The Fintech Times

OCTOBER 31, 2024

Developed in collaboration with financial crime software company Themis , the WWF toolkit is an open-access platform that equips firms to better detect and monitor illicit activity related to land conversion and deforestation, by highlighting red flags and risks connected with different types of environmental and financial crimes.

Crime 58

Crime Risk Financial Crimes Due Diligence 58

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 78

Service Provider Due Diligence AML Money Laundering 78

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

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

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 113

Money Laundering Law Enforcement Financial Crimes Due Diligence 113

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 58

Risk Financial Crimes AML Risk Management 58

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 Payments Association

OCTOBER 11, 2024

The reforms aim to address weaknesses in safeguarding practices, reduce consumer fund risks, and enhance regulatory compliance, particularly in preventing fund shortfalls. With many firms facing supervisory interventions due to poor safeguarding, there is a strong sense of urgency. Why is it important? What’s next?

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 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 68

Compliance Due Diligence Regulations Risk 68

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 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

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 58

Due Diligence Financial Crimes Crime Assessments 58

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 Regulations 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 63

Authentication Due Diligence Verification Compliance 63

Neopay

NOVEMBER 13, 2024

This lapse created a potential risk for undetected money laundering activities. This vulnerability allowed these transactions to proceed without the scrutiny required to detect potential financial crime risks and apply additional measures. Metro initially introduced an automated transaction monitoring system in June 2016.

Financial Crimes 52

Financial Crimes Crime Due Diligence Compliance 52

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 58

Risk Cybersecurity Data Breach Ransomware 58

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

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 113

AI Due Diligence Assessments Rules 113

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

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

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

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

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

Seon

SEPTEMBER 23, 2024

With the rise of online transactions and real-time payments, the risk of fraudulent activity has surged, putting financial institutions and businesses in a constant battle to protect their customers and themselves. As the first line of defense, payment screening aims to catch obvious risks at the point of transaction.

Suspicious Activity Report (SAR) 52

Suspicious Activity Report (SAR) Money Laundering Due Diligence AML 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

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 63

Due Diligence Accreditation On-Demand Research 63

The Payments Association

OCTOBER 14, 2024

The​ growth of digital payments, combined with increasingly sophisticated scams, has put both consumers and payment systems at significant risk. According to BDO Director of Fraud Risk Management, Sally Felton, argues that the new rules focus more on reaction than prevention.

Caps 88

Caps Fraud Prevention Fraud Detection Scams 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. 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

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

Fi911

MARCH 14, 2024

It can also help manage risk more effectively, and tailor fraud detection systems to the unique needs of each sales channel. This documentation helps banks assess the risk profile of the business and determine the appropriate transaction processing solutions. When Should a Bank Consider Terminating a MID?

Due Diligence 103

Due Diligence Processors Fraud Detection Money Laundering 103

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

The Fintech Times

MARCH 31, 2024

Is the insurance sector risking over-reliance on artificial intelligence, and what’s the balance between innovation and human expertise? LexisNexis Risk Solutions John Beal, senior vice president, data science, LexisNexis Risk Solutions. “However, it is not a panacea for all our data problems.”

Risk 68

Risk AI Underwriting Automation 68

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 77

Financial Crimes Crime APACS Risk Assessment 77