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. The post FCA Supervisory Activity Infographic appeared first on Neopay.

Financial Crimes 52

Financial Crimes AML Money Laundering Crime 52

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. Skilled person reviews are an integral component of the FCA’s regulatory toolkit, initiated to obtain an independent and expert assessment of a firm’s activities.

Audit 59

Audit Regulatory Compliance Financial Crimes Compliance 59

The Fintech Times

SEPTEMBER 8, 2024

This includes an external financial audit and obtaining ISO certifications following an audit of the entity’s information systems. Additionally, the company completed a series of internal audits and external regulatory inspections to ensure compliance with all applicable regulatory requirements.

Security 59

Security Audit Money Laundering ISOs 59

VISTA InfoSec

OCTOBER 26, 2023

In this post, we’ll outline the basics of SOC and SOX, highlight key differences between them, and provide deeper insight into these vital components of the corporate landscape. SOX establishes regulations around financial reporting, mandates internal control audits, and strengthens corporate governance. What is SOX?

Audit 130

Audit Compliance Laws Governance 130

FloQast

JANUARY 17, 2024

The consultation set out proposals for a range of legislative and governance reforms to be implemented in the Code in 2024, including the introduction of a new regulatory body, known as the Audit, Reporting, and Governance Authority (ARGA), which would replace the FRC. A description of company policies for tendering external audit services.

Governance 81

Governance Government AAP Audit 81

FloQast

AUGUST 22, 2024

Enhanced Accuracy: Improved completeness and audit readiness with detailed reconciliation reports. Audit Preparedness: Enhanced SOX compliance and streamlined audit processes. It’s secure, centralized, and auditable, which is exactly what we needed and exactly what we got.” FloQast was a great fit for us.

Reconciliation 52

Reconciliation Audit Close Processes Compliance 52

FloQast

MARCH 1, 2024

The Sarbanes-Oxley Act addressed several themes, including increasing oversight of the accounting profession with the Public Company Accounting Oversight Board (PCAOB), establishing new standards to preserve auditor independence, reconfiguring audit committees, and requiring enhanced financial statement disclosures.

Audit 52

Audit Compliance Assessments Procedures 52

FloQast

APRIL 30, 2024

Organizational Chaos : Compliance documents managed in spreadsheets often lead to version control issues and synchronization challenges, hindering effective control implementation and audit processes. Reactive Risk Assessment Processes : Good reaction times can make you a lot of money. Audit Pain and Expense : I hear you.

Compliance 96

Compliance Addressing Audit Risk 96

VISTA InfoSec

SEPTEMBER 28, 2023

To achieve a detailed understanding of the DPDP, please refer to our previous blog post. Appoint an Independent Data Auditor: The Significant Data Fiduciary shall appoint an independent data auditor to carry out a data audit. VISTA InfoSec can assist with DPDP compliance , covering all aspects from consent management to audits.

Privacy 130

Privacy Audit Data Breach Breach 130

Neopay

MARCH 14, 2024

This includes proposals on firms’ systems and controls and improving FCA oversight through improved reporting and independent audit of firms safeguarding arrangements. Risk assessments and due diligence of third parties should be reviewed regularly based on your safeguarding policy.

Audit 59

Audit Risk Assessment Reconciliation Due Diligence 59

Neopay

AUGUST 5, 2024

They should be equipped to challenge and assess new data, policies, or frameworks for compliance. Detailed records of all safeguarding training should be maintained for audit purposes. It also ensures that staff are prepared for audits, demonstrating the firm’s commitment to safeguarding.

Compliance 52

Compliance Procedures Audit Risk Management 52

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

Fintech News

JUNE 2, 2024

Additionally, the tests could lead to the wider use of information sharing in fraud detection, building on its success in assessing cybersecurity threats. The post Swift Unveils AI Pilots to Combat Cross-Border Payment Fraud appeared first on Fintech Singapore.

Cross-Border Payments 113

Cross-Border Payments Cross-Border SWIFT AI 113

Neopay

OCTOBER 3, 2024

Companies must regularly audit and stress-test their systems to ensure they function as intended, particularly as regulatory requirements change. Comprehensive audits and reviews : Our team conducts regular audits of your financial crime prevention systems, including AML, sanctions screening, and customer due diligence processes.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

Neopay

JANUARY 2, 2024

Some challenges, especially within smaller firms, involve difficulties in establishing an effective three lines of defence model that ensures both effective compliance monitoring by the 2nd line and further assurance by the 3rd line (internal audit). For instance, this may include assessing the quality of the Annual MLRO Report.

Regulatory Compliance 59

Regulatory Compliance Compliance Audit Procedures 59

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

Fintech Review

JUNE 18, 2024

Ensure auditability and the future success of the fund by keeping detailed records of transactions, valuations, and investor communications. Assess operational risk regularly. The post Why Hedge Fund Admin Software is Crucial to Your Back Office appeared first on Fintech Review. Maintain comprehensive records.

Reconciliation 98

Reconciliation Compliance Regulatory Compliance Best Practices 98

Finovate

FEBRUARY 15, 2024

Features Offers precision-tailored LLM specializing in financial data Delivers transparent data sourcing with detailed audit trails Provides advanced data security measures, mitigating breaches and compliance violations Who’s it for? The post FinovateEurope 2024 Sneak Peek Series: Part 6 appeared first on Finovate.

Due Diligence 59

Due Diligence Risk Assessment CRM AI 59

Neopay

OCTOBER 10, 2024

Our services include: Fraud framework review : We offer detailed assessments of your existing governance arrangements, systems, and controls, ensuring that they are robust enough to detect, manage, and prevent fraud effectively. The post FCA Dear CEO letters outline APP fraud reimbursement expectations appeared first on Neopay.

Due Diligence 52

Due Diligence Fraud Prevention Financial Crimes Compliance 52

Fintech Finance

AUGUST 27, 2024

EURI will be available on the Ethereum and BNB Smart Chain blockchains and subject to transaction monitoring and risk assessments for fraud identification and general risk mitigation. The post Banking Circle Launches the First Bank-Backed MiCA-Compliant Stablecoin, EURI appeared first on FF News | Fintech Finance.

Stablecoins 113

Stablecoins Multi-Currency Regulations Risk Mitigation 113

Fintech News

JULY 1, 2024

Additionally, these assets will undergo bi-monthly independent audits, with reports available on the companies’ websites, and will be segregated from corporate assets, held in custody by a MAS-regulated financial institution.

Stablecoins 104

Stablecoins Regulations Audit Issuers 104

The Fintech Times

DECEMBER 11, 2023

In a new report, the National Audit Office has revealed that the Financial Conduct Authority (FCA) has been experiencing significant delays between when it identifies an issue and the following required action. Depending on the circumstances, a range of barriers have proved to slow the FCA down when it comes to taking action.

Money Laundering 64

Money Laundering Audit Financial Crimes Regulations 64

The Fintech Times

AUGUST 28, 2024

EURI will be available on the Ethereum as well as the BNB Smart Chain blockchains and subject to transaction monitoring and risk assessments for fraud identification and general risk mitigation. The post Banking Circle Makes Stablecoins More Accessible With Launch of EURI appeared first on The Fintech Times.

Stablecoins 80

Stablecoins Multi-Currency Risk Mitigation Risk Assessment 80

Neopay

FEBRUARY 29, 2024

The focus was on assessing how additional engagement had impacted firms’ readiness for compliance. Notably, 74% of firms reported conducting fair value assessments, reflecting a proactive approach to compliance. The post Enhancing consumer protection: FCA’s Consumer Duty survey findings appeared first on Neopay.

Consumer Protection 59

Consumer Protection Consumer Compliance Assessments 59

The Fintech Times

JANUARY 22, 2024

The FRC has introduced “important, revisions to the Code ” aimed at promoting “smarter regulation” with a focus on “internal controls”, in a bid to restore trust in audit and corporate governance following a string of high profile corporate failures. “A

Governance 59

Governance Government Due Diligence Audit 59

The Fintech Times

JUNE 12, 2024

Larry Bradley , global head of audit at KPMG Larry Bradley , global head of audit at KPMG, said: “Getting ready for ESG assurance is a journey – and companies are finding that the further they get in that journey, the more there is to do and learn. “The goal line is continually evolving. and Japan is third (50.2).

Audit 59

Audit Research Governance Government 59

The Fintech Times

SEPTEMBER 30, 2024

credit book for assessing large exposure limits) there is a strong dependency on the quality of the underlying data and the variety of the different institutions’ systems. ” The post Leveraging Suptech: How Can Advanced Tools Enhance Regulatory Efficiency and Risk Detection? This ensures a certain level of quality.

Risk 64

Risk Compliance Authorization Risk Assessment 64

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. ESG 360 : An AI-Driven Platform using existing ESG Reports to produce a gap analysis for regulatory compliance that provides full audit capability.

FinTech 52

FinTech Regulatory Compliance AI Professional Development 52

Fintech News

JANUARY 25, 2024

The EY AI Governance and Compliance solution, a part of this initiative, provides businesses with tools for managing AI, including discovery, policy management, risk assessment, and automated monitoring. The system is designed to unify the dispute management process and includes features like dashboards, automation, and transaction auditing.

AI 108

AI Disputes Risk Management Risk Assessment 108

Neopay

MARCH 7, 2024

Risk Assessment weaknesses: Annex 1 firms have demonstrated inadequacies in conducting comprehensive Business Wide Risk Assessments and Customer Risk Assessments, leaving significant gaps in their AML frameworks. The post FCA issues warning to firms over AML failings appeared first on Neopay.

AML 52

AML Financial Crimes Crime Risk Assessment 52

Neopay

JULY 4, 2024

One of the current focusses is enhanced due diligence – right through the process, so for example risk assessments, operational processes, monitoring and reviews, its effectiveness in practice. There are a few – but to give a couple of examples: MAPP (Modular Assessment Proactive Programme) is fairly new. No problem.

AML 52

AML Due Diligence Suspicious Activity Report (SAR) Risk Assessment 52

FloQast

APRIL 8, 2024

This can impact the company’s stock price and ability to secure financing and increase external audit costs. Conduct regular risk assessments. Regularly assess the risk of material misstatement in financial reporting and adjust controls accordingly. Regular internal audits. Documentation and evidence.

Compliance 52

Compliance Audit Best Practices Risk Assessment 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

The Fintech Times

DECEMBER 11, 2023

Sustainability as a Service involves a diverse selection of offerings, such as sustainability advisory services for ESG assessment and target setting, monitoring and tracking platforms, and solutions to enhance efficiency and decrease carbon emissions.

FinTech 64

FinTech Bots AI Assessments 64

FloQast

MARCH 21, 2024

Regulatory changes to legislation, auditing standards, and financial reporting requirements According to KMPG’s 2023 SOX Report , respondents spend an average of $1.6 Regulatory changes to legislation, auditing standards, and financial reporting requirements According to KMPG’s 2023 SOX Report , respondents spend an average of $1.6

Compliance 52

Compliance Audit Automation Risk Assessment 52

EBizCharge

OCTOBER 12, 2023

Compliance with auditing procedures An accurate and up-to-date ledger amount, along with credits and debits, is required for compliant bookkeeping and accounting. Ledgers are used for internal audits and quarterly and annual taxes. Therefore, maintaining compliant ledger practices will simplify the IRS audit process.

Available Balance 52

Available Balance Audit Accounts Procedures 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. Adopt comprehensive metrics : A blend of different metrics should be used to monitor and assess consumer outcomes thoroughly.

Consumer 52

Consumer Compliance Regulatory Compliance Assessments 52