PYMNTS

JANUARY 30, 2019

So the idea that the money laundering directive in Europe would mandate beneficial ownership as a part of enhanced customer due diligence “is, in some ways, the logical next step,” Gaddy said. Forex companies, in particular, move money as they change it from different currency types.

Due Diligence 74

Due Diligence Verification Money Laundering FinTech 74

Finovate

SEPTEMBER 4, 2024

With Venminder, firms can manage vendors, track contract data, perform due diligence and oversight, send and score questionnaires, conduct risk assessments, systemically monitor risks across domains, order due diligence assessments on vendor controls, and more.

Risk Management 59

Risk Management Risk Acquirers Due Diligence 59

PYMNTS

FEBRUARY 7, 2019

Randy Fields, chairman and CEO of ReposiTrak parent company Park City Group , said this legislation exemplifies the difficulties of supply chain compliance in the food sector, and demonstrates the limitations of technology in automating compliance and due diligence. regulations, even if a vendor is not in the U.S.

Compliance 65

Compliance Due Diligence Audit Blockchain 65

The Fintech Times

AUGUST 11, 2024

The review focused on how firms are adhering to crucial measures such as personalised risk warnings, mandatory 24-hour cooling-off periods, client categorisation, and appropriateness assessments. The poor In contrast, firms displaying the poorest practices failed to implement robust due diligence processes.

Compliance 69

Compliance Due Diligence Regulations Risk 69

PYMNTS

JANUARY 24, 2019

With third-party due diligence and supply chain security as increasingly critical components of organizations’ procurement operations, compliance executives are finding important positions in their firms’ purchasing processes. ” Organizations must do more with less, and they must do it quickly, he continued.

Compliance 76

Compliance Due Diligence Risk Mitigation Risk 76

PYMNTS

JULY 24, 2020

A traditionally manual process involving PDF questionnaires, supplier due diligence is rarely at the top of the list when organizations are considering where to place their resources to invest in new, automated technology. So it’s not exactly surprising that supply chain risk mitigation efforts can fall by the wayside.

Risk 70

Risk Due Diligence Risk Mitigation Mitigation 70

PYMNTS

SEPTEMBER 28, 2020

A strong, risk-based authentication engine assesses the risk of login and authentication for every monetary and non-monetary transaction, applying stronger authentication for riskier users,” Yuval Marco, general manager of fraud and authentication at NICE Actimize, told PYMNTS. A Marriage Of Advanced Tech With Due Diligence.

Financial Crimes 81

Financial Crimes Crime Due Diligence Federal Trade Commission 81

The Fintech Times

JANUARY 28, 2024

Moody’s new Shell Company Indicator analyses over 485 million companies, entities, and individuals to flag behaviours that indicate a shell company may require further due diligence to assess its potential for involvement in illicit financial activity.

Due Diligence 59

Due Diligence Financial Crimes Crime Assessments 59

Stax

AUGUST 22, 2024

PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. Thorough due diligence, technology, and adherence to regulatory guidelines are essential in a PayFac’s risk management strategy. The due diligence doesn’t stop at onboarding.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

Fi911

MARCH 14, 2024

Necessary Documentation to Provide a MID to a Merchant Before issuing a merchant identification number, banks or payment processors need to conduct due diligence to verify the legitimacy and financial stability of the merchant. A detailed business model, outlining the products or services offered and the transaction processing needs.

Due Diligence 103

Due Diligence Processors Fraud Detection Money Laundering 103

The Fintech Times

AUGUST 30, 2024

However, they must do their due diligence too, especially in the age of deep-fakes. This ongoing due diligence process is crucial to ensure that businesses continue to meet know your customer (KYC) regulatory requirements.

Authentication 64

Authentication Due Diligence Verification Compliance 64

The Fintech Times

JANUARY 25, 2024

Given this backdrop, things are about to become a lot more complex for banks and financial service providers as they seek to onboard new customers and maintain due diligence on existing ones. Forming a risk-based approach can help FIs link their methodology back to their wider risk appetite and strategy.

Risk 59

Risk Due Diligence Financial Crimes Crime 59

The Payments Association

OCTOBER 11, 2024

Tighter oversight of third parties: When firms engage third parties to manage safeguarded funds, stricter due diligence and diversification will be required , reducing third-party failure risks. It’s crucial to choose auditors who are familiar with the FCA’s rules and can provide targeted insights into improving safeguarding measures.

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

Neopay

JUNE 3, 2024

Key considerations for a successful CiC Due Diligence : Prior to pursuing a CiC, thorough due diligence is essential. Regulatory compliance : Assess the target firm’s regulatory history. Additionally, the FCA assesses whether the business operations post-acquisition will remain largely the same.

Due Diligence 52

Due Diligence Acquirers Regulatory Compliance Compliance 52

PYMNTS

JULY 15, 2020

If Wirecard had done so, Cranston wrote, “it would most likely have used it to negotiate on price, but it did not do that, paying what it did because of its assessment of what was needed to gain the strategic access Hermes provided to the Indian market,” according to FT.

Due Diligence 64

Due Diligence Money Laundering Laws Legal 64

Innovative Payments Association

SEPTEMBER 5, 2024

To mitigate these risks and ensure proper oversight of third-party relationships, it is crucial for organizations to go beyond traditional due diligence and establish a comprehensive third-party oversight framework.

Boot Camp 52

Boot Camp Due Diligence Third Party Vendors Compliance 52

Finovate

FEBRUARY 15, 2024

Features Automates KYC and KYB due diligence Streamlines approval and risk assessment workflows Delivers visual workspace for designing customer onboarding experiences Who’s it for? Payment providers, financial service providers, insurance companies, professional services, and banks.

Due Diligence 59

Due Diligence Risk Assessment CRM AI 59

Stax

DECEMBER 4, 2023

An effective AML compliance program must include Know Your Customer (KYC) protocols, transaction monitoring and reporting, risk assessment and categorization, and training and awareness for staff. Risk assessment and categorization The first step towards mitigating risk is to assess it.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

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. Furthermore, financial crime controls have failed to keep pace with the rapid growth of these businesses.

AML 52

AML Financial Crimes Crime Risk Assessment 52

The Paypers

MARCH 5, 2020

SIX Group has selected regtech provider Know Your Customer to strengthen its procurement process and better assess the risk associated with its international suppliers.

Due Diligence 28

Due Diligence Assessments Risk Process 28

Fintech News

MAY 22, 2024

Arctic Intelligence (Australia) Headquartered in Sydney, Australia, Arctic Intelligence is a multi-award-winning regtech company specializing in financial crime risk assessment technologies. For larger enterprises and the consultants assisting them, Arctic Intelligence offers the Risk Assessment Platform. Transparently.AI

Financial Crimes 85

Financial Crimes Crime APACS Risk Assessment 85

PYMNTS

SEPTEMBER 23, 2019

Quantifind’s software-as-a-service (SaaS) offerings, which include help with investigations, customer due diligence and alert management, will integrate with Oracle’s Financial Crime and Compliance Management platform.

AML 65

AML Compliance Financial Crimes Automation 65

Neopay

MARCH 15, 2024

Key themes of the consultation include: Proportionate customer due diligence: Streamlining and enhancing customer due diligence processes to strike a balance between effectiveness and proportionality. Contact us today to learn how Neopay can support your compliance journey.

Money Laundering 52

Money Laundering Consulting Treasury Regulations 52

Seon

SEPTEMBER 20, 2023

According to McKinsey, banks use up to 40% of their onboarding time on KYC and due diligence processes. Onboarding ensures the KYC process is worthwhile and well-informed by verifying the identity of prospective customers and assessing their risk level. No customer wants to encounter it when they sign up with an organization.

Process 52

Process Due Diligence AML Verification 52

Fintech News

DECEMBER 17, 2023

They can conduct due diligence to select fintech and cloud providers, ensuring no weak links and addressing regulatory concerns. Partnering with an experienced financial services ecosystem integrator Transitioning to a financial services ecosystem involves complex considerations.

Payment APIs and Integration 142

Payment APIs and Integration Money Laundering Due Diligence SWIFT 142

VISTA InfoSec

NOVEMBER 7, 2023

Approached correctly, implementing a multi-factor authentication rollout successfully can be a straightforward process: Common steps for a successful rollout include: Assessment : Begin by evaluating your organization’s current security landscape. Identify areas most vulnerable to breaches and prioritize them for MFA integration.

Authentication 130

Authentication MFA Cybersecurity Credential 130

Seon

JUNE 29, 2023

Part of staying compliant with KYT – and thus avoiding fines – involves assessing how effectively your organization has implemented the process. As such, it is part of an organization’s due diligence. It achieves this through transaction and behavior monitoring, risk assessment, and alert generation.

Transactions 52

Transactions Due Diligence Money Laundering AML 52

Stax

DECEMBER 27, 2023

Setting up a merchant account involves choosing the right merchant account provider for your needs, identifying your type of business, submitting an application, and undergoing an underwriting process to assess risk. This is especially common for high-risk accounts, as more vetting and due diligence are typically required.

Accounts 88

Accounts Online and Mobile Banking Payment Gateways PCI DSS 88

Neopay

OCTOBER 10, 2024

Customer Due Diligence (CDD) controls at onboarding and ongoing monitoring The effectiveness of Customer Due Diligence (CDD) controls remains critical, especially when onboarding new clients.

Due Diligence 52

Due Diligence Fraud Prevention Financial Crimes Compliance 52

Neopay

APRIL 8, 2024

Extended Due Diligence : More time for conducting due diligence checks on suspected fraudulent transactions leads to a stronger evidence base for rejection. Firms are encouraged to provide formal feedback to HM Treasury by 12 April 2024, to influence the final instrument and policy intent.

Service Provider 52

Service Provider Due Diligence Fraud Prevention Payments 52

The Fintech Times

SEPTEMBER 30, 2024

The BeZero Carbon Rating assesses the quality of carbon credits on an eight-point scale ranging from ‘highest likelihood’ to ‘lowest likelihood’ of achieving a tonne of CO₂e avoided or removed. However, the research warns that SDG claims vary in integrity, similar to carbon efficacy, illustrating the importance of due diligence for buyers.

Due Diligence 64

Due Diligence Accreditation On-Demand Research 64

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

Stax

JANUARY 8, 2024

Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer due diligence, and adherence to card regulations. However, several complex types of risks come along with this. This requires sound underwriting policies and procedures.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

Nanonets

DECEMBER 13, 2023

The audit trail acts as a comprehensive record, demonstrating due diligence in regulatory adherence. Risk Assessment and Compliance Prediction: AI can assist in proactively identifying potential compliance risks by analyzing historical data and patterns. Encryption techniques and access controls further enhance data protection.

AI 102

AI Process Fraud Detection Compliance 102

Neopay

OCTOBER 15, 2024

Moving beyond ‘box-ticking’ assessments While assessments are an essential part of training, they should not become a formality. Open questions encourage participants to reflect on and articulate their grasp of key topics, allowing a deeper assessment of how well they understood the material. Screening results.

Audit 59

Audit Compliance Assessments Financial Crimes 59

Neopay

MARCH 14, 2024

The due diligence process for third parties, which include authorised credit institutions, custodians or insurance providers, needs to be available and evidenced. 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

OCTOBER 3, 2024

Key takeaway : If your business deals with high-risk clients, it’s crucial to implement enhanced due diligence procedures. 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