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

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

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

Neopay

OCTOBER 3, 2024

Despite this mandate, Starling opened over 54,000 accounts for 49,000 high-risk customers over a two-year period. Key takeaway : If your business deals with high-risk clients, it’s crucial to implement enhanced due diligence procedures.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 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

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

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

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

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

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. 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

Global Fintech & Digital Assets

DECEMBER 21, 2023

The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending. The OCC expects that banks engaged in BNPL lending “do so within a risk management system that is commensurate with associated risks.” By Arthur S.

OCC 59

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

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

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. Automated risk management solutions can be helpful in theory.

Compliance 76

Compliance Due Diligence Risk Mitigation Risk 76

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

Fintech News

JUNE 5, 2024

As fintech introduces new dimensions of complexity and opportunity in outsourcing, two distinct challenges have emerged, prompting FIs to reevaluate traditional outsourcing life cycle management models. The first pertains to the need for strategic management with a focus on innovation.

FinTech 106

FinTech Mitigation Risk On-Demand 106

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

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

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

Segpay

OCTOBER 4, 2023

Risk Management Fraud detection and prevention measures are crucial in this type of high-risk business. A robust risk management system helps to protect both merchants and affiliates from fraudulent activities, such as click fraud or affiliate fraud.

Security 52

Security Due Diligence Compliance Payments 52

Fintech News

DECEMBER 17, 2023

Define key objectives to guide decision-making, including the institution’s role in the finance ecosystem, portfolio strategy, partner selection, and risk management. An experienced ecosystem integrator partner like Zühlke can be invaluable in managing these challenges.

Payment APIs and Integration 143

Payment APIs and Integration Money Laundering Due Diligence SWIFT 143

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

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. High mortgage rates and inflation pose a risk of stressed customers defaulting on their mortgages, potentially causing government interventions.

AI 112

AI Risk Non-Bank On-Demand 112

Seon

MAY 10, 2024

Through automating tasks that used to take up much of an analyst’s time, case management systems can quickly highlight and prioritize the most severe alerts. This enables analysts to use their time effectively, closing alerts more swiftly and improving their risk management. What is AML Compliance?

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

Nanonets

SEPTEMBER 22, 2023

Effective  vendor management  contributes to cost optimization,  risk mitigation , and quality assurance. In  clinical research ,  vendor management  involves stringent  regulatory requirements , including ICH E6 Good Clinical Practice, ISO 14155, FDA 21 CFR Part 50, and Regulation (EU) No 536/2014.

Risk Mitigation 40

Risk Mitigation Mitigation Risk Assessment Assessments 40

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 Fintech Times

MARCH 6, 2024

In June 2023, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the OCC and the US Treasury Department issued joint guidance to all banking organisations for developing and implementing risk management practices when engaging in third-party fintech partnerships. More is coming.

OCC 69

OCC FinTech Non-Bank Regulations 69

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

EBizCharge

JUNE 20, 2024

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. This due diligence reduces the risk of bad debt and strengthens financial planning and risk management strategies.

Best Practices 52

Best Practices Accounts Disputes Procedures 52

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

Tearsheet

AUGUST 7, 2024

Morgan’s financial strength and Slope’s innovative approach to credit risk assessment and monitoring. All of these features are powered by our AI-driven underwriting and risk-scoring infrastructure, which is built in-house from the ground up. The partnership brings together J.P.

AI 59

AI B2B Finance Underwriting 59

PYMNTS

JULY 19, 2018

The need is there for a comprehensive approach for risk management, which in turn means that both FinTechs and FIs need a strong, consistent strategy and roadmap from the very start of collaborations. Thus, risk management must evaluate compatibility not just of tech platforms in place, but must also take a cue from strategic goals.

Risk 42

Risk FinTech Risk Management Privacy 42

PYMNTS

JUNE 20, 2019

The last thing that anyone wants to hear in almost any financial organization is that the people tasked with risk management is feeling less than fully confident about their ability to actually do that job — because they aren’t sure if their data is good.

AML 66

AML Due Diligence Money Laundering Risk Assessment 66

PYMNTS

MAY 2, 2016

In his position as Vice President of Global Risk Management for TNS , Umer Ayub understands this reality firsthand. At TNS, this includes managing compliance with regulatory requirements, such as PCI standards, card scheme rules and SSAE16 reports. We find the key to success is taking into account the audience’s requirements.

Risk 41

Risk Risk Management Disaster Recovery Audit 41

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

The Fintech Times

SEPTEMBER 19, 2024

However, risk orchestration is a process promising to help fintechs and financial institutions combine their customer onboarding, authentication and risk management processes into one place. “This is done through the integration of risk management, adaptive risk mitigation, process automation, and real-time analysis.

Risk 59

Risk Financial Crimes AML Risk Management 59

FICO

JUNE 23, 2022

It was titled “The Role of Data in Managing Fraud and Financial Crime in the ‘New Normal’” and our conversation focused on how to integrate intelligence effectively to meet due diligence requirements, provide the solid foundation for suspicious activity reporting, and stop fraud before financial losses happen. TJ holds a B.S.

Financial Crimes 52

Financial Crimes Crime AML Fraud Detection 52

PYMNTS

APRIL 26, 2018

Once, a company’s top supplier-related risk may have been the threat of a vendor going out of business, or goods failing to make it to their destination on time. Today, supply chain and supplier risk management is a beast. For corporates, she said, this means asking questions like, “Does the buck stop with you?

Risk Management 54

Risk Management Risk Risk Mitigation Mitigation 54