu, 08/22/2019 - 12:37.

Assessments 52

Assessments Scams Authentication Authorization 52

Neopay

SEPTEMBER 2, 2024

As regulatory compliance continues to become more complex, having a robust monitoring plan in place is more important than ever. In today’s regulatory environment, compliance is not just about ticking boxes; it’s about ensuring your business operates within the law and meets all necessary standards.

Compliance 59

Compliance Regulatory Compliance Money Laundering 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. They provide a structured approach to evaluate and enhance the effectiveness of cybersecurity measures.

Cybersecurity 130

Cybersecurity Audit Best Practices Mitigation 130

FloQast

MAY 9, 2024

They not only uphold regulatory standards but also inform strategic decisions and protect stakeholders’ interests. However, the path to compliance is fraught with challenges , including large upfront costs, organizational chaos, and reactive risk assessment processes. million annually, according to FloQast’s survey.

Compliance 105

Compliance Audit Risk Assessment Assessments 105

EBizCharge

NOVEMBER 12, 2024

Merchant underwriting requires a thorough assessment of a business’s potential financial risks to ensure safe and secure transactions. Risk assessment: After gathering the necessary information, a risk assessment is conducted to evaluate a business’s risk profile.

Underwriting 52

Underwriting ISOs Risk Assessment Assessments 52

Neopay

JUNE 27, 2024

Your senior team will all need to have understand the obligations on the firm and be able to prioritise regulatory compliance and its impact across the business. Additionally, firms should stay updated on regulatory changes and developments in the payments industry.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

The Fintech Times

MARCH 25, 2024

This movement isn’t simply about the adoption of cutting-edge technologies; it signifies a profound reimagining of financial services provision aimed at cultivating innovation, driving efficiencies and addressing the evolving needs of consumers.

Finance 114

Finance Regulatory Compliance Compliance On-Demand 114

Neopay

FEBRUARY 29, 2024

The focus was on assessing how additional engagement had impacted firms’ readiness for compliance. Enhanced compliance activities : Firms demonstrated increased engagement in key elements of the Duty, such as identifying target markets and appointing oversight personnel.

Consumer Protection 59

Consumer Protection Consumer Compliance Assessments 59

Fintech Review

NOVEMBER 6, 2024

Fintech companies are addressing this barrier with alternative credit scoring. Companies like Tala and Kiva use alternative data sources to assess creditworthiness. Fintech companies are addressing this issue through digital identity solutions. Security, regulatory compliance, and digital literacy are all crucial factors.

Financial Inclusion 110

Financial Inclusion FinTech Online and Mobile Banking Cross-Border Payments 110

The Payments Association

OCTOBER 11, 2024

The reforms aim to address weaknesses in safeguarding practices, reduce consumer fund risks, and enhance regulatory compliance, particularly in preventing fund shortfalls. Under these rules, payment firms will need to appoint independent, qualified auditors to review and verify their compliance with safeguarding requirements.

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

The Fintech Times

OCTOBER 12, 2024

Your winners are… Gaialens : A Greenwashing Analytics Solution enabling investors to assess the greenwashing risk of funds and companies. Scott Logic : A B Corp focused on addressing data quality and reliability in greenwashing. Siccar : Secure solution architecture with a focus on reliability and resilience of ESG data.

FinTech 52

FinTech Regulatory Compliance AI Professional Development 52

Finovate

JUNE 20, 2024

The rapid evolution of technology turned regulatory compliance into a daunting frontier. Misra , who sits at the forefront of this arena, is a pioneer in using LLMs to do the heavy lifting when it comes to compliance. Compliance platforms of the past are not able to cope with these new kind of reporting requirements.

Compliance 52

Compliance Regulatory Compliance Regulations AI 52

Fintech Finance

AUGUST 2, 2024

By evaluating daily transactional data, it assigns personalized scores and ranks clients based on their behavior, helping financial institutions prioritize risks and identify emerging trends, thereby enhancing the accuracy of risk assessment.

Instant Payments 94

Instant Payments Transactions Payment APIs and Integration Compliance 94

FICO

FEBRUARY 15, 2021

Our roadmap for regulatory compliance with the FICO Siron solution meets existing regulatory requirements and will enable us to rapidly adapt to new regulations,” said Marina Skalistiri, head of compliance risk assessment planning and reporting at Eurobank Greece. This is a first-class result of our project.”combined

Money Laundering 52

Money Laundering Regulatory Compliance Correspondent Bank AML 52

Nanonets

DECEMBER 13, 2023

2: Proactive Regulatory Compliance AI plays a crucial role in ensuring regulatory compliance in insurance claims processing through the following: Automated Compliance Checks: AI algorithms can be programmed to conduct automated checks against regulatory requirements.

AI 102

AI Process Fraud Detection Compliance 102

Neopay

AUGUST 5, 2024

Furthermore, procedures for reporting safeguarding issues and understanding the legal and regulatory implications of non-compliance should be part of the training. They should be equipped to challenge and assess new data, policies, or frameworks for compliance.

Compliance 52

Compliance Procedures Audit Risk Management 52

Neopay

MARCH 4, 2024

How Neopay can help By partnering with Neopay, firms can access comprehensive compliance solutions tailored to their specific needs, helping them navigate regulatory requirements, mitigate risks, and uphold the highest standards of integrity and professionalism.

Compliance 52

Compliance Mitigation Risk Mitigation Regulatory Compliance 52

Neopay

JULY 2, 2024

Outcome metrics : The review noted a range of metrics used by firms to assess outcomes, from customer complaints and satisfaction surveys to retention rates and claims ratios. The FCA highlighted that senior management must be accountable for consumer outcomes and that firms should have clear processes for escalating and addressing issues.

Consumer 52

Consumer Compliance Regulatory Compliance Assessments 52

Fintech Finance

FEBRUARY 29, 2024

The joint solution allows merchants and fintechs to accelerate time-to-revenue while ensuring regulatory compliance. The partnership addresses key needs as more commerce moves online and fraudsters find new and sophisticated ways to exploit legacy identity verification and fraud prevention approaches.

Fraud Prevention 52

Fraud Prevention Process FinTech Online and Mobile Banking 52

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

Nanonets

MARCH 27, 2023

Credit Checks: Credit checks are an essential part of the mortgage application process as they help to assess the borrower's creditworthiness. Underwriting : Underwriting is the process of assessing the borrower's creditworthiness, evaluating the risks and ensuring that the loan meets the lender's criteria.

Automation 52

Automation Regulatory Compliance Underwriting Origination 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. Manual compliance processes increase the risk of non-compliance and may result in costly fines or penalties.

Origination 52

Origination Automation Risk Assessment Underwriting 52

PYMNTS

APRIL 24, 2020

These circumstances have brought to the fore what has long been a central concern for lenders: assessing and managing credit risk. percent reported using AI for underwriting and risk assessment purposes. Among FIs interested in smart agent-based AI, 67 percent believe it would help address payments fraud, and 62.1

Credit Risk 100

Credit Risk Risk AI Underwriting 100

The Fintech Times

DECEMBER 28, 2023

Today our leaders address escalating challenges related to fraud and the need for businesses to take proactive measures to address these issues and maintain customer trust and regulatory compliance. In this pursuit, businesses like SEON can help companies to bolster their defences against sophisticated fraud schemes.

Fraud Prevention 81

Fraud Prevention Scams Fraud Detection Regulatory Compliance 81

The Payments Association

NOVEMBER 12, 2024

The reality is that building an effective transaction monitoring system requires a profound understanding of regulatory compliance, technological integration, and operational functionality. Armstrong emphasises that compliance officers need to address any information asymmetries that might exist. have 10-14 years.

Financial Crimes 88

Financial Crimes Crime Fraud Prevention Compliance 88

Fintech News

JULY 4, 2024

The insurance industry stands to benefit from AI’s prowess in risk assessment and claims processing, while asset managers can leverage AI for more sophisticated portfolio allocation and algorithmic trading. One promising application is in ‘nowcasting’ – using real-time data to assess current economic conditions.

Central Bank 89

Central Bank AI Correspondent Bank Correspondent 89

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. As the industry evolves in the digital age, addressing these challenges has become increasingly urgent.

Process 52

Process Underwriting Automation Database 52

Stax

FEBRUARY 5, 2024

Several types include credit card, fuel, service, payment processing, peak-time, environmental, regulatory, and minimum usage surcharges. Cost recovery, industry standards, regulatory compliance, and consumer sensitivity are key factors to consider when calculating surcharges. Regulatory Compliance.

Credit Cards 88

Credit Cards Legal On-Demand Regulatory Compliance 88

PYMNTS

APRIL 10, 2020

The study is part of the larger Unlocking AI series by PYMNTS, examining how AI and other computational systems are being used to manage critical business functions, including payments, regulatory compliance, risk assessment and fraud protection.

AI 144

AI Fraud Detection Regulatory Compliance Risk Assessment 144

Fintech Finance

MAY 7, 2024

The research, which spanned across the period of September 2023 to January 2024, surveyed 600 decision-makers to assess the landscape of Embedded Finance and the critical factors influencing the choice of payment/Embedded Finance solutions providers. This research confirms the industry’s shift towards integrated financial services.

Embedded Finance 52

Embedded Finance Finance Payment APIs and Integration Embedded Payments 52