VISTA InfoSec

FEBRUARY 25, 2024

You may face legal/regulatory penalties for violating disclosure laws. And painful account recovery procedures await all users who must reset passwords across potentially dozens of breached websites. Conduct audits periodically post-partnership.

Data Breach 223

Data Breach Breach Multifactor Authentication Cybersecurity 223

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

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. Learn more here about top investments and explore their cybersecurity measures. 5 / 5 ( 1 vote )

Cybersecurity 215

Cybersecurity Due Diligence Security Risk Management 215

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.

Reg E 52

Reg E CFPB Error Resolution Boot Camp 52

VISTA InfoSec

JULY 17, 2024

Navigate legal and regulatory frameworks Dealing with laws and rules about cybersecurity in different countries is a must. Each of these sets its own rules on handling personal information safely and legally. Train employees regularly on these policies and procedures Make training available in all relevant languages.

Cybersecurity 186

Cybersecurity Compliance Encryption Best Practices 186

NFCW

JULY 17, 2024

“The European Commission has made commitments offered by Apple legally binding under EU antitrust rules,” the official announcement says. To comply with the same industry standard-specifications as developers of HCE payment apps and to protect confidential information obtained in the context of an audit.

Payment Service Provider (PSP) 74

Payment Service Provider (PSP) Use Case Legal Agreements 74

VISTA InfoSec

SEPTEMBER 28, 2023

Appoint an Independent Data Auditor: The Significant Data Fiduciary shall appoint an independent data auditor to carry out a data audit. 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).

Privacy 130

Privacy Audit Data Breach Breach 130

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 anti-money laundering (AML) program is a set of laws and procedures that seek to uncover attempts to disguise illicit money as legitimate. Let’s get started.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

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

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. Comarch e-Invoicing was created with automatisation in mind.

Automation 103

Automation Process Duplicate Compliance 103

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

Segpay

MAY 1, 2024

DORA entered into force on January 16th, 2023, and its legal implementation deadline is January 17 th , 2025. Its legal framework is designed to enhance the operational resilience of all digital service providers, including payment service providers (PSPs), that operate in the European Union (EU).

Compliance 52

Compliance Cybersecurity Procedures Risk Management 52

FloQast

APRIL 8, 2024

Addressing material weaknesses is not just a legal requirement but a cornerstone of corporate governance and ensuring investor confidence, no matter the company size. This can impact the company’s stock price and ability to secure financing and increase external audit costs. Regular internal audits.

Compliance 52

Compliance Audit Best Practices Risk Assessment 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

The Fintech Times

SEPTEMBER 4, 2024

Compliance cost encompasses the salaries of compliance staff and their training, regulatory reporting costs, investment in technology upgrades, audit and legal fees, and the cost of implementing new regulatory guidelines and procedures.

Compliance 64

Compliance Rules Regulations Cybersecurity 64

Core

MARCH 19, 2024

Misappropriated tax dollars significantly erode public trust and confidence in government institutions, leading to skepticism, disengagement from civic processes, and even legal consequences. Still, payment fraud is a concern in every sector, and the stakes for government organizations are especially high.

Fraud Detection 52

Fraud Detection Governance Government Compliance 52

Nanonets

SEPTEMBER 21, 2023

It is a legally binding contract that communicates the buyer's intent to purchase. Key Takeaways: A purchase order is a legally binding contract issued by the buyer to outline the products or services needed. While both documents contain similar information, they serve different purposes in the purchasing process.

Disputes 52

Disputes Legal Procedures Facilitators 52

Nanonets

SEPTEMBER 21, 2023

Regular audits and reconciliations can also help identify any discrepancies and fraudulent transactions. Non-compliance with Regulations Compliance with accounting regulations is essential to avoid legal issues and penalties.

Accounts 52

Accounts Audit Payroll Compliance 52

Nanonets

MAY 21, 2024

Effective Account Reconciliation promotes compliance with regulatory requirements and accounting standards, mitigating the risk of penalties and legal consequences. Proper documentation provides a clear audit trail and facilitates transparency and accountability.

Best Practices 52

Best Practices Reconciliation Accounts Payment APIs and Integration 52

Basis Theory

OCTOBER 1, 2024

On the other hand, organizations with Levels 2, 3, or 4 use Self-Assessment Questionnaires (SAQs) to audit their compliance program. and assessments, significantly eliminating prep efforts and reducing audit timelines (to as little as 21 days.) Return to Top Who needs to be PCI compliant?

PCI DSS 88

PCI DSS Compliance Encryption Assessments 88

EBizCharge

JULY 12, 2024

This policy outlines acceptable expenses, the procedures for submitting expenses for reimbursement, and the roles and responsibilities of staff and management in the expense reporting process. Enforcing explicit procedures for approval and reimbursement creates a standard for audits. What is an expense policy?

Compliance 52

Compliance Best Practices Procedures Process 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 Automation 52

Nanonets

SEPTEMBER 21, 2023

Unlike purchase orders and receipts, invoices specifically request payment and serve multiple purposes, including record-keeping, accounting, tax documentation, and legal protection. In addition to aiding in financial transactions, invoices are an integral part of  accounting internal controls  and  audits.

Audit 40

Audit Legal Accounts Transactions 40

PYMNTS

JANUARY 23, 2020

The guidelines say that EU countries should create a framework, either legal or regulatory, to keep an eye on outsourced suppliers, as well as to curtail and monitor access to infrastructure. European Commissioner for Competition Margrethe Vestager will talk about the issue on Jan. 29, and outline the steps moving forward.

Risk 52

Risk Procedures Audit Cybersecurity 52

Stax

AUGUST 22, 2024

Regulatory compliance failure can have a negative impact on reputation, large fines, and even legal action. Payfacs need to have regular AML screenings and strictly implement KYC procedures. Additionally, you need to conduct regular compliance training for your staff and internal audits.

Risk Management 88

Risk Management Risk Regulatory Compliance Payment APIs and Integration 88

Nanonets

SEPTEMBER 23, 2023

The request is then approved or rejected based on the organization's policies and procedures. They ensure that an audit trail exists for every transaction, which can be used to demonstrate accountability and transparency. Documentation and Audits Proper documentation is crucial for requisition compliance and control.

Process 52

Process Best Practices Compliance Procedures 52

PYMNTS

JULY 13, 2018

In response, Samsung BioLogics said the decision is “very regrettable” and that it would pursue “all possible legal measures, including an administrative lawsuit,” Reuters said. “We have legally implemented all accounting procedures,” the company stated.

Regulations 40

Regulations Accounts Laws Audit 40

Nanonets

NOVEMBER 14, 2023

The self-billing procedure ensures the automatic generation of invoices for goods without the need for the supplier to send them separately. Ensure that each agreement complies with legal standards to avoid complications down the financial road. Why Use Self Billing? Companies choose self-billing for specific reasons.

Agreements 52

Agreements Compliance Disputes Legal 52

FICO

MARCH 24, 2021

The GAO Study cited in part 1 states that “retrospective review of data on imports and exports, suspicious financial activity, and legal investigations is essential to identifying patterns and anomalies in trade transactions.”. Conducting internal monitoring and auditing. Developing effective and open lines of communication.

Money Laundering 98

Money Laundering SARS Financial Crimes Fincen 98

Segpay

OCTOBER 4, 2023

Affiliate marketing is often considered high-risk from a compliance perspective due to several factors that can increase the likelihood of regulatory and legal issues. Such practices can lead to legal and regulatory challenges, particularly if consumers are harmed or misled. Non-compliance can result in fines and legal action.

Security 52

Security Due Diligence Compliance Payments 52

Stax

SEPTEMBER 17, 2024

These include penalties, legal repurcussions, and the revocation of credit card processing privileges. Data should only be stored if absolutely necessary and only for as long as required by business, legal, or regulatory needs. Each requirement plays a critical role in building a secure environment for payment processing.

Credit Cards 88

Credit Cards PCI DSS Compliance Process 88

EBizCharge

JUNE 25, 2024

This meticulous record-keeping is often a requirement by regulatory authorities and having it in place can prevent costly penalties or legal complications. Efficient filing supports future audits and can help track the company’s financial health and cash flow over time.

Reconciliation 52

Reconciliation Automation Transactions Correspondent 52

Nanonets

SEPTEMBER 25, 2024

  Bank statement processing is essential for accurate reconciliation , auditing, and financial reporting. Maintain an efficient audit trail for future retrieval. Regularly train staff on adjustment procedures to minimize errors. Ensure all statements are properly scanned and readable.

AI 52

AI Process Best Practices Reconciliation 52

Stax

MARCH 6, 2024

Legal and payment compliance Adhering to compliance standards, including those set by the Payment Card Industry Data Security Standard (PCI DSS), is essential. These standards ensure that customer payment information is handled securely and that transactions meet legal requirements.

Best Practices 88

Best Practices PCI DSS Payment Gateways Gateways 88

CB Insights

NOVEMBER 2, 2017

Regtech software is digitizing compliance procedures and eliminating the backlog. The next wave of regtech will leverage advanced technology like machine learning, natural language processing (NLP), and blockchain to replace old policies and procedures. The volume of regulation has created more surface area for compliance gaps.

Compliance 72

Compliance Regulations Audit Office of the Comptroller of the Currency 72

Nanonets

JUNE 27, 2023

Regulatory compliance and auditing Compliance with industry regulations and retention policies is critical for businesses. Document digitization enables better control and management of compliance-related documents, ensuring adherence to regulatory requirements and facilitating auditing processes.

Product 52

Product Disaster Recovery Automation Compliance 52

Nanonets

MARCH 14, 2024

Purchase order (PO) is a legally binding agreement issued by the purchaser to the vendor, informing of the type of product/service ordered and the quantity and prices agreed upon. Invoice is a legally binding document that is issued by the vendor to the purchaser along with or after the delivery of the product/service to the customer.

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 52