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

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

Fintech News

DECEMBER 6, 2023

The new tool, which utilises large language models (LLMs), aims to expedite the company’s “Know Your Customer” (KYC) assessments. According to Airwallex, the introduction of this generative AI technology has led to a 50 percent decrease in false-positive alerts during the KYC due diligence phase.

AI 114

AI Due Diligence Assessments Rules 114

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

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

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

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

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

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? The post FinovateEurope 2024 Sneak Peek Series: Part 6 appeared first on Finovate.

Due Diligence 59

Due Diligence Risk Assessment CRM AI 59

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. The post HM Treasury launches consultation to enhance money laundering regulations appeared first on Neopay.

Money Laundering 52

Money Laundering Consulting Treasury Regulations 52

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. The post ComplyAdvantage and FullCircl: Mastering PEP Risks in a Year of Political Change appeared first on The Fintech Times.

Risk 59

Risk Due Diligence Financial Crimes Crime 59

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

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. The post Extra time for payment service providers to investigate fraud appeared first on Neopay.

Service Provider 52

Service Provider Due Diligence Fraud Prevention Payments 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

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

Neopay

DECEMBER 20, 2023

Indicators for enhanced due diligence The NCA, in collaboration with other government agencies, has outlined red flags to assist businesses in identifying potential illicit activities. We assess transaction monitoring and fraud prevention systems, empowering your organisation to detect and prevent illicit activities effectively.

Due Diligence 52

Due Diligence End User Crime Financial Crimes 52

Finovate

AUGUST 12, 2024

The addition of SESAMm’s analysis will improve decision-making and help guide investment and due diligence. The solution delivers an overview of environmental, social, and governance risks to provide an easy way to visualize and assess a company’s reputational profile.

Due Diligence 59

Due Diligence AI Risk Assessments 59

Neopay

APRIL 26, 2024

Due diligence requests from regulated business partners and third parties are also increasing as the FCA’s more assertive approach ripples through the industry. Due diligence requests from regulated business partners and third parties are also increasing as the FCA’s more assertive approach ripples through the industry.

Audit 59

Audit Due Diligence Compliance Adjustments 59

Neopay

JANUARY 25, 2024

It also introduced new provisions in Article 19b to Directive (EU) 2015/849, mandating the EBA to clarify the due diligence requirements CASPs should apply in high ML/TF risk situations, and when entering into correspondent relationships with respondents that are CASPs from non-EU countries.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

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

The Fintech Times

JANUARY 22, 2024

It follows the assessment by the Financial Action Task Force (FATF) in October 2023 that concluded the Cayman Islands complies with global AML standards. ” The post Cayman Islands Celebrates EU’s Decision to Remove It from AML/CFT Blacklist appeared first on The Fintech Times.

AML 59

AML Due Diligence Money Laundering Governance 59

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

JANUARY 22, 2024

“This means that boards should go further than just assessing and monitoring culture but take concrete steps to ensure the desired culture is implemented effectively and that people across the organisation embrace ethical values and live by them,” he said.

Governance 59

Governance Government Due Diligence Audit 59

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

Fintech Labs Insights

MARCH 24, 2016

You say you wanna revolution in due diligence, but would love to see the plan? OutsideIQ has leveraged its strengths in cognitive computing and natural language processing to deliver an automated due diligence solution, DDIQ. Combining all that together.” “The whole key here is efficiency for the researcher.”

Due Diligence 14

Due Diligence Audit Regulatory Compliance Automation 14

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 77

Financial Crimes Crime APACS Risk Assessment 77

Global Fintech & Digital Assets

MARCH 5, 2024

In December 2023, the HKMA also published a consultation outlining a legislative proposal for a regulatory regime governing stablecoin issuers in Hong Kong (see this Latham blog post ) as well as a consultation on prudential treatment of cryptoasset exposures in February 2024 (see this Latham blog post ).

Authorization 59

Authorization Product Due Diligence Procedures 59

The Fintech Times

SEPTEMBER 14, 2024

“This improves customer due diligence by concurrently cross-referencing many databases to verify identities with potential clients and any risks associated with them. ” The post Using AI to Streamline Compliance Processes: The Future or Could Too Much go Wrong? appeared first on The Fintech Times.

Compliance 69

Compliance AI Process Suspicious Activity Report (SAR) 69

Fintech News

DECEMBER 17, 2023

They can conduct due diligence to select fintech and cloud providers, ensuring no weak links and addressing regulatory concerns. Featured image credit: Freepik The post From Legacy to a Thriving Financial Services Ecosystem appeared first on Fintech Singapore.

Payment APIs and Integration 139

Payment APIs and Integration Money Laundering Due Diligence SWIFT 139

The Fintech Times

DECEMBER 26, 2023

We have robust due diligence: embedded within our investment framework is a thorough due diligence process designed not only to assess but to actively enhance the value of B2B companies. The post Em Conversa: Investing in Early-Stage B2B Founders in Brazil With NXTP appeared first on The Fintech Times.

B2B 64

B2B Due Diligence AI Central Bank 64

Seon

APRIL 11, 2024

Speak with an Expert Enhancing Risk and Fraud Assessment Through FRAML When a risk team needs to assess an individual, they would first look into traditional AML checks, such as sanctions, politically exposed persons (PEPs), and crime and financial watch lists for hits to inform their investigation.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

Seon

MAY 10, 2024

A component of CDD beyond identification and verification, Know Your Customer (KYC) checks and assesses a client’s potential risks for illegal intentions. When classified as high risk, Enhanced Due Diligence (EDD) is performed to provide a deeper analysis of the potential risks. What is AML Compliance?

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

The Fintech Times

MARCH 27, 2024

Advanced AI technologies can help firms create knowledge graphs to build 360-degree client profiles for risk assessment. Financial institutions must enhance their due diligence to scrutinise new business accounts for potential shell company red flags.

Money Laundering 93

Money Laundering Financial Crimes Crime Due Diligence 93

The Fintech Times

MARCH 5, 2024

Meo (formerly NewBanking), the Danish end-to-end platform helping clients with risk assessment and continuous due diligence, has secured €1.67million for increased growth and expansion in Europe – expanding clients beyond the traditional banking sector to VCs and law firms. New investors include Banco Popular and Mana Ventures.

FinTech 59

FinTech Online and Mobile Banking Due Diligence Legal 59

FICO

FEBRUARY 11, 2019

The country’s financial and non-financial regulated institutions will be able to use the FICO ® TONBELLER™ Siron ™ KYC module to perform due diligence processes, in compliance with local laws and regulations, through APC Intelidat’s powerful technology infrastructure.

Financial Crimes 40

Financial Crimes Crime Due Diligence Money Laundering 40

Fintech News

JUNE 5, 2024

Both loops converge at an eighth ‘Investigate’ node, which is the inception point where organisations assess their outsourcing needs, define business requirements, and gather market intelligence. The post Fintech Drives Financial Institutions to Rethink Outsourcing Strategies appeared first on Fintech Singapore.

FinTech 101

FinTech Mitigation Risk On-Demand 101

The Fintech Times

JUNE 20, 2024

As organisations rely on third-party vendors for various services like cloud computing, payment processing or customer service, these external relationships can introduce vulnerabilities if proper oversight and due diligence aren’t conducted.

Risk 59

Risk Cybersecurity Data Breach Ransomware 59