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

FloQast

NOVEMBER 20, 2023

One of the first steps in carrying out an effective internal audit is to perform an internal audit risk assessment. What Is an Internal Audit Risk Assessment? In an internal audit risk assessment process internal auditors use to evaluate an organization’s potential risks and vulnerabilities.

Risk Assessment 52

Risk Assessment Audit Assessments Risk 52

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

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

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

The Payments Association

DECEMBER 2, 2024

For instance, the new legal and regulatory framework means businesses dealing in crypto must review their policies and procedures and prepare for increased disclosure, transparency, and compliance with tighter regulations. PSPs were required to enhance their fraud detection and prevention systems to mitigate potential losses.

Regulations 88

Regulations Instant Payments Consumer Protection Payments 88

Open Banking Excellence

SEPTEMBER 21, 2023

This should include policies, procedures, protocols, and tools needed to protect your organisation’s assets. Test for threats and vulnerabilities: Companies must put measures in place for regular testing including vulnerability scans, network assessments, and penetration assessments.

FinTech 130

FinTech Compliance Regulations Non-Bank 130

Innovative Payments Association

AUGUST 29, 2024

Conduct a Risk Assessment Before building a compliance program, businesses should conduct a thorough risk assessment to identify potential compliance risks. This includes assessing the risk of money laundering, financial crime, and regulatory violations.

Cannabis Banking 52

Cannabis Banking Boot Camp Compliance Money Laundering 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 92

Fraud Prevention Fraud Detection Point-of-Sale (POS) Online and Mobile Banking 92

The Payments Association

DECEMBER 9, 2024

Cohn believes regulation will impose stricter requirements for organisations to assess and mitigate the potential for algorithmic bias in AI-powered payment systems. This could involve regular audits of AI systems, rigorous testing procedures, and ongoing monitoring of their performance to identify and address discriminatory patterns.

Privacy 88

Privacy AI Payment Security Security 88

PYMNTS

DECEMBER 9, 2020

Consumers are more susceptible than ever to falling short on their monthly bills, leaving banks searching for more proactive ways to mitigate the risk of defaults. The practical applications for AI extend far beyond credit risk assessment and detection, however.

Credit Risk 98

Credit Risk AI Risk Fraud Detection 98

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

Clearly Payments

JANUARY 8, 2024

Identifying and Assessing Risks Understanding the lay of the land is the first step in effective risk management. Conducting a thorough risk assessment tailored to the specific nature of the business is essential. Conducting a thorough risk assessment tailored to the specific nature of the business is essential.

Risk Management 68

Risk Management Risk PCI DSS Process 68

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 Due Diligence 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

Neopay

AUGUST 5, 2024

Effective safeguarding training covers the policies, procedures, and regulations that must be adhered to in order to minimise risks and maintain compliance with regulatory standards. This involves identifying and mitigating risks associated with safeguarding and understanding potential threats and vulnerabilities to client assets and data.

Compliance 52

Compliance Procedures Audit Risk Management 52

PYMNTS

DECEMBER 4, 2018

With the Red Flags Rule , financial firms and some creditors have to implement a written identity theft prevention program aimed at detecting red flags of identity theft during the course of normal operations, take steps to prevent it and mitigate damage as a result of it.

Identity Theft 64

Identity Theft FTC Rules Card Issuer 64

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 Governance 130

Nanonets

MAY 31, 2023

AI can help mitigate these issues. Technologies such as machine learning and natural language processing have revolutionized the finance function by automating and streamlining various financial procedures. Assess data readiness Evaluate the quality, accessibility, and relevance of your financial data.

AI 122

AI Finance Fraud Detection Mitigation 122

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 BSA Money Laundering 55

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 119

Finance Risk Mitigation Automation AI 119

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

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

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.

Cybersecurity 52

Cybersecurity Compliance Procedures Risk Management 52

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

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

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

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

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

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

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

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

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

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

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

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

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