Fintech News

OCTOBER 6, 2024

It will allow law enforcement, sector supervisors, and government bodies to seamlessly screen databases and assess entities of concern for potential risks. This includes recent amendments to the Criminal Procedure Code, allowing authorities to act decisively against absconding suspects and expanding asset forfeiture powers.

Money Laundering 108

Money Laundering Law Enforcement Financial Crimes Due Diligence 108

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. They should be equipped to challenge and assess new data, policies, or frameworks for compliance.

Compliance 52

Compliance Procedures Audit Risk Management 52

Finovate

OCTOBER 10, 2024

The new re-authentication procedures are designed to help combat the threat of Authorized Push Payment (APP) fraud. The new procedures are being used specifically to prevent fraudsters from using accounts they have accessed illegally. The new procedures come as new laws designed to stop Authorized Push Payment (APP) fraud in the U.K.

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Authentication Procedures Push-to-Card Online and Mobile Banking 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. 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

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. The post FCA issues warning to firms over AML failings appeared first on Neopay.

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AML Financial Crimes Crime Risk Assessment 52

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

Neopay

JULY 4, 2024

These reports are critical for assessing and evidencing how firms have provided good outcomes for consumers under the Duty. Importance of board reports According to the Financial Conduct Authority (FCA), “Board reports are key to assess and evidence how firms have provided good outcomes for consumers under the Duty.”

Consumer 52

Consumer Risk Assessment Assessments Compliance 52

Fintech Review

JUNE 18, 2024

Standardize portfolio management procedures and segregate duties to minimize operational risk. Assess operational risk regularly. The post Why Hedge Fund Admin Software is Crucial to Your Back Office appeared first on Fintech Review. Best Practices for Hedge Fund Operations Implement strong governance and oversight.

Reconciliation 98

Reconciliation Compliance Regulatory Compliance Best Practices 98

Neopay

OCTOBER 10, 2024

This includes both the technical aspects, such as transaction monitoring, and the human elements, such as staff training and procedural reviews. The post FCA Dear CEO letters outline APP fraud reimbursement expectations appeared first on Neopay.

Due Diligence 52

Due Diligence Fraud Prevention Financial Crimes Compliance 52

Neopay

MARCH 14, 2024

Risk assessments and due diligence of third parties should be reviewed regularly based on your safeguarding policy. Your justification for the frequency of reconciliations, along with other factors, should be included within your risk assessments.

Audit 59

Audit Risk Assessment Reconciliation Due Diligence 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

EBizCharge

JUNE 20, 2024

Establish an effective dispute management procedure Establish clear dispute management protocols to ensure any AR discrepancies are handled quickly and effectively. For example, a company can implement a dispute management procedure that includes the following steps: Step 1.

Best Practices 52

Best Practices Accounts Disputes Procedures 52

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. To find out more about how we can support your business, contact us here.

Financial Crimes 52

Financial Crimes Crime Risk Assessment Money Laundering 52

Nanonets

APRIL 24, 2024

This audit aims to verify the accuracy and completeness of the bank reconciliation procedures and ensure that they are conducted in accordance with established accounting standards and regulatory requirements. They assess the adequacy and accuracy of documentation to support the integrity of financial records.

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

The Fintech Times

MARCH 20, 2024

“By implementing a digital compliance strategy, regulated firms can start to build a proper picture of the businesses they are working with and truly assess any risks posed.” The post Regulated Firms Neglecting Critical Business Verification Checks, Finds SmartSearch appeared first on The Fintech Times.

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Verification Checks Regulations Money Laundering 59

FICO

JANUARY 15, 2021

The FICO Blog posts last year reflected that – we wrote about everything from the impact on collections, proactive lender communications with consumers, issues with fraud, and of course, how FICO® Scores were impacted. And as our fourth most popular post explains, the average U.S.

Posting 59

Posting Agreements Credit Cards Consumer 59

Global Fintech & Digital Assets

MARCH 5, 2024

In December 2023, the HKMA also published a consultation outlining a legislative proposal for a regulatory regime governing stablecoin issuers in Hong Kong (see this Latham blog post ) as well as a consultation on prudential treatment of cryptoasset exposures in February 2024 (see this Latham blog post ).

Authorization 59

Authorization Product Due Diligence Procedures 59

Segpay

MAY 1, 2024

Some of DORA’s main pillars are: Operational Risk Management: DORA requires PSPs to implement robust operational risk management practices to identify, assess, mitigate, and monitor operational risks effectively. Once third-party provider contracts are assessed, contracts must be modified and procedures implemented, to ensure DORA compliance.

Compliance 52

Compliance Cybersecurity Procedures Risk Management 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. The post Leveraging Machine Learning to Reinforce Financial Fraud Prevention appeared first on fi911blog. However, machine learning is revolutionizing chargeback management.

Fraud Prevention 85

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

VISTA InfoSec

JULY 5, 2023

In this blog post, we’ll delve into the significance of PCI DSS compliance in healthcare and explore how it helps protect patient data and privacy. However, we will also share our knowledge about it in this blog post. Regularly test and assess network vulnerabilities to identify and address any weaknesses.

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PCI DSS Compliance Data Breach Breach 130

VISTA InfoSec

FEBRUARY 21, 2024

In this blog post, we will explore the detailed sections and overviews extracted directly from PCI DSS v4.0. The procedures and methods for limiting access to system components and cardholder data, based on a business’s need-to-know basis, are clearly outlined and comprehended. a: This one’s all about verification.

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PCI DSS Database Best Practices Procedures 130

Global Fintech & Digital Assets

FEBRUARY 26, 2024

The Consultation Paper comes shortly after the Financial Services and the Treasury Bureau and the HKMA issued a consultation paper in December 2023 outlining their legislative proposal for a regulatory regime governing stablecoin issuers in Hong Kong (see this Latham blog post ).

Consulting 52

Consulting Regulations Distributed Ledger Technology (DLT) Stablecoins 52

Fi911

NOVEMBER 7, 2023

Why is it non-negotiable for financial institutions across the globe, and how can you ensure that your institution is compliant with all AML procedures? This framework encompasses a series of regulations, policies, and procedures. Assessment of each customer’s risk profile.

AML 52

AML Compliance Money Laundering OFAC 52

Neopay

OCTOBER 3, 2024

Key takeaway : If your business deals with high-risk clients, it’s crucial to implement enhanced due diligence procedures. The post What businesses can learn from Starling Bank’s £29M FCA fine appeared first on Neopay. Despite this mandate, Starling opened over 54,000 accounts for 49,000 high-risk customers over a two-year period.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

EBizCharge

OCTOBER 25, 2023

Continuously create and update procedures Staying up to date on cyber security and ever-evolving threats is just one piece of the puzzle. Using this knowledge to create and update your procedures to address new threats is essential. Assess each type of data and consider whether it is necessary. If not, then stop collecting it.

Best Practices 52

Best Practices Data Breach Breach Phishing 52

Seon

JUNE 24, 2024

A critical aspect of cybersecurity, the fundamentals within this realm center on three main components: identifying, assessing and mitigating risks associated with digital identities and access controls across an organization. The following details a five-step process.

Risk Management 52

Risk Management Mitigation Risk Identity Theft 52

Nanonets

APRIL 11, 2023

In this blog post, we will discuss the challenges faced by commercial lenders today, the pain points in the loan process, and how loan automation can address these issues to deliver significant benefits to all stakeholders. This disjointed communication results in inefficient information exchange and slows down the loan origination process.

Origination 52

Origination Automation Risk Assessment Underwriting 52

VISTA InfoSec

SEPTEMBER 28, 2023

To achieve a detailed understanding of the DPDP, please refer to our previous blog post. 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). Let’s dive in! Who Must Comply With the DPDP Act?

Privacy 130

Privacy Audit Data Breach Breach 130

FloQast

JUNE 24, 2024

Are you focusing on workflows that allow for standardized steps and procedures to be followed? Assessment : The first step is to gauge where you’re at right now. Design : Once you’ve assessed the situation and understand your pain points, you can create a workflow map to address these issues.

Accounts 52

Accounts Reconciliation Procedures Automation 52

EBizCharge

APRIL 26, 2024

AR management also helps minimize the risk of bad debt by implementing timely invoicing and diligent follow-up procedures, safeguarding profitability and financial stability. Conduct credit risk assessments: Credit risk assessments involve analyzing factors such as the client’s financial stability, payment history, and credit score.

Accounts 52

Accounts Best Practices Disputes Procedures 52

Seon

SEPTEMBER 20, 2023

Onboarding ensures the KYC process is worthwhile and well-informed by verifying the identity of prospective customers and assessing their risk level. Assess the screening results to determine whether the PII and the individual are eligible to pass the KYC onboarding stage and progress to the KYC process.

Process 52

Process Due Diligence AML Verification 52

Seon

APRIL 23, 2024

As an umbrella term, fraud risk management encompasses the systematic processes of identifying, assessing and responding to an organization’s fraud risk. For each risk, assess the probability and likely severity, then align the identified risks with the organization’s appetite for risk, classifying them in order of priority.

Risk Management 40

Risk Management Risk Technology Fraud Detection 40

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

Nanonets

SEPTEMBER 27, 2024

In the insurance industry, STP translates to automating various processes such as financial credibility assessment, KYC/Identity verification, underwriting, and claims processing. In this blog post, we'll explore what STP means in the context of the Insurance industry, the pain points within the industry and the benefits of STP.

Process 52

Process Underwriting Automation Database 52

Neopay

JULY 4, 2024

One of the current focusses is enhanced due diligence – right through the process, so for example risk assessments, operational processes, monitoring and reviews, its effectiveness in practice. There are a few – but to give a couple of examples: MAPP (Modular Assessment Proactive Programme) is fairly new. appeared first on Neopay.

AML 52

AML Due Diligence Suspicious Activity Report (SAR) Risk Assessment 52

VISTA InfoSec

OCTOBER 26, 2023

In this post, we’ll outline the basics of SOC and SOX, highlight key differences between them, and provide deeper insight into these vital components of the corporate landscape. This audit confirms the validity of management’s evaluation of their controls and reports on the effectiveness of the overall financial controls and procedures.

Audit 130

Audit Compliance Laws Governance 130

Neopay

JANUARY 2, 2024

Why are internal controls, such as policies and procedures, critical for organisations in ensuring compliance with financial regulations? Policies and procedures form a key part of effective governance within any firm. Neopay typically engages with the firms to acquire key documentation, such as policies and procedures.

Regulatory Compliance 59

Regulatory Compliance Compliance Audit Procedures 59