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

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

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

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

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

Risk Management: Pinpointing potential risks through vast data analysis Machine Learning in Chargeback Management Chargebacks, while designed to protect consumers, pose significant challenges for businesses, including financial losses and reputational damage. However, machine learning is revolutionizing chargeback management.

Fraud Prevention 92

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

PYMNTS

DECEMBER 9, 2020

Banks that use AI-driven predictive models are able to detect the risk of delinquency as many as 12 months before a customer ever misses a payment, providing banks and their customers the breathing room they need to take action. The practical applications for AI extend far beyond credit risk assessment and detection, however.

Credit Risk 98

Credit Risk AI Risk Fraud Detection 98

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

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

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

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

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

FICO

MARCH 24, 2021

Apart from identifying money laundering and terrorist financing risks in trade transactions, organizations must also think about potential anti-bribery and corruption concerns, as being pressured to pay bribes can lead to FCPA (Foreign Corrupt Practices Act) violations and hefty fines. . Set clear and realistic priorities.

Money Laundering 98

Money Laundering SARS Financial Crimes Fincen 98

Nanonets

FEBRUARY 9, 2024

Remember that internal controls are procedures and processes management emplace to ensure accounting integrity and financial transparency. In this case, the referee (actual control measures and checks) uses the playbook (company procedures built on accepted accounting principles) to manage the game (financial reporting).

Audit 52

Audit Risk Assessment Assessments Procedures 52

Clearly Payments

JANUARY 8, 2024

In this guide, we go into the topics of risk management in payment processing, equipping merchants with the knowledge and strategies needed to secure their transactions. Identifying and Assessing Risks Understanding the lay of the land is the first step in effective risk management.

Risk Management 68

Risk Management Risk PCI DSS Process 68

Finovate

FEBRUARY 8, 2024

Dotfile Dotfile is an end-to-end business verification platform that automates KYB and AML procedures, reduces fraud, and streamlines compliance operations. Banks, credit unions, payment providers, and small-and-medium-sized businesses.

Payment APIs and Integration 59

Payment APIs and Integration Identity Theft Deepfake AI 59

Stax

AUGUST 22, 2024

In this article, we’ll discuss what SaaS companies looking to become payment facilitators need to know about risk management strategies. PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. The due diligence doesn’t stop at onboarding.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

Nanonets

APRIL 11, 2023

The need to minimize risk and maintain loan portfolio quality : In a volatile economic environment, lenders must carefully manage risk to protect their loan portfolios and maintain financial stability. Manual compliance processes increase the risk of non-compliance and may result in costly fines or penalties.

Origination 52

Origination Automation Risk Assessment Underwriting 52

Fintech News

JULY 4, 2024

The insurance industry stands to benefit from AI’s prowess in risk assessment and claims processing, while asset managers can leverage AI for more sophisticated portfolio allocation and algorithmic trading. One promising application is in ‘nowcasting’ – using real-time data to assess current economic conditions.

Central Bank 96

Central Bank AI Correspondent Bank Correspondent 96

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

Global Fintech & Digital Assets

DECEMBER 11, 2023

Covered financial institutions now face heightened expectations in relation to cybersecurity governance, risk assessment, and incident reporting. Risk assessments should also be reviewed whenever a new business model is adopted or a new product is introduced.

Cybersecurity 59

Cybersecurity Multifactor Authentication Risk Assessment MFA 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

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.

AML 52

AML Due Diligence Suspicious Activity Report (SAR) Risk Assessment 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

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

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

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

Nanonets

AUGUST 1, 2023

AI integration also significantly benefits risk assessment, allowing auditors to perform sophisticated analyses of a client's data, guiding them towards areas that demand closer scrutiny. Risk Assessment: AI assists auditors in assessing risks by analyzing historical data, industry trends, and financial ratios.

Audit 52

Audit Risk Assessment AI Assessments 52

Nanonets

AUGUST 1, 2023

Internal audits play a crucial role in assessing a company's internal controls, corporate governance, and accounting processes. By harnessing the power of advanced technologies such as Robotic Process Automation (RPA), data analytics, and artificial intelligence, businesses can revolutionize their auditing procedures.

Audit 52

Audit Automation Risk Assessment Bots 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. It achieves this through transaction and behavior monitoring, risk assessment, and alert generation. This reduces the demand on your workforce for manual processes.

Transactions 52

Transactions Due Diligence Money Laundering AML 52

Center for Payments

SEPTEMBER 15, 2022

The purpose of a Business Continuity Plan is to focus on a subset of operational risk factors, identifying, assessing, and reducing risk to an acceptable level through the development, implementation, and maintenance of a written, enterprise-wide business continuity plan.

FFIEC 40

FFIEC Risk Assessment Business Continuity Federal Reserve 40

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. Protect Consumer Interests: DORA aims to protect consumer interests.

Cybersecurity 52

Cybersecurity Compliance Procedures Risk Management 52

FloQast

NOVEMBER 27, 2023

Similarly, the segregation of duties ensures that no single individual has control over all aspects of any critical financial transaction, reducing the risk of malicious activity or errors. As businesses grow and financial landscapes shift, risks aren’t static.

Compliance 52

Compliance Risk Assessment Audit Risk Management 52

Stax

DECEMBER 20, 2023

TL;DR Merchant underwriting is the risk level assessment process an acquiring bank carries out on every new merchant before they grant them a merchant account. The bank assumes the risk on behalf of the business and needs to make sure that they screen new businesses before handing out merchant accounts. Hybrid API enrollment.

Underwriting 88

Underwriting Process Payment APIs and Integration Enrollments 88

PYMNTS

NOVEMBER 26, 2018

In addition to assessing how many members of the C-Suite have accounting experience, the researchers looked at other data points, including executive pay, complexity of company finances, financial performance and more. Newton of Florida State University examined data from 3,252 public companies over a 10-year period.

Compromise 51

Compromise Accounts Audit Risk 51

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. This helps to reduce the average collection period and minimize the risk of late or delinquent payments.

Accounts 52

Accounts Best Practices Disputes Procedures 52

Nanonets

AUGUST 1, 2023

A comprehensive survey conducted by Ernst & Young LLP assessed the progress of 16 banking and wealth management firms, comparing the findings to a similar study conducted in 2014. An audit is a continuous and iterative procedure.

Audit 40

Audit Automation Risk Assessment Assessments 40