Neopay

MARCH 7, 2024

Due diligence and monitoring: Policies lack specificity, leading to ambiguity in the actions required for compliance with MLRs, particularly concerning due diligence, ongoing monitoring, and the establishment of effective procedures.

AML 52

AML Financial Crimes Crime Risk Assessment 52

The Payments Association

OCTOBER 22, 2024

The requirement is to comply with safeguarding requirements audited annually, with the audit submitted to the FCA. Requirements to consider diversification of third parties with which Payments Firms hold, deposit, insure or guarantee Relevant Funds that it is required to safeguard and due diligence requirements.

Consulting 88

Consulting Rules Treasury Due Diligence 88

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

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. It involves reviewing a specific risk or target area, for example Enhanced Due Diligence, across several firms simultaneously.

AML 52

AML Due Diligence Suspicious Activity Report (SAR) 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

Neopay

JUNE 27, 2024

Compliance policies and procedures: Develop comprehensive compliance policies and procedures that address key regulatory requirements, such as anti-money laundering (AML) and Know Your Customer (KYC) obligations (see below). Staff training: Provide regular training to your staff on AML obligations, red flags, and reporting procedures.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

Stax

AUGUST 22, 2024

Thorough due diligence, technology, and adherence to regulatory guidelines are essential in a PayFac’s risk management strategy. You need thorough due diligence, technology, and adherence to regulatory guidelines in your risk management strategy. The due diligence doesn’t stop at onboarding.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

Core

MARCH 19, 2024

Manual payment processing typically lacks sufficient controls when it comes to documentation or audit trails, making it challenging to detect fraudulent transactions. Reliance on Manual Processes Many local governments still rely on manual payment processes, which are prone to human error even without intentional manipulation.

Fraud Detection 52

Fraud Detection Government Governance Compliance 52

Seon

JUNE 29, 2023

As such, it is part of an organization’s due diligence. Transactions that can be linked to terrorist financing can be elevated from conventional AML due diligence to advanced AML due diligence. KYT is a regulatory compliance requirement.

Transactions 52

Transactions Due Diligence Money Laundering AML 52

Nanonets

NOVEMBER 27, 2023

  Both serve critical functions, including documentation management, budget control, and audit-proofing your business’ financial functions.  You also need to maintain accurate expense records for your financial management systems in case the IRS comes knocking for an audit.   What is a Purchase Requisition?

Audit 52

Audit Accounts Legal Due Diligence 52

PYMNTS

JUNE 27, 2017

And though the majority of deal-makers don’t think potential cybersecurity effects are quantified as part of due diligence, this is a step that is expected to become more commonplace as high-profile attacks are spotlighted.

Cybersecurity 43

Cybersecurity Due Diligence Audit Data Breach 43

Segpay

OCTOBER 4, 2023

The risk is exceptionally high when merchants refrain from subjecting their affiliates to solid due diligence (KYC screening) during the customer acceptance process. Enhanced Due Diligence: High-risk PSPs often conduct thorough due diligence on their clients and affiliates instead of leaving this up to the merchants.

Security 52

Security Due Diligence Compliance Payments 52

Stax

JANUARY 29, 2024

However, staying focused on the big picture can be challenging if your business is bogged down by repetitive payments and intricate billing procedures—both common hurdles for a billing system with inadequate functionality. In today’s fast-paced business landscape, efficient and seamless payment processing is paramount to your bottom line.

Payment APIs and Integration 88

Payment APIs and Integration Payment Gateways Gateways Automation 88

Nanonets

SEPTEMBER 22, 2023

Another method is to conduct site visits or audits of potential vendors' facilities. Conducting thorough due diligence on potential vendors can help uncover any red flags or potential risks. Conduct thorough due diligence on potential vendors to identify any red flags or potential risks.

Risk Mitigation 40

Risk Mitigation Mitigation Risk Assessment Assessments 40

PYMNTS

JULY 19, 2018

A lot of organizations will require certain right to audit clauses or assurance provisions within their contracts to allow periodic testing to occur to make sure of things like security and privacy of data.”. The assessment phase demands that standardized procedures be put in place for management and reporting purposes.

Risk 42

Risk FinTech Risk Management Privacy 42

Neopay

NOVEMBER 28, 2023

With 71% of organisations adopting advanced analytics, institutions are leveraging AI to optimise data usage and enhance compliance procedures. These challenges are further complicated by complex and ever-evolving procedures, regulatory pressures, and increasing alert numbers.

Financial Crimes 52

Financial Crimes Crime Compliance Money Laundering 52