VISTA InfoSec

MARCH 6, 2024

Changes Access Controls "Limit viewing of audit trails" to those with a need. Testing Procedures Broad testing, looking at system settings, monitored files, etc. audit log security principles are mostly unchanged. Testing procedures align with updated access language. Similar emphasis on policies and procedures.

PCI DSS 130

PCI DSS Procedures Best Practices Risk Assessment 130

Nanonets

AUGUST 1, 2023

Over the years, the auditing landscape has undergone remarkable transformations, and among the most significant advancements has been the advent of audit automation software solutions. Computer-Assisted Audit Tools and Techniques (CAATTs) have been available to auditors since the early 1990s. The situation has changed now.

Audit 40

Audit Automation Risk Assessment Payment APIs and Integration 40

VISTA InfoSec

FEBRUARY 25, 2024

These commonly breached records include: Personal Information Names, addresses, phone numbers, Social Security numbers, driver’s license details, passport numbers, patient healthcare records, insurance policy information, financial statements, etc. Conduct audits periodically post-partnership.

Data Breach 272

Data Breach Breach Multifactor Authentication Cybersecurity 272

Innovative Payments Association

AUGUST 29, 2024

Develop Written Policies and Procedures Clear and comprehensive written policies and procedures are essential for a strong compliance program. All staff members should be educated on anti-money laundering laws, regulatory requirements, and the company's policies and procedures.

Cannabis Banking 52

Cannabis Banking Boot Camp Compliance Money Laundering 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. Detailed records of all safeguarding training should be maintained for audit purposes.

Compliance 52

Compliance Procedures Audit Risk Management 52

VISTA InfoSec

FEBRUARY 13, 2024

Audits play a complementary role by ensuring that existing security measures align with both internal policies and external regulatory requirements. In jurisdictions where regulatory compliance is stringent, such as in Singapore, audits are an indispensable part of the cybersecurity framework.

Cybersecurity 130

Cybersecurity Audit Best Practices Mitigation 130

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.

PCI DSS 130

PCI DSS Phishing Best Practices Procedures 130

Fintech Finance

NOVEMBER 18, 2024

Leading audit, tax and consulting firm RSM UK is encouraging payment providers and other interested parties to respond to the FCA consultation which closes on December 17 th. Specifically review procedures for fund identification, recording, reconciliation, and evaluate existing safeguarding methods and third-party arrangements.

Consulting 75

Consulting Payments Regulations Reconciliation 75

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. External audits : Mandatory annual audits by qualified, independent auditors will become the norm, aimed at verifying firms’ compliance with safeguarding rules.

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

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. The 4 Steps of SOX Testing Most companies use four stages of SOX testing as part of a SOX compliance audit. What Is the Purpose of the SOX Testing Process?

Audit 52

Audit Compliance Assessments Procedures 52

The Payments Association

OCTOBER 23, 2024

In addition to updating policies and procedures, many firms may need to make significant operational changes, including to their funds flows. Enhanced reconciliation, audit, and reporting requirements will create additional administrative burdens and could increase the risk of supervisory and enforcement action.

Rules 88

Rules Payments Institute Authorization Reconciliation 88

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

Neopay

JANUARY 2, 2024

Why are internal controls, such as policies and procedures, critical for organisations in ensuring compliance with financial regulations? Policies and procedures form a key part of effective governance within any firm. Neopay typically engages with the firms to acquire key documentation, such as policies and procedures.

Regulatory Compliance 59

Regulatory Compliance Compliance Audit Procedures 59

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 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

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 can impact the company’s stock price and ability to secure financing and increase external audit costs. Regular internal audits.

Compliance 52

Compliance Audit Best Practices Risk Assessment 52

VISTA InfoSec

JULY 31, 2023

It is then up to the business to engage a consultant or take other appropriate measures to address the areas of non-compliance. Create a Formal Procedure : Establish a standardized process for restricting network access by configuring rules and criteria for your firewalls and routers. and prepare your organization for any changes.

PCI DSS 130

PCI DSS Security Encryption Compliance 130

VISTA InfoSec

SEPTEMBER 28, 2023

Appoint an Independent Data Auditor: The Significant Data Fiduciary shall appoint an independent data auditor to carry out a data audit. Conduct the Data Protection Impact Assessment (DPIA) and Audits: The Significant Data Fiduciary is responsible for implementing the following measures: (Clause 10 (2) (c), DPDP Act).

Privacy 130

Privacy Audit Data Breach Breach 130

Neopay

OCTOBER 3, 2024

Key takeaway : If your business deals with high-risk clients, it’s crucial to implement enhanced due diligence procedures. Companies must regularly audit and stress-test their systems to ensure they function as intended, particularly as regulatory requirements change.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

EBizCharge

NOVEMBER 11, 2024

Understanding different types of reconciliation is essential for maintaining precise financial records and ensuring success since each type addresses specific financial aspects to identify discrepancies and enhance overall financial accuracy. What are the different types of reconciliation? What should I do if my reconciliation isn’t balanced?

Reconciliation 52

Reconciliation Best Practices Non-Bank Audit 52

VISTA InfoSec

JULY 17, 2024

Develop and implement policies and procedures Developing and implementing policies ensures everyone knows what to do to keep data safe, no matter the language they speak. Train employees regularly on these policies and procedures Make training available in all relevant languages. We’ve listed out the three main ones: 1.

Cybersecurity 238

Cybersecurity Compliance Encryption Best Practices 238

NFCW

JULY 17, 2024

“The commitments address the Commission’s competition concerns relating to Apple’s refusal to grant rivals access to a standard technology used for contactless payments with iPhones in stores (‘Near-Field-Communication (NFC)’ or ‘tap and go’).” To shorten deadlines for resolving disputes.

Payment Service Provider (PSP) 75

Payment Service Provider (PSP) Use Case Legal Agreements 75

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

The Fintech Times

SEPTEMBER 13, 2024

Finally, such systems also provide an audit trail of how policies were implemented, and decisions were made, providing easy access to vital information when undergoing audit by a regulator.” In fact, more than nine in 10 asset managers acknowledge a significant reliance on manual processes for reconciliation procedures.

Compliance 72

Compliance FinTech Reconciliation Audit 72

FloQast

MAY 13, 2024

In ever-changing risk and regulatory landscapes, companies must ensure that their internal compliance processes evolve at the same pace, and that they are always capable of addressing emerging threats effectively. The manager is able to sign-off and log the count digitally via control software.

Compliance 52

Compliance Audit Automation Accounts 52

The Payments Association

OCTOBER 22, 2024

What problem is the FCA seeking to address? The main problem the FCA says it addresses is the current standards of safeguarding by payment and e-money firms. The requirement is to comply with safeguarding requirements audited annually, with the audit submitted to the FCA.

Consulting 88

Consulting Rules Treasury Due Diligence 88

VISTA InfoSec

OCTOBER 21, 2024

Develop and implement policies and procedures Developing and implementing policies ensures everyone knows what to do to keep data safe, no matter the language they speak. Train employees regularly on these policies and procedures Make training available in all relevant languages. We’ve listed out the three main ones: 1.

Cybersecurity 130

Cybersecurity Compliance Encryption Best Practices 130

The Fintech Times

FEBRUARY 14, 2024

Easier monitoring: Automated systems maintain an audit trail for all transactions, facilitating process monitoring and compliance with audits. Define your requirements As with any IT solution, analyse your business needs and prioritise the solutions that address them.

Automation 103

Automation Process Duplicate Compliance 103

Nanonets

MAY 22, 2023

Financial controls are the procedures, policies, and means by which an organization monitors and manages its revenues, costs, budgets, cash flow, and other financial aspects. Anomalies might suggest errors or issues that need to be addressed. What are financial controls, and why are they important?

Automation 98

Automation Procedures Audit Process 98

Nanonets

JULY 11, 2023

Receipt and Inspection of Goods: Purchases controls include procedures for receiving and inspecting goods to ensure that they meet the organization's specifications and quality standards. Photo by Austin Distel / Unsplash What are Test of Control Procedures? How can a Test of Control Procedure Evaluate Purchase Controls?

Procedures 40

Procedures Audit Mitigation Assessments 40

Nanonets

SEPTEMBER 21, 2023

Regular audits and reconciliations can also help identify any discrepancies and fraudulent transactions. Fraudulent Activities Establish strong internal controls, conduct regular audits, and educate employees on fraud prevention. Tax Laws and Regulations Legal requirements related to the preparation and filing of tax returns.

Accounts 52

Accounts Audit Payroll Compliance 52

Neopay

JUNE 27, 2024

Compliance policies and procedures: Develop comprehensive compliance policies and procedures that address key regulatory requirements, such as anti-money laundering (AML) and Know Your Customer (KYC) obligations (see below). This includes redundant systems, backup facilities, and disaster recovery procedures.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

Nanonets

MAY 6, 2024

  BlackLine also provides configurable dashboards and reports that offer insights into reconciliation status, performance metrics, and audit trails. Audit Trails and Compliance : BlackLine maintains detailed audit trails of all reconciliation activities, providing a comprehensive audit trail for compliance purposes.

Reconciliation 52

Reconciliation Accounts Audit Automation 52

Nanonets

APRIL 3, 2024

The vendor reconciliation process is the systematic procedure of verifying and aligning the financial records of a company with those of its vendors. By promptly addressing discrepancies and resolving payment issues, businesses demonstrate reliability and professionalism. Why Automate Vendor Reconciliation?

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

Clearly Payments

NOVEMBER 13, 2024

Building a Strong Business Case : Acquiring banks will assess the payment processor’s business plan, compliance procedures, and financial stability. New processors must be prepared to demonstrate compliance and may need to undergo regular audits to meet these standards. Apply to Card Networks (Visa, Mastercard, etc.)

Process 76

Process Processors Payments Compliance 76

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

FloQast

FEBRUARY 14, 2024

Let’s take a look at how FloQast helped the Director of SOX Compliance and Head of Internal Audit at a.k.a Brands’ accounting procedures. “We can proactively identify and address bottlenecks promptly, resulting in a faster and more efficient close.” “No more lengthy email chains or manual reconciliations.

Compliance 98

Compliance Reconciliation Close Processes Automation 98