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

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

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. You should also have contingency plans or initiatives in place to mitigate the impact of a risk.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

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

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

Neopay

JANUARY 25, 2024

The new Guidelines highlight ML/TF risk factors and mitigating measures that CASPs need to consider, representing an important step forward in the EU’s fight against financial crime. Therefore, it is important that CASPs know about these risks and put in place measures that effectively mitigate them.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

PYMNTS

JULY 24, 2020

So it’s not exactly surprising that supply chain risk mitigation efforts can fall by the wayside. 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.

Risk 70

Risk Due Diligence Risk Mitigation Mitigation 70

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

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

Nanonets

SEPTEMBER 22, 2023

Effective  vendor management  contributes to cost optimization,  risk mitigation , and quality assurance. Evaluating potential suppliers through a rigorous qualification process can help mitigate risks and ensure that they align with the business objectives and values. Benefits of Effective Vendor Management: 1.

Risk Mitigation 40

Risk Mitigation Mitigation Risk Assessment Assessments 40

Fintech News

JUNE 5, 2024

The benefits of adopting a life cycle model are manifold, including mitigating risks through early problem identification, enhanced predictability in activities, and a unified approach in the planning and renewal phases. What makes the Strategy-Risk model a robust tool is its iterative sequential approach.

FinTech 106

FinTech Mitigation Risk On-Demand 106

The Fintech Times

JUNE 20, 2024

So what can firms do to better mitigate this risk? Mitigating security gaps Despite tightening regulations, financial firms still encounter multiple cybersecurity blind spots. For banks, a successful cyber-attack can bring about monumental financial losses.

Risk 59

Risk Cybersecurity Data Breach Ransomware 59

Nanonets

DECEMBER 13, 2023

#1: Increased Accuracy and Reduced Errors AI in insurance claims processing plays a pivotal role in enhancing accuracy and reducing errors by automating various tasks and mitigating the risks associated with manual processes. The audit trail acts as a comprehensive record, demonstrating due diligence in regulatory adherence.

AI 102

AI Process Fraud Detection Compliance 102

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

Seon

APRIL 11, 2024

Both departments are crucial in identifying and mitigating fraud and reducing risk, including financial, operational, legal and reputational hazards. Such cross-functional insights facilitate a more proactive and predictive approach to identifying and mitigating financial crime, ensuring that organizations stay one step ahead.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

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

OCTOBER 4, 2023

The risk is exceptionally high when merchants refrain from subjecting their affiliates to solid due diligence (KYC screening) during the customer acceptance process. Source: WebShield To mitigate these compliance risks, merchants and affiliates involved in affiliate marketing should implement robust compliance programs.

Security 52

Security Due Diligence Compliance Payments 52

Global Fintech & Digital Assets

DECEMBER 21, 2023

The safety and soundness of the overall financial system, coupled with the mitigation of adverse customer outcomes, remain the OCC’s top priorities generally, and in the BNPL lending market specifically.

OCC 59

OCC BNPL Electronic Fund Transfer Act (EFTA) Federal Trade Commission 59

PYMNTS

JANUARY 16, 2020

Retail investors, said the FCA, “cannot reliably assess the value and risks of derivatives or exchange traded notes (ETNs) that reference certain cryptoassets” and estimated, too, that the ban could save £75 million to £234.3 The latest moves come after a ban on certain cryptocurrency related activities in July of last year. million a year.

Regulations 52

Regulations Money Laundering Due Diligence Cryptocurrency 52

Seon

MAY 31, 2024

By leveraging advanced technologies, companies can preemptively identify and mitigate potential threats, safeguarding transactions and protecting customer activities without imposing undue burdens on customers. Any perception of negligence or indifference can cause irreparable damage to the brand’s reputation.

Fraud Prevention 52

Fraud Prevention Fraud Detection Compliance Money Laundering 52

PYMNTS

JULY 15, 2020

Speaking with PYMNTS, eCapital Corporate President Steve McDonald explained that small businesses can indeed find value in such offerings, but emphasized the importance of SMBs doing their research when it comes to assessing all of their financing options. The Right Fit.

Innovation 54

Innovation Due Diligence End User Small Business 54

Tearsheet

AUGUST 7, 2024

Morgan’s financial strength and Slope’s innovative approach to credit risk assessment and monitoring. To solve this we built an AI agent with web access trained to carry out a due diligence process and generate a report that’s fed directly into our database. The partnership brings together J.P.

AI 59

AI B2B Finance Underwriting 59

EBizCharge

JUNE 20, 2024

Eliminating or mitigating days sales outstanding (DSO) is essential for keeping the business running smoothly and financially sound. Routine evaluations provide a chance to assess the effectiveness of current policies and procedures, pinpoint bottlenecks, and implement changes that enhance your AR department’s overall performance.

Best Practices 52

Best Practices Accounts Disputes Procedures 52

Core

MARCH 19, 2024

Conducting Due Diligence on Vendors and Suppliers When working with vendors and suppliers, verifying their legitimacy can reduce the risk of entering into contracts with entities that could attempt to defraud payment processes. A PCI compliance checklist is a good place to start.

Fraud Detection 52

Fraud Detection Governance Government Compliance 52

EBizCharge

JULY 3, 2024

Businesses must, therefore, conduct due diligence in assessing the security protocols of their chosen billing providers to mitigate potential data vulnerabilities. It’s prudent for businesses to consider the limitations of third-party billing concerning control, costs, and security.

Regulatory Compliance 52

Regulatory Compliance Due Diligence Process Compliance 52

Fintech News

JANUARY 16, 2024

Generative AI offers many applications in banking, from enhancing due diligence and risk management to streamlining legal contract generation and code writing. Banks must proactively plan and adapt to mitigate these risks effectively. Banks are now implementing generative AI strategies and reporting impressive results.

AI 112

AI Risk Non-Bank On-Demand 112

The Fintech Times

MARCH 6, 2024

Painting bank-fintech partnerships, and the risks associated with them, with a broad brush, negatively impacts responsible companies that are working tirelessly to assess the actual risks associated with a given product, service, or partnership.

OCC 69

OCC FinTech Non-Bank Regulations 69

Global Fintech & Digital Assets

NOVEMBER 7, 2023

Digital Securities that do not qualify under the narrower subset of Tokenised Securities are securities with no links to extrinsic rights or underlying assets and that have no controls to mitigate the risks that ownership rights may not be accurately recorded. through transfer restrictions or whitelisting).

Distributed Ledger Technology (DLT) 52

Distributed Ledger Technology (DLT) Security Settlement Risk 52

FICO

FEBRUARY 14, 2017

RBA follows a multi-step approach: After initially assessing any risks (money laundering, tax fraud, etc.), Based on the categorization, the right level of due diligence is being applied, with riskier customers getting more due diligence. customers are automatically categorized into a risk bucket.

AML 40

AML Compliance AI Money Laundering 40

PYMNTS

OCTOBER 21, 2019

Borrowers unfamiliar with lenders’ due diligence procedures may not understand why certain financial details are requested and thus may be reluctant to provide them. Consumers must give approval to have these details sent, which helps lending FIs quickly assess potential borrowers and determine whether to offer loans.

Underwriting 41

Underwriting Consumer Due Diligence Assessments 41

PYMNTS

MAY 15, 2017

With the changing roles and demands tied to security, she said, efforts are going well beyond the questionnaires sent out to third-party vendors querying about the controls that they may have in place — in effect “going from ‘trust’ to ‘verify,’” as she put it, with even on-site, independent assessments an increasing occurrence.

Cybersecurity 43

Cybersecurity Risk Disaster Recovery Risk Management 43

The Fintech Times

SEPTEMBER 19, 2024

“This is done through the integration of risk management, adaptive risk mitigation, process automation, and real-time analysis. By continuously monitoring for emerging threats and vulnerabilities, organisations can take swift action to mitigate risks before they escalate into a full-blown crisis.

Risk 59

Risk Financial Crimes AML Risk Management 59

PYMNTS

JULY 19, 2018

We can’t stranglehold innovation by putting all sorts of different rules and risk mitigation platforms in place.”. The stages of third-party risk management, including partnerships, Mitchell and Epperson explained, can be catalogued across identification, assessment, management and control. Embracing a Multidisciplinary Approach.

Risk 42

Risk FinTech Risk Management Privacy 42

Seon

SEPTEMBER 23, 2024

While PEPs require enhanced due diligence , regulated entities typically don’t screen individual payments against PEP lists due to the risk of excessive false positives. Instead, PEP screening is conducted during customer onboarding and periodic reviews.

Suspicious Activity Report (SAR) 52

Suspicious Activity Report (SAR) Money Laundering Due Diligence AML 52

Core

FEBRUARY 6, 2024

Government Accountability Office’s Fraud Risk Management Framework , a framework rooted in leading practices for both prevention and response is crucial to successfully manage fraud risk mitigation for government programs. Such a framework can only work when multiple strategies are implemented at once.

Best Practices 52

Best Practices Governance Government Fraud Prevention 52

Fintech News

JANUARY 24, 2024

The move aims to protect against financial crime and loss, particularly in digital fraud, and includes broadening DPT service definitions and enhancing Anti-Money Laundering (AML) protocols such as Customer Due Diligence and transaction monitoring.

Service Provider 98

Service Provider Cryptocurrency Payments Institute Stablecoins 98

PYMNTS

APRIL 26, 2018

The growing complexity of international supply chains inevitably adds complexity to risk mitigation and increases risk exposure to all players involved. Risk management is about identifying, assessing and controlling risk from an operational level and making decisions to balance the benefits,” Beare told PYMNTS in a recent interview.

Risk Management 54

Risk Management Risk Risk Mitigation Mitigation 54