Fintech News

OCTOBER 8, 2024

Under this proposal, DTSPs must apply for a license, and MAS will assess various aspects of the applicant’s business model, financial sustainability, and adherence to international regulatory standards. The aim is to mitigate the risks associated with such businesses.

Service Provider 95

Service Provider Due Diligence AML Money Laundering 95

Innovative Payments Association

SEPTEMBER 5, 2024

While these relationships can bring numerous benefits, they also come with inherent risks. 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

Fintech News

OCTOBER 6, 2024

One major focus is on proactive prevention, where the IMC advocates for tighter regulations on corporate service providers and enhanced due diligence for non-financial sectors vulnerable to exploitation by money launderers. “The IMC’s recommendations are Singapore’s latest measures to combat ML and other financial crimes.

Money Laundering 117

Money Laundering Law Enforcement Financial Crimes Due Diligence 117

Neopay

OCTOBER 10, 2024

These controls should be applied during both the onboarding of customers and through continuous transaction monitoring to mitigate fraud risks. Proactive management of fraud risks will help firms stay ahead of emerging threats and reduce liability, especially given the significant financial and reputational risks that APP fraud poses.

Due Diligence 52

Due Diligence Fraud Prevention Financial Crimes Compliance 52

Stax

NOVEMBER 27, 2023

Even if you’re not in the financial industry, you’ll need a payment processor or payment service provider (PSP) to start generating revenue, which means you’ll need to either have a proper risk management framework in place—or work with a PSP that has one. In the U.S.,

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

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

Neopay

JANUARY 25, 2024

The European Banking Authority (EBA) on 16th January extended its Guidelines on money laundering (ML) and terrorist financing (TF) risk factors to crypto-asset service providers (CASPs). 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

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

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

OCTOBER 3, 2024

Outdated or inadequate processes can quickly become a liability, exposing the company to financial crime risks and regulatory action. Despite this mandate, Starling opened over 54,000 accounts for 49,000 high-risk customers over a two-year period. Training and continuous support : Compliance is an ongoing process.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

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

The Fintech Times

JANUARY 28, 2024

The UK has emerged as the global leader in shell company risk flags, surpassing all other nations by a significant margin, emphasising the urgent need for heightened vigilance and rigorous oversight in international finance. This figure significantly surpasses that of China, which secured second place with 3.4 million flags.

Due Diligence 59

Due Diligence Financial Crimes Crime Assessments 59

The Fintech Times

JUNE 20, 2024

So what can firms do to better mitigate this risk? However, data breaches constitute only one facet of the risks confronting firms. This starts with assessing both internal and external threats, as well as evaluating the impact of potential security incidents on business operations and data integrity.

Risk 59

Risk Cybersecurity Data Breach Ransomware 59

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.

AML 52

AML Financial Crimes Crime Risk Assessment 52

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 115

AI Due Diligence Assessments Rules 115

Neopay

JULY 4, 2024

Secondly, the FCA perceives e-money and payments, along with challenger banks, as a higher risk than it did a few years ago, resulting in more monitoring and supervisory activity in our market. There are a few – but to give a couple of examples: MAPP (Modular Assessment Proactive Programme) is fairly new.

AML 52

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

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

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

The Fintech Times

SEPTEMBER 30, 2024

Risk analytics on a credit’s associated SDG claims is a vital first step in this journey.” 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.

Due Diligence 64

Due Diligence Accreditation On-Demand Research 64

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. Nor is it just applicants who can be inconvenienced by onboarding.

Process 52

Process Due Diligence AML Verification 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. With AML legislation, financial institutions are required to follow strict protocols for money laundering risk management.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

Neopay

APRIL 8, 2024

Risk-Based Approach : Adopting a risk-based approach to customer acceptance or rejection allows for fair and effective decision-making aligned with the firm’s risk appetite. 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

FICO

DECEMBER 17, 2020

Anti-financial crimes regulations require banks to enact robust risk management frameworks, including extensive KYC due diligence, integrated safeguards for AML transaction monitoring, and sanctions screening. This includes $2.8 billion lost in exchange theft and security breaches, and $4.8

Cryptocurrency 52

Cryptocurrency Risk Financial Crimes Crime 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

Neopay

MARCH 14, 2024

In February, the FCA confirmed that it has significantly increased its supervisory activity with payments firms, with a focus on prudential risk management, wind down planning and safeguarding. It will be consulting this year on proposals to close gaps in protection and reduce risks of harm if firms fail.

Audit 59

Audit Risk Assessment Reconciliation Due Diligence 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. To demonstrate financial adequacy, firms should consider the following: Capital Planning: Develop a robust capital planning strategy that takes into account potential risks and contingencies.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

Finovate

AUGUST 12, 2024

The addition of SESAMm’s analysis will improve decision-making and help guide investment and due diligence. The technology identifies if the company is the subject of ESG controversies or issues to help private equity firms and financial institutions better understand the potential risk of companies in their portfolios.

Due Diligence 59

Due Diligence AI Risk Assessments 59

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. Founded in late 2015, the company provides regulated entities with tools to manage audit, risk, and compliance programs effectively.

Financial Crimes 93

Financial Crimes Crime APACS Risk Assessment 93

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 14, 2024

The emergence of AI and ML tools has enabled companies to analyse vast amounts of data in real time, detecting patterns that indicate potential compliance risks, such as money laundering, sanctions, or fraud. AI is only as smart as the data that fuels it, making it imperative to introduce policies and adhere to data quality standards.

Compliance 69

Compliance AI Process Suspicious Activity Report (SAR) 69

Nanonets

APRIL 4, 2023

Argus modeling is a complex financial analysis tool that allows real estate investors and lenders to forecast a property's financial performance, evaluate various investment scenarios, and identify potential risks and opportunities. It can account for a wide variety of risks and scenarios.

Due Diligence 52

Due Diligence Underwriting Assessments Returns 52

PYMNTS

FEBRUARY 28, 2019

While corporate mergers can drive business growth, they are also rife with risks and disruption for organizations, from a reshuffling of executive teams to problems with integrating complex, siloed systems from one company into another. ” Business Partners At Risk. ” Business Partners At Risk. .

Risk 65

Risk Data Breach Third Party Vendors Cybersecurity 65

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

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. At Neopay, we rank gaps based on the risk they pose to your business and provide recommendations for remedial actions.

Audit 59

Audit Due Diligence Compliance Adjustments 59

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

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. The second challenge is the emergence of risks associated with fintech.

FinTech 106

FinTech Mitigation Risk On-Demand 106