VISTA InfoSec

OCTOBER 20, 2023

Financial Stability : Mitigates the financial impact of disasters, including costs from data breaches or loss of revenue. Testing and Revision Procedures (Addressable) : Enforce strategies for regular testing and modification of contingency plans. Service Continuity : Ensures essential healthcare services remain operational.

Disaster Recovery 130

Disaster Recovery Regulatory Compliance Procedures Duplicate 130

Neopay

OCTOBER 10, 2024

These controls should be applied during both the onboarding of customers and through continuous transaction monitoring to mitigate fraud risks. This includes both the technical aspects, such as transaction monitoring, and the human elements, such as staff training and procedural reviews.

Due Diligence 52

Due Diligence Fraud Prevention Financial Crimes Compliance 52

VISTA InfoSec

FEBRUARY 16, 2024

These measures help mitigate vulnerabilities that hackers could exploit. The requirement mandates that software development procedures must be documented and examined to ensure that all security considerations are integrated into every stage of the development process. PCI DSS v3.2.1 PCI DSS v4.0 Requirement 6.3 is now 6.2.2.

PCI DSS 100

PCI DSS Procedures Best Practices Verification 100

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. Risk management framework: Develop a robust risk management framework that identifies, assesses and mitigates key risks associated with your business operations.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

VISTA InfoSec

FEBRUARY 13, 2024

Vulnerability assessments involve scanning systems for known weaknesses, while penetration testing (or pen testing) takes a more aggressive approach by simulating cyberattacks to evaluate the effectiveness of current security measures. This makes cybersecurity education a crucial component of any comprehensive cyber defence strategy.

Cybersecurity 130

Cybersecurity Audit Best Practices Mitigation 130

Finovate

MARCH 13, 2024

Therefore, banks using AI systems must assess and reduce risks, maintain use logs, be transparent and accurate, and ensure human oversight. Financial institutions already have processes, documentation procedures, and controls in place to comply with existing regulations.

AI 111

AI Laws Fraud Detection Assessments 111

VISTA InfoSec

JULY 31, 2023

After completing all the applicable requirements and steps mentioned in the PCI DSS checklist, businesses may engage a Qualified Security Assessor (QSA) to perform a formal assessment of their compliance with the PCI DSS. If any areas of non-compliance are identified during the assessment, the QSA will report their findings to the business.

PCI DSS 130

PCI DSS Security Encryption Compliance 130

Stax

AUGUST 22, 2024

PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. PayFacs also handle risk assessment, underwriting, settling of funds, compliance, and chargebacks. Payfacs need to have regular AML screenings and strictly implement KYC procedures.

Risk Management 88

Risk Management Risk Regulatory Compliance Payment APIs and Integration 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. 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

Segpay

MAY 1, 2024

This framework will have significant implications for global PSPs with clients in Europe, as it will require PSPs to strengthen their operational resilience capabilities, comply with regulatory requirements, and adapt their business practices to mitigate operational risks effectively.

Compliance 52

Compliance Cybersecurity Procedures Risk Management 52

Nanonets

JULY 11, 2023

Effective purchases controls ensure compliance with regulations, mitigate risks and promote operational efficiency. To ensure the effectiveness of purchases controls, organizations must document and assess their control mechanisms through a comprehensive test of control.

Procedures 40

Procedures Audit Mitigation Assessments 40

Stax

DECEMBER 4, 2023

TL;DR An anti-money laundering (AML) program is a set of laws and procedures that seek to uncover attempts to disguise illicit money as legitimate. 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.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

Nanonets

APRIL 24, 2024

Through this meticulous process, businesses can mitigate the risk of errors, fraud, and legal complications, thus safeguarding their financial health and compliance.   The auditor assesses risks, identifies key areas for review, and develops an audit plan tailored to the organization's specific needs.

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

PYMNTS

SEPTEMBER 29, 2020

Blanco said the organization is looking at mitigating risks with virtual currencies. These are areas your examiners, and FinCEN, will ask you about when assessing the effectiveness of your AML program.". All of these questions go back to the policies and procedures in place to mitigate risk," he said, according to the remarks.

Fincen 103

Fincen AML Scams Money Laundering 103

VISTA InfoSec

AUGUST 22, 2023

Principle of data minimization: Only the minimum amount of biometric data necessary for the intended purpose should be collected and processed, requiring careful assessment and avoidance of excess. Voiceprint: Assessment of vocal attributes such as tone, pitch, and enunciation.

Privacy 130

Privacy Compliance Legal Best Practices 130

Neopay

MAY 7, 2024

The FCA aims to assist firms in understanding regulatory expectations while empowering them to assess the adequacy of their financial crime systems and controls. This includes references to the travel rule and updates to sections on risk assessment and fraud.

Financial Crimes 52

Financial Crimes Crime Risk Assessment Money Laundering 52

Nanonets

JUNE 19, 2023

We will also cover how automation helps to streamline the AP audit procedure. An accounts payable audit is an in-depth assessment of a company's accounts payable records and procedures. By performing routine accounts payable audit procedures, businesses can uphold their financial integrity. What is an AP Audit?

Audit 52

Audit Accounts Procedures Compliance 52

FloQast

MARCH 1, 2024

SOX Section 203: The Corporate Responsibility for Financial Reports and Section 404: Management Assessment of Internal Controls require businesses to include an Internal Control Report with all financial reports. Step 1: Initial Assessment SOX testing begins with an initial assessment.

Audit 52

Audit Compliance Assessments Procedures 52

Fi911

DECEMBER 19, 2023

ML-enabled tools and procedures are introducing predictive analytics, real-time fraud detection, and automation to dispute management at the banking level. As integral players in the payment ecosystem, banks must focus on chargeback prevention and mitigation.

Fraud Prevention 85

Fraud Prevention Fraud Detection Point-of-Sale (POS) Online and Mobile Banking 85

EBizCharge

JUNE 20, 2024

Eliminating or mitigating days sales outstanding (DSO) is essential for keeping the business running smoothly and financially sound. Establish an effective dispute management procedure Establish clear dispute management protocols to ensure any AR discrepancies are handled quickly and effectively.

Best Practices 52

Best Practices Accounts Disputes Procedures 52

EBizCharge

OCTOBER 25, 2023

Now more than ever, businesses are focusing on preventing data breaches and implementing response protocols to mitigate breaches if they occur. 15 best practices to prevent data breaches Since data breaches can cause significant damage, businesses must be diligent and proactive to prevent, address, mitigate, and avoid these threats.

Best Practices 52

Best Practices Data Breach Breach Phishing 52

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

FloQast

OCTOBER 27, 2023

Typically, compliance management will also include Identifying appropriate controls, Managing relationships with various regulators, Coordinating or responding to regulatory concerns and inquiries, and Mitigating regulatory breaches Why is Compliance Management Important? Here’s the thing.

Compliance 52

Compliance Best Practices Mitigation Procedures 52

Neopay

OCTOBER 3, 2024

Key takeaway : If your business deals with high-risk clients, it’s crucial to implement enhanced due diligence procedures. We offer training for your staff, keeping them informed about the latest regulatory changes and ensuring they understand the best practices to mitigate financial crime risks.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

Neopay

JANUARY 25, 2024

The new Guidelines highlight ML/TF risk factors and mitigating measures that CASPs need to consider, representing an important step forward in the EU’s fight against financial crime. 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

Global Fintech & Digital Assets

FEBRUARY 26, 2024

Classification Condition 3 : The functions of the cryptoasset and the network on which it operates, including the distributed ledger or similar technology on which it is based, are designed and operated to sufficiently mitigate and manage any material risks.

Consulting 52

Consulting Regulations Distributed Ledger Technology (DLT) Stablecoins 52

Global Fintech & Digital Assets

DECEMBER 21, 2023

The safety and soundness of the overall financial system, coupled with the mitigation of adverse customer outcomes, remain the OCC’s top priorities generally, and in the BNPL lending market specifically.

OCC 59

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

Nanonets

SEPTEMBER 22, 2023

Effective  vendor management  contributes to cost optimization,  risk mitigation , and quality assurance. Evaluating potential suppliers through a rigorous qualification process can help mitigate risks and ensure that they align with the business objectives and values. Benefits of Effective Vendor Management: 1.

Risk Mitigation 40

Risk Mitigation Mitigation Risk Assessment Assessments 40

Stax

SEPTEMBER 17, 2024

To mitigate this risk, all transmission of cardholder data must be encrypted using strong cryptographic protocols such as TLS (Transport Layer Security) or IPsec (Internet Protocol Security). Assess Your Current Compliance Status Begin by assessing your current compliance status.

Credit Cards 88

Credit Cards PCI DSS Compliance Process 88

VISTA InfoSec

SEPTEMBER 28, 2023

Conduct the Data Protection Impact Assessment (DPIA) and Audits: The Significant Data Fiduciary is responsible for implementing the following measures: (Clause 10 (2) (c), DPDP Act). Data Protection Impact Assessment (DPIA): This is a regular process detailing Data Principals’ rights and the purpose of processing their data.

Privacy 130

Privacy Audit Data Breach Breach 130

Nanonets

MAY 21, 2024

Effective Account Reconciliation promotes compliance with regulatory requirements and accounting standards, mitigating the risk of penalties and legal consequences. Regular maintenance and updates are necessary to mitigate the risk of system-related errors. Yet, manual processes are time-consuming and error-prone.

Best Practices 52

Best Practices Reconciliation Accounts Payment APIs and Integration 52

VISTA InfoSec

OCTOBER 26, 2023

This audit confirms the validity of management’s evaluation of their controls and reports on the effectiveness of the overall financial controls and procedures. An independent auditor assesses a company’s security stance against one or all of the Trust Services Criteria when it comes to SOC compliance.

Audit 130

Audit Compliance Laws Government 130

The Finance Weekly

AUGUST 26, 2023

Enterprise Risk Management (ERM) , refers to the systematic procedure of strategizing, arranging, supervising, and managing an , organization's activities with the aim of reducing the negative impacts of risks on its financial resources and profits. For instance, if a business plans an acquisition, AI can assess available funds accurately.

Risk Management 52

Risk Management Risk AI Liquidity Risk 52

FloQast

APRIL 8, 2024

This includes identifying key controls, establishing clear lines of authority and responsibility, and ensuring that policies and procedures are well-documented and communicated. Conduct regular risk assessments. Regularly assess the risk of material misstatement in financial reporting and adjust controls accordingly.

Compliance 52

Compliance Audit Best Practices Risk Assessment 52

Seon

APRIL 23, 2024

In an era where digital transitions are omnipresent, the menace of online fraud and money laundering is continuously escalating, necessitating advanced solutions that enable organizations to stay ahead and mitigate activities across diverse industries. Engage senior leadership in the governance and oversight of fraud risk management efforts.

Risk Management 40

Risk Management Risk Technology Fraud Detection 40

Fintech News

JULY 24, 2024

The Step phase involves implementing solutions and procedures for seamless upgrades, migrations, and reconstructions. Finally, the Evaluation stage ensures continuous assessment and improvement. Huawei’s approach leverages automation and AI to simplify processes, provide key insights, and mitigate risks.

Finance 115

Finance Risk Mitigation Automation AI 115

PYMNTS

DECEMBER 17, 2018

Department of the Treasury, has assessed a $14.5 UBSFS also failed to put policies and procedures in place to ensure that suspicious activity would be detected and reported, especially for accounts that showed little to no securities trading. The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S.

Fincen 55

Fincen AML Money Laundering BSA 55