VISTA InfoSec

JULY 31, 2023

If any areas of non-compliance are identified during the assessment, the QSA will report their findings to the business. It is then up to the business to engage a consultant or take other appropriate measures to address the areas of non-compliance. and prepare your organization for any changes.

PCI DSS 130

PCI DSS Security Encryption Compliance 130

PYMNTS

OCTOBER 9, 2020

We have built world-class expertise and technology, in partnership with our customers, to address the firmware risk,” Eclypsium CEO Yuriy Bulygin said in an announcement. “We Furthermore, Madrona Venture Group, Intel Capital, Ubiquity Ventures and Andreessen Horowitz took part as return investors. “We

Compliance 107

Compliance Automation Audit Cybersecurity 107

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

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

Clearly Payments

JANUARY 8, 2024

Merchants must familiarize themselves with the diverse risks associated with payment processing, encompassing fraud, chargebacks, and cybersecurity threats. 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 97

Risk Management Risk PCI DSS Process 97

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

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

VISTA InfoSec

FEBRUARY 28, 2024

Changes Core Focus Limiting database access to programmatic methods (apps, stored procedures) and database administrators. Interview those in charge: do these accounts follow these strict procedures? Higher risk systems need more frequent changes. Terminology update to reflect broader authentication technologies.

PCI DSS 130

PCI DSS Best Practices Authentication Rules 130

FICO

MARCH 24, 2021

New tools and technologies that could address challenges related to TBML—such as the use of fraudulent documentation and the general lack of visibility in trade transactions. Here are some quick tips to keep you focused on your priorities: Review Risk Assessments and adjust internal controls as needed.

Money Laundering 98

Money Laundering SARS Financial Crimes Fincen 98

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 Procedures 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

VISTA InfoSec

NOVEMBER 12, 2024

System and application security : SaaS providers must develop and maintain secure applications, which include regular code reviews, vulnerability scanning, and penetration testing to catch and address security weaknesses ( Requirements 6.1 Keeping software up to date is important to protect against emerging threats ( Requirement 6.2 ).

PCI DSS 130

PCI DSS Compliance Encryption Audit 130

VISTA InfoSec

NOVEMBER 12, 2024

System and application security : SaaS providers must develop and maintain secure applications, which include regular code reviews, vulnerability scanning, and penetration testing to catch and address security weaknesses ( Requirements 6.1 Keeping software up to date is important to protect against emerging threats ( Requirement 6.2 ).

PCI DSS 130

PCI DSS Compliance Encryption Audit 130

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. This could help address the decline in correspondent banking relationships, a concern highlighted in the BIS report.

Central Bank 103

Central Bank AI Correspondent Bank Correspondent 103

Neopay

MAY 7, 2024

The proposed updates to the Financial Crime Guide (FCG) are multifaceted, each aimed at addressing specific challenges and aligning with emerging trends in financial crime prevention. 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

Segpay

JANUARY 30, 2025

As financial institutions, these companies must implement risk management procedures and regulatory compliance to prevent reputational and financial damage. High-risk classified businesses should partner with a PSP that understands high-risk business from a regulatory and a processing perspective.

Merchant Payment Processing 52

Merchant Payment Processing Processors AI Process 52

Neopay

JULY 4, 2024

Actions taken : Describe actions taken to address any risks or issues identified. Risk assessments : Document actions taken as part of Business Wide Risk Assessments (BWRA) or Enhanced Risk Assessments (EWRA). Compliance monitoring plans : Output of monitoring activities related to the Duty.

Consumer 52

Consumer Risk Assessment Assessments Compliance 52

Neopay

JUNE 27, 2024

This includes conducting a thorough risk assessment, implementing appropriate risk controls and establishing effective monitoring mechanisms. Provide a clear overview of your risk appetite and mitigation strategies to demonstrate a proactive approach to risk management.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

Neopay

DECEMBER 5, 2024

It also introduces new self-assessment questions and emphasises the importance of senior management accountability. Proliferation Financing (PF) In response to the 2022 changes in the Money Laundering Regulations (MLRs), the Guide now explicitly addresses the need for firms to conduct PF risk assessments.

Financial Crimes 52

Financial Crimes Crime Money Laundering Risk Assessment 52

Seon

JUNE 24, 2024

By adopting proactive measures such as continuous monitoring, real-time analytics, and comprehensive risk assessment protocols, organizations can layer their defenses against identity-related threats. The following details a five-step process.

Risk Management 52

Risk Management Mitigation Risk Identity Theft 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

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

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

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

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. Both AML and KYC onboarding are systems of risk management.

Process 52

Process Due Diligence AML Verification 52

M2P Fintech

DECEMBER 17, 2024

KYC procedures validate their identity and legitimacy through checks on business licenses and ownership details. A risk assessment follows, evaluating the merchants profile through credit checks and performance analysis, leading to application approval or rejection based on these findings.

Fraud Detection 52

Fraud Detection PCI DSS Disputes Settlement 52

Global Fintech & Digital Assets

DECEMBER 11, 2023

Covered financial institutions now face heightened expectations in relation to cybersecurity governance, risk assessment, and incident reporting. Risk assessments should also be reviewed whenever a new business model is adopted or a new product is introduced.

Cybersecurity 59

Cybersecurity Multifactor Authentication Risk Assessment MFA 59

Stax

AUGUST 22, 2024

PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. Major risk factors for PayFacs include fraudulent transactions, merchant credit risk, regulatory compliance, and operational risks.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

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

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

PYMNTS

APRIL 22, 2020

FIs do not really have the choice to make onboarding’s security procedures less stringent, however. Using biometrics in place of old-school knowledge-based authentication (KBA) procedures and passwords can also help improve the overall onboarding experience. Biometrics and Onboarding.

Security 53

Security Online and Mobile Banking Authentication Account Takeovers 53

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 following recommendations help ensure your compliance procedures pay off. Execute a Fraud Risk Analysis First, conduct a thorough fraud analysis.

Audit 52

Audit Compliance Assessments Procedures 52

EBizCharge

APRIL 26, 2024

AR management also helps minimize the risk of bad debt by implementing timely invoicing and diligent follow-up procedures, safeguarding profitability and financial stability. This helps to reduce the average collection period and minimize the risk of late or delinquent payments.

Accounts 52

Accounts Best Practices Disputes Procedures 52

Nanonets

AUGUST 1, 2023

To address these challenges and unlock operational efficiency, organizations are turning to internal audit automation. By harnessing the power of advanced technologies such as Robotic Process Automation (RPA), data analytics, and artificial intelligence, businesses can revolutionize their auditing procedures.

Audit 52

Audit Automation Bots Risk Assessment 52

Nanonets

AUGUST 1, 2023

Audit Artificial intelligence implementation addresses the daunting task of sifting through vast amounts of data, automating tasks like data entry and analysis, leading to increased efficiency and precision. Risk Assessment: AI assists auditors in assessing risks by analyzing historical data, industry trends, and financial ratios.

Audit 52

Audit Risk Assessment AI Assessments 52

Nanonets

AUGUST 1, 2023

Built on advanced AI software and cloud-based data, audit automation effectively addresses the drawbacks of using disparate and stand-alone applications and tools for the aggregation and processing of financial data. An audit is a continuous and iterative procedure. What are the benefits of audit automation?

Audit 40

Audit Automation Risk Assessment Assessments 40

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.

Compliance 52

Compliance Audit Automation Accounts 52