Stax

DECEMBER 4, 2023

The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. In this article, we’ll discuss everything you need to know about ensuring AML compliance as a payment facilitator (or PayFac). Let’s get started.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

FloQast

NOVEMBER 20, 2023

Internal auditing ensures an organization’s financial integrity, compliance with regulations, and overall operational efficiency. 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?

Risk Assessment 52

Risk Assessment Audit Assessments Risk 52

Nanonets

AUGUST 1, 2023

Internal audits play a crucial role in assessing a company's internal controls, corporate governance, and accounting processes. These audits are essential for ensuring compliance with laws and regulations, as well as maintaining accurate and timely financial reporting and data collection.

Audit 52

Audit Automation Risk Assessment Bots 52

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. The Payment Card Industry Data Security Standard (PCI DSS) is a vital compliance scheme that aims to protect credit and debit card transactions against fraud and data theft.

PCI DSS 130

PCI DSS Compliance Data Breach Breach 130

FloQast

FEBRUARY 14, 2024

Brands jumped at the opportunity to try out FloQast Compliance Management. Let’s take a look at how FloQast helped the Director of SOX Compliance and Head of Internal Audit at a.k.a Brands , Brandon Peters, optimize processes, streamline compliance efforts, and boost efficiency. Brands’ accounting procedures.

Compliance 93

Compliance Reconciliation Close Processes Automation 93

Neopay

JANUARY 2, 2024

In an exclusive interview with Neopay’s Consultancy Manager, Margita Layne, we delve into the pivotal role of internal and external monitoring in ensuring regulatory compliance within the financial services sector. Policies and procedures form a key part of effective governance within any firm.

Regulatory Compliance 59

Regulatory Compliance Compliance Audit Procedures 59

Innovative Payments Association

JULY 8, 2024

Disclosures should include information about fees, error resolution procedures, and consumer rights under Regulation E. Establish Robust Error Resolution Procedures: Develop and implement procedures for handling consumer error resolution requests in accordance with Regulation E.

CFPB 52

CFPB Reg E Error Resolution Boot Camp 52

The Fintech Times

SEPTEMBER 4, 2024

This month, The Fintech Times will look at some of the biggest issues regarding compliance and financial rules, as well as the solutions hoping to ease the compliance journey for firms and make the fintech world fairer and safer. We asked industry experts to find out. Keeping up with this can be a true headache.”

Compliance 64

Compliance Rules Regulations Cybersecurity 64

VISTA InfoSec

MAY 24, 2024

In this blog, we’ll explore what PCI DSS compliance is, its benefits, and how small businesses can achieve it. Benefits of PCI DSS compliance for a small business: Enhanced Security reduces the risk of data breaches, fraud, and unauthorized access to sensitive cardholder data. of PCI DSS. of PCI DSS.

PCI DSS 202

PCI DSS Small Business Assessments Compliance 202

FloQast

OCTOBER 27, 2023

While it can feel burdensome, compliance management has become a critical risk management feature and is too important to ignore. Unfortunately, compliance management is no walk in the park. The overarching aim of compliance management is to ensure organizations mitigate risk and build a deep-rooted culture of compliance.

Compliance 52

Compliance Best Practices Mitigation Procedures 52

FloQast

APRIL 8, 2024

Sarbanes-Oxley Act compliance can protect investors by improving internal controls over financial reporting and the accuracy and reliability of corporate disclosures. Identifying deficiencies and material weaknesses in internal controls is an important aspect of SOX compliance. Foster a culture of compliance.

Compliance 52

Compliance Audit Best Practices Risk Assessment 52

Nanonets

AUGUST 1, 2023

The era of automation has brought about a revolution in various industries, and the audit sector is no exception. The integration of Artificial Intelligence (AI), cloud-based data storage solutions, and data analytics tools is set to transform the audit industry, reshaping the way accountants and auditors carry out their tasks.

Audit 40

Audit Automation Risk Assessment Assessments 40

Stax

SEPTEMBER 17, 2024

TL;DR PCI compliance is essential because it helps prevent data breaches, ultimately cultivating customer trust. What is PCI Compliance? Why Is PCI Compliance So Important? PCI compliance is essential because it helps prevent data breaches, ultimately cultivating customer trust. That’s where Stax comes in.

PCI DSS 88

PCI DSS Credit Cards Compliance Process 88

VISTA InfoSec

OCTOBER 26, 2023

Let’s explore the critical differences between SOC and SOX compliance. In the realm of information security and financial reporting, compliance enables organizations to build trust and transparency with stakeholders. Now let’s look at SOC compliance. The SOC framework includes multiple internal control audit reports.

Audit 130

Audit Compliance Laws Governance 130

VISTA InfoSec

MARCH 6, 2024

Changes Access Controls "Limit viewing of audit trails" to those with a need. Testing Procedures Broad testing, looking at system settings, monitored files, etc. audit log security principles are mostly unchanged. Testing procedures align with updated access language. Similar emphasis on policies and procedures.

PCI DSS 130

PCI DSS Procedures Best Practices Risk Assessment 130

Nanonets

AUGUST 1, 2023

In the rapidly evolving world of auditing, innovative technologies have revolutionized traditional practices. Auditors are now increasingly embracing the agile auditing approach previously used in software development. This strategic allocation of resources optimizes auditing efforts, leading to more focused and effective audits.

Audit 52

Audit Risk Assessment AI Assessments 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. As the name implies, the primary focus is on stopping money laundering.

AML 52

AML Compliance Money Laundering OFAC 52

VISTA InfoSec

JUNE 26, 2024

For instance, you can look at the company’s history of data breaches and their responses, the robustness of the cybersecurity infrastructure, and the presence of comprehensive security policies and procedures. The consequences of non-compliance extend beyond immediate financial penalties. 5 / 5 ( 1 vote )

Cybersecurity 215

Cybersecurity Due Diligence Security Risk Management 215

Neopay

NOVEMBER 28, 2023

The digital revolution, spearheaded by digital banking, cryptocurrency, artificial intelligence (AI), and digital payment systems, has significantly contributed to the exponential rise in global financial crime compliance costs. As a result, the cumulative financial crime compliance costs have now exceeded an impressive $206 billion.

Financial Crimes 52

Financial Crimes Crime Compliance Money Laundering 52

Neopay

OCTOBER 3, 2024

As regulatory expectations rise, companies must ensure they have robust compliance frameworks in place, particularly when scaling rapidly. Compliance must keep pace with growth Starling’s rapid growth, from 43,000 customers in 2017 to 3.6 million in 2023, is impressive, but their compliance measures did not keep pace.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

Core

MARCH 19, 2024

Here’s what compliance managers and auditors need to know to strengthen internal fraud prevention and safeguard public funds. Manual payment processing typically lacks sufficient controls when it comes to documentation or audit trails, making it challenging to detect fraudulent transactions.

Fraud Detection 52

Fraud Detection Government Governance Compliance 52

PYMNTS

OCTOBER 9, 2020

Venture capital funding landed at supplier payment and compliance automation firms this week, among other B2B innovators that raised money. Strike Graph , a compliance automation firm, has launched with a $3.9 PYMNTS rounds up the latest funding rounds below. million Madrona Venture Group-led seed round.

Compliance 107

Compliance Automation Audit Cybersecurity 107

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. How Neopay can help At Neopay, we specialise in helping firms strengthen their compliance frameworks, ensuring that they meet and exceed regulatory expectations. Why does this matter?

Due Diligence 52

Due Diligence Fraud Prevention Financial Crimes Compliance 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

Fintech Review

JUNE 18, 2024

However, what is often overlooked or regarded with disdain is the amount of compliance and account reconciliations needed in back-office operations. Advanced software and innovative tools make back-office tasks like compliance checks and account reconciliations more efficient and accurate. Foster a culture of compliance.

Reconciliation 98

Reconciliation Compliance Regulatory Compliance Best Practices 98

Stax

JANUARY 8, 2024

Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer due diligence, and adherence to card regulations. They must also ensure that sub-merchants are compliant with the regulations set by card companies, e.g. PCI compliance.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

VISTA InfoSec

SEPTEMBER 28, 2023

Under the DPDP Act, ‘ Data Fiduciaries ’ – entities that handle personal digital data in India – are primarily responsible for compliance (Clause 2 (i), DPDP Act). 8 Steps to Achieve DPDP Compliance: Key Obligations for Data Fiduciaries 1.Notify The DPIA manages risk to these rights and addresses other related matters.

Privacy 130

Privacy Audit Data Breach Breach 130

FloQast

MARCH 1, 2024

The Sarbanes-Oxley Act addressed several themes, including increasing oversight of the accounting profession with the Public Company Accounting Oversight Board (PCAOB), establishing new standards to preserve auditor independence, reconfiguring audit committees, and requiring enhanced financial statement disclosures.

Audit 52

Audit Compliance Assessments Procedures 52

Basis Theory

OCTOBER 1, 2024

It’s hard to argue the role PCI compliance plays in today’s digital economy. Achieving PCI compliance, especially Level 1, tells a powerful story to the market: you take your data and its security seriously. What are PCI Compliance Levels, and why do they matter? PCI Level 1 Compliant: Over 6 million transactions per year.

PCI DSS 88

PCI DSS Compliance Encryption Assessments 88

VISTA InfoSec

JANUARY 22, 2024

Requirement and Testing Procedures 3.2.a Requirement and Testing Procedures 3.2.a Requirement and Testing Procedures 3.1 Minimize cardholder data storage by implementing policies, procedures, and processes for data retention and disposal. a Review policies and interview staff to confirm process compliance.

PCI DSS 100

PCI DSS Encryption Procedures Authorization 100

Segpay

DECEMBER 7, 2023

In that case, you need to be aware of the implications of the DSA and how to ensure compliance with its requirements. Appointing compliance officers Allowing external audits Providing access to data to researchers Enabling users to flag illegal or harmful content.

Compliance 52

Compliance Privacy Regulatory Compliance Data Security 52

Neopay

JUNE 27, 2024

To ensure compliance, firms must thoroughly familiarise themselves with the regulations applicable to their business models. Your senior team will all need to have understand the obligations on the firm and be able to prioritise regulatory compliance and its impact across the business.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

VISTA InfoSec

FEBRUARY 25, 2024

And painful account recovery procedures await all users who must reset passwords across potentially dozens of breached websites. Vet Third Parties Review details like security practices, past breaches, employee screening, and compliance levels before partnering with outside vendors who may get access to internal systems/data.

Data Breach 223

Data Breach Breach Multifactor Authentication Cybersecurity 223

PYMNTS

MAY 16, 2018

SOC 2 was developed by the American Institute of Certified Public Accountants (also known as AICPA) and exists as an auditing process aimed at ensuring that service providers maintain and manage customer data in a safe manner. The onus is on the firm to produce proof that such procedures were followed.

Audit 46

Audit Procedures ISOs Security 46

Nanonets

FEBRUARY 9, 2024

Still, effective implementation depends on a nuanced understanding of controls and the ecosystem surrounding ICFR – which this guide looks at as an orientation and an initial jumping-off point to long-term financial compliance.   Ultimately, remember that ICFR is more than compliance. Definition: What is ICFR?

Audit 52

Audit Risk Assessment Assessments Procedures 52

Neopay

MARCH 14, 2024

This includes proposals on firms’ systems and controls and improving FCA oversight through improved reporting and independent audit of firms safeguarding arrangements. Governance You should have documented policies and supporting operational evidence to show your governance of safeguarding procedures and framework.

Audit 59

Audit Risk Assessment Reconciliation Due Diligence 59

The Fintech Times

FEBRUARY 14, 2024

Easier monitoring: Automated systems maintain an audit trail for all transactions, facilitating process monitoring and compliance with audits. Confirm e-invoicing compliance Legal compliance is essential as more countries move towards a clearance model.

Automation 103

Automation Process Duplicate Compliance 103