VISTA InfoSec

JANUARY 23, 2024

Networks that store, process, or transmit cardholder data naturally fall within the PCI DSS scope and must be assessed accordingly. a Review documented policies and procedures and conduct interviews with personnel to ensure processes are defined to include all elements specified in this requirement. Testing Procedures: 4.1.2.a

PCI DSS 130

PCI DSS Encryption Procedures Best Practices 130

VISTA InfoSec

JANUARY 29, 2024

For systems that are typically not susceptible to malicious software, carry out regular assessments to detect and assess emerging malware threats. Conduct discussions with staff to ensure that they are monitoring and assessing emerging malware threats for systems that are generally not prone to malicious software. evaluations.

PCI DSS 130

PCI DSS Phishing Best Practices Procedures 130

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

OCTOBER 20, 2023

According to the Contingency Plan Policy in HIPAA section 164.308(a)(7)(i) , covered entities must “formulate and execute, as needed, guidelines and procedures to respond to emergencies or other incidents (like system failure, fire, vandalism, or natural disaster) that damage systems containing ePHI.” What is a Contingency Plan Policy?

Disaster Recovery 130

Disaster Recovery Regulatory Compliance Procedures Duplicate 130

VISTA InfoSec

FEBRUARY 16, 2024

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. Verification involved examining software-development procedures and interviewing personnel. . The updated requirement of PCI DSS v4.0

PCI DSS 100

PCI DSS Procedures Best Practices Verification 100

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

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

PYMNTS

JANUARY 21, 2021

Elective procedures typically handled at the hospital have not returned to pre-pandemic levels, and healthcare organizations continue to feel the effects and incur losses from the reduced volume. “I The very risky situation is the elective procedures at hospitals, and it's not because they can't safely do them,” Colabella said.

Risk 100

Risk Procedures Contactless Payments Volume 100

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 122

Money Laundering Law Enforcement Financial Crimes Due Diligence 122

PYMNTS

SEPTEMBER 29, 2020

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. 1 and Sept. 12, Blanco said.

Fincen 103

Fincen AML Scams Money Laundering 103

VISTA InfoSec

FEBRUARY 28, 2024

Changes Core Focus Limiting database access to programmatic methods (apps, stored procedures) and database administrators. assessments.) Make sure these records outline who does what in terms of managing user accounts. Interview those in charge: do these accounts follow these strict procedures? Requirement v3.2.1 (8.7)

PCI DSS 130

PCI DSS Best Practices Authentication Rules 130

Stax

JANUARY 8, 2024

To establish an effective risk management program as a PayFac, you must establish a dedicated risk management team, utilize the right tools and technology, develop proper risk management policies and procedures, conduct regular risk audits, and stay up-to-date with the latest industry regulations.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

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

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

VISTA InfoSec

JULY 5, 2023

This widely accepted set of policies and procedures is designed to enhance the security of credit, debit, and cash card transactions, while also protecting cardholders from the misuse of their personal information. Regularly test and assess network vulnerabilities to identify and address any weaknesses.

PCI DSS 130

PCI DSS Compliance Data Breach Breach 130

Fintech Review

JUNE 18, 2024

Standardize portfolio management procedures and segregate duties to minimize operational risk. Assess operational risk regularly. Fund managers rely on the operations team to provide actionable data and monitor positions to effectively gauge fund performance. Avoid costly errors and regularly lapses. Maintain comprehensive records.

Reconciliation 98

Reconciliation Compliance Regulatory Compliance Best Practices 98

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.

Cybersecurity 130

Cybersecurity Audit Best Practices Mitigation 130

VISTA InfoSec

FEBRUARY 21, 2024

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. The allocation and definition of access to system components and data are carried out appropriately. a: This one’s all about verification.

PCI DSS 130

PCI DSS Database Best Practices Procedures 130

Fintech Finance

NOVEMBER 18, 2024

Steps payment firms should be taking now: Conduct a comprehensive gap analysis: Thoroughly assess current safeguarding practices against new requirements, identifying shortfalls in processes, systems, and controls.

Consulting 97

Consulting Payments Regulations Reconciliation 97

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

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

Clearly Payments

NOVEMBER 13, 2024

Companies can analyze BIN data to track transaction patterns, better understand customer demographics, and assess risk in different regions or among various card types. This information helps payment processors and merchants verify transactions, assess risk, and streamline payment workflows for secure and reliable transactions.

Process 80

Process Processors Payments Compliance 80

PYMNTS

OCTOBER 26, 2016

In the fallout of Wells Fargo’s scandal over unauthorized customer accounts, regulators may force publicly-traded banks to adhere to in-person of sales practices and procedures. A person familiar with the matter told Bloomberg that many of the biggest U.S.

CFPB 65

CFPB Federal Reserve Procedures Regulations 65

Neopay

DECEMBER 5, 2024

It also introduces new self-assessment questions and emphasises the importance of senior management accountability. Proliferation Financing (PF) In response to the 2022 changes in the Money Laundering Regulations (MLRs), the Guide now explicitly addresses the need for firms to conduct PF risk assessments.

Financial Crimes 52

Financial Crimes Crime Money Laundering Risk Assessment 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. ML employs computational statistics and mathematical models to establish normal user behavior and enhance predictive accuracy.

Fraud Prevention 92

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

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

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

PYMNTS

NOVEMBER 11, 2020

If their assessment finds that the third country’s law hampers the effectiveness of the Article 46 GDPR transfer tool they use or plan to use, the board recommends that exporters find and implement supplementary measures.

Compliance 81

Compliance Procedures Authorization Assessments 81

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

PYMNTS

OCTOBER 17, 2018

The agency has warned that companies subject to the internal accounting controls requirements of Section 13(b)(2)(B) of the Securities Exchange Act of 1934 “must calibrate their internal accounting controls to the current risk environment and assess and adjust policies and procedures accordingly.”. “In

Cybersecurity 76

Cybersecurity Email Compromise Law Enforcement Business Email Compromise 76

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

PYMNTS

DECEMBER 9, 2020

The practical applications for AI extend far beyond credit risk assessment and detection, however. Reaching out to AI firms for assistance is only the beginning of a complex set of procedures that banks must follow to ensure they are getting the most out of their AI strategies, however.

Credit Risk 98

Credit Risk AI Risk Fraud Detection 98

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

PYMNTS

JANUARY 30, 2019

That procedure can be described as a two-by-two check, and is geared toward verifying individuals on two sides of a transaction. But regulators are now requiring firms to use risk-based policies and procedures to determine a customer’s risk scores and to use risk scores to establish a baseline for transaction and relationship monitoring.

Due Diligence 74

Due Diligence Verification Money Laundering FinTech 74

Stax

JANUARY 15, 2024

Follow these tips to stick to federal regulations: Refer to federal regulations when drafting internal policies and procedures. Conduct regular internal audits—preferably on an annual or biannual basis—to assess ongoing compliance with federal regulations. Assess potential implications on their behavior. Security audits.

Credit Cards 88

Credit Cards PCI DSS Compliance Process 88

PYMNTS

DECEMBER 4, 2018

Meanwhile, the Card Issuers Rule requires debit or credit card issuers to put in place policies and procedures to assess the validity of a change of address request if, within a short period of time after receiving the request, the issuer receives a request for an additional or replacement card for the same account.

Identity Theft 64

Identity Theft FTC Rules Card Issuer 64

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