Stax

NOVEMBER 27, 2023

KYC’s three main components are the customer identification program (CIP), which was imposed by the USA Patriot Act in 2011; customer due diligence (CDD); and regular monitoring of the customer’s account and activities, which is also called enhanced due diligence (EDD). In the U.S., Contact us for a free demo today.

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 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

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 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

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

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 71

Financial Crimes Crime APACS Risk Assessment 71

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

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

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

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

Nanonets

SEPTEMBER 22, 2023

Effective  vendor management  contributes to cost optimization,  risk mitigation , and quality assurance. Prior to entering into contractual agreements, conducting initial risk assessments is crucial to understand potential risks associated with the vendors. Establishing Business Goals 2.

Risk Mitigation 40

Risk Mitigation Mitigation Risk Assessment Assessments 40

Stax

JANUARY 8, 2024

However, several complex types of risks come along with this. 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. This means PayFacs always need to be vigilant.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

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

PYMNTS

SEPTEMBER 23, 2019

Financial crimes risk management software company Quantifind and Oracle Financial Services have teamed up to improve anti-money laundering (AML) compliance and to add intelligence and automation properties directly into the compliance workflows, according to a release.

AML 65

AML Compliance Financial Crimes Automation 65

The Paypers

MAY 10, 2017

(The Paypers) Conformance Technologies has announced the launch of PreComm ToolKit as its latest compliance offering for merchant due diligence and risk assessment prior to onboarding.

Compliance 28

Compliance Due Diligence Risk Assessment Technology 28

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.

AI 102

AI Process Fraud Detection Compliance 102

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

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

The Fintech Times

MARCH 27, 2024

. “To identify potential front and shell companies, financial services firms need to actively monitor transaction volumes and frequencies, while examining clients and counterparties for high-risk indicators such as locations of owners and controllers.

Money Laundering 93

Money Laundering Financial Crimes Crime Due Diligence 93

PYMNTS

MARCH 22, 2019

They also ensure that all contract data is stored on blockchain, thus reducing risk of fraud,” he said. It is in the context of risk assessment that artificial intelligence (AI) can play a role in invoice financing, said the executive. Risk can be predicted accurately, if all this data is incorporated in an algorithm.

Blockchain 65

Blockchain Finance Risk Assessment Due Diligence 65

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

FICO

JANUARY 25, 2018

You need to understand the liability and exposure to risk your business has and this cannot be achieved without accurate measurement. Traditionally, the focus has been on chasing threats and vulnerabilities as they occur, using methodologies such as penetration testing and vulnerability assessments. Credit risk.

Cybersecurity 49

Cybersecurity Risk Assessment Data Breach Due Diligence 49

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.

FinTech 59

FinTech Online and Mobile Banking Due Diligence Legal 59

PYMNTS

SEPTEMBER 27, 2017

More than reducing cost, FinTech needs to deliver an enhanced capability for financial institutions to conduct due diligence on [Ministry of Micro, Small and Medium Enterprises] MSMEs before it can play a role in reducing gaps,” Beck said in a statement earlier this month.

Finance 51

Finance Due Diligence FinTech Risk Assessment 51

Seon

MAY 31, 2024

Costs Associated with Compliance Fraud and anti-money laundering compliance costs have been rising sharply, driven by factors like new regulations, evolving financial crimes and the need for enhanced due diligence and monitoring capabilities.

Fraud Prevention 52

Fraud Prevention Fraud Detection Compliance Money Laundering 52

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

Stax

DECEMBER 20, 2023

TL;DR Merchant underwriting is the risk level assessment process an acquiring bank carries out on every new merchant before they grant them a merchant account. The bank assumes the risk on behalf of the business and needs to make sure that they screen new businesses before handing out merchant accounts.

Underwriting 88

Underwriting Process Payment APIs and Integration Enrollments 88

FICO

FEBRUARY 9, 2021

IWT risk must be part of a bank’s risk framework and their AML risk assessment, e.g., by adding high-risk sources (Africa, South America), transit (EU), and destination countries (see above). Keeping an eye out to ensure transactions types match profiles is a good first step.

Money Laundering 52

Money Laundering Crime Financial Crimes Due Diligence 52

PYMNTS

JUNE 20, 2019

Yes, we should be concerned when the individuals tasked with making the risk assessments and decisions are widely reporting a lack of confidence,” he said. An example, Cohen observed, is that cryptocurrency statistic — that 69 percent of crypto exchanges lack “complete and transparent” KYC and due diligence processes.

AML 66

AML Due Diligence Money Laundering Risk Assessment 66

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

PYMNTS

MAY 1, 2018

The startup also made the conference rounds this spring, where many corporates are showing interest in email as a risk assessment tool as well as automated fraud defense. Finally, enhancements to Emailage’s products should speed up the system and enable it to consume even more data as it calculates risk. AvidXchange.

Innovation 50

Innovation Payment APIs and Integration Payee Due Diligence 50

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

Global Fintech & Digital Assets

OCTOBER 5, 2023

Risk Assessment The coin-listing policy must require thorough due diligence on both the relevant coin and its issuer prior to approval for listing, including with respect to the following risk categories: Technical Design and Technology; Operational; IT/Cybersecurity; Market and Liquidity; Illicit Finance; Legal; Reputational; and Regulatory.

Stablecoins 52

Stablecoins Procedures Issuers Due Diligence 52

PYMNTS

DECEMBER 4, 2017

Judging by the startup’s name, it’s no surprise that Emailage is leveraging customer email addresses as it investigates transaction risk factors. Now, the firm is also using phone data to provide an even richer risk assessment — and relaying that data back to retailers so they can also leverage it.

Cross-Border 45

Cross-Border Payments Due Diligence Cross-Border Payments 45

Neopay

DECEMBER 6, 2023

On 5 th December 2023, HM Treasury unveiled a revised list of high-risk third countries, aligning with the latest recommendations from the Financial Action Task Force (FATF). These changes demand immediate attention from UK-regulated firms, as they impact the application of enhanced customer due diligence (EDD) measures.

Treasury 52

Treasury Due Diligence Risk Money Laundering 52

Neopay

FEBRUARY 7, 2024

The report, which assesses 180 countries and territories worldwide, provides a sobering insight into the state of corruption across the globe. Our comprehensive suite of solutions is designed to support your firm in addressing the geographical aspects of corruption risk highlighted by the CPI ratings of Transparency International.

Due Diligence 59

Due Diligence Laws Rules Risk Assessment 59