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

Nanonets

DECEMBER 13, 2023

2: Proactive Regulatory Compliance AI plays a crucial role in ensuring regulatory compliance in insurance claims processing through the following: Automated Compliance Checks: AI algorithms can be programmed to conduct automated checks against regulatory requirements.

AI 102

AI Process Fraud Detection Compliance 102

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

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

JULY 4, 2024

Nigel Reed, COO of Neopay Ltd, has personally supported over 100 firms in gaining authorisation from the FCA and continues to provide support to them after authorisation to help them with their AML and regulatory compliance. And finally, remember your risk assessment is fundamental. Thanks for taking time out to talk to us.

AML 52

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

Neopay

JUNE 27, 2024

Your senior team will all need to have understand the obligations on the firm and be able to prioritise regulatory compliance and its impact across the business. Additionally, firms should stay updated on regulatory changes and developments in the payments industry.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 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. KYT is a regulatory compliance requirement. As such, it is part of an organization’s due diligence.

Transactions 52

Transactions Due Diligence Money Laundering AML 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 assess their readiness to address interest rate-related risks and potential economic challenges.

AI 116

AI Risk Non-Bank On-Demand 116

FICO

FEBRUARY 11, 2019

APC Intelidat, the credit bureau in Panama, will soon provide regulatory compliance capabilities to its customers and fight financial crime in Panama with a FICO solution. We are committed to helping APC and the Panamanian banking industry fight financial crime in Panama, including money laundering and other illegal activities.”.

Financial Crimes 40

Financial Crimes Crime Due Diligence Money Laundering 40

The Fintech Times

SEPTEMBER 14, 2024

Hilary Wandall , chief ethics and compliance officer at Dun & Bradstreet “AI is beginning to play a pivotal role in streamlining certain regulatory compliance processes within the fintech industry. “Likewise, machine learning algorithms continuously learn from data, improving accuracy over time.

Compliance 69

Compliance AI Process Suspicious Activity Report (SAR) 69

FICO

JULY 21, 2020

Compliance teams want to: Be compliant with anti-money laundering regulations to protect their reputation and avoid fines. Assess money laundering risk based on customer identity and geography and appropriate to the product they are looking to provide. by Frank Holzenthal.

Compliance 52

Compliance Money Laundering Regulatory Compliance Due Diligence 52

Seon

SEPTEMBER 23, 2024

List Checking : Comparing information against core sanctions lists, such as the Office of Foreign Assets Control (OFAC) Consolidated List, OFAC’s Specially Designated Nationals (SDN) List, the European Union’s Consolidated List of Sanctions, the United Nations Security Council’s Consolidated List, and other local regulatory watchlists.

Suspicious Activity Report (SAR) 52

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

FICO

MARCH 6, 2020

Our Anti-Financial Crime solutions suite consistently follows the risk-based approach according to FATF and supports the compliance process with integrated modules. Our KYC solution supports real-time customer risk classification including UBO and PEP identification.

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

The Payments Association

SEPTEMBER 30, 2024

Merchants need to continue adapting to new payment methods, collaborate with industry peers, and stay agile in balancing innovation and regulatory compliance. “Getting real-world feedback from fellow merchants is invaluable when assessing new technologies,” she said. What’s next?

Fraud Prevention 88

Fraud Prevention Instant Payments Alternative Payment Methods Participant 88

FICO

FEBRUARY 14, 2017

I’m going to explore the impact advanced analytics can have on the current state of regulatory compliance. RBA follows a multi-step approach: After initially assessing any risks (money laundering, tax fraud, etc.), There are two main disadvantages of these systems: They tend to produce a high percentage of false positives.

AML 40

AML Compliance AI Money Laundering 40

EBizCharge

JULY 3, 2024

Regulatory Compliance Maintaining regulatory compliance is critical, given the ever-evolving nature of industry-specific legislation and standards. Businesses must, therefore, conduct due diligence in assessing the security protocols of their chosen billing providers to mitigate potential data vulnerabilities.

Regulatory Compliance 52

Regulatory Compliance Due Diligence Process Compliance 52

FloQast

MARCH 12, 2024

Critical Factors to Evaluate Prior to Taking Your Company Public Before embarking on the IPO journey, assessing whether your company is ready for the public spotlight is crucial. These partners will guide you through the regulatory landscape, financial structuring, and effective communication with potential investors.

Advisors 52

Advisors Due Diligence Audit Legal 52

The Fintech Times

SEPTEMBER 19, 2024

By integrating risk assessments, controls, and regulatory obligations in real-time, and within a unified framework, institutions can proactively identify and mitigate risks associated with new regulations, such as operational resilience requirements. For fraud, the focus was historically on customer identity.

Risk 59

Risk Financial Crimes AML Risk Management 59

Nanonets

SEPTEMBER 22, 2023

The  vendor selection process  consists of establishing business goals, locating and selecting the right vendor, conducting an initial risk assessment, negotiating  contracts ,  supplier onboarding , and  risk mitigation  and management. Establishing Business Goals 2. Locating and Selecting the Right Vendor 3.

Risk Mitigation 40

Risk Mitigation Mitigation Risk Assessment Assessments 40

Seon

MAY 10, 2024

Efficient case management systems can pre-populate SARs with information from custom fields, leveraging generative AI to write SAR narratives and direct filing with regulatory authorities. What is AML Compliance? When classified as high risk, Enhanced Due Diligence (EDD) is performed to provide a deeper analysis of the potential risks.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

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 Assessments 14