The Payments Association

DECEMBER 9, 2024

Cohn believes regulation will impose stricter requirements for organisations to assess and mitigate the potential for algorithmic bias in AI-powered payment systems. This could involve regular audits of AI systems, rigorous testing procedures, and ongoing monitoring of their performance to identify and address discriminatory patterns.

Privacy 88

Privacy Payment Security AI Security 88

The Payments Association

FEBRUARY 10, 2025

Partnering with regional providers, leveraging AI for fraud detection, and conducting regular audits will ensure compliance, transparency, and operational excellence. Including structured data would help PSPs monitor and mitigate financial crime risks.

IBAN 88

IBAN AML Master Account Due Diligence 88

Nanonets

JUNE 19, 2023

Accounts payable audits play a crucial role in the financial health of businesses. This article covers why accounts payable audits are important to maintain financial health and the steps in an AP audit process. We will also cover how automation helps to streamline the AP audit procedure. What is an AP Audit?

Audit 52

Audit Accounts Procedures Compliance 52

Nanonets

APRIL 24, 2024

Audit Bank Reconciliation Guide  Both internal and external accounting audits are essential parts of financial management as well as organizational risk management. A bank reconciliation audit is one such process that helps in identifying financial gaps or discrepancies. Looking out for a Reconciliation Software?

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

VISTA InfoSec

OCTOBER 26, 2023

SOX establishes regulations around financial reporting, mandates internal control audits, and strengthens corporate governance. The SOC framework includes multiple internal control audit reports. Now let’s examine the key differences between SOC and SOX audits. It applies to all U.S. SOX, a U.S.

Audit 130

Audit Compliance Laws Government 130

Nanonets

MAY 8, 2023

If not, it may be time to rework your current accounting policies to implement audit trails. Despite what many business owners believe, audit trails aren’t reserved only for companies that receive an audit. Audit trails can prevent fraud, aid in disaster recovery, and ensure compliance with regulatory agencies.

Audit 52

Audit Procedures Disaster Recovery Reconciliation 52

VISTA InfoSec

FEBRUARY 13, 2024

Audits play a complementary role by ensuring that existing security measures align with both internal policies and external regulatory requirements. In jurisdictions where regulatory compliance is stringent, such as in Singapore, audits are an indispensable part of the cybersecurity framework.

Cybersecurity 130

Cybersecurity Audit Best Practices Mitigation 130

FloQast

FEBRUARY 19, 2025

He brings over 13 years of experience, providing clients with business and technology audits, as well as providing control design assessment and process improvement services. Xavier has led numerous SOX and Internal Audit engagements for clients ranging from start-ups to Fortune 500 companies throughout his career at CFGI.

Advisors 52

Advisors Compliance Risk Audit 52

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

Stax

JANUARY 8, 2024

Common risk management strategies for PayFacs include proper merchant vetting and onboarding, transaction monitoring and fraud prevention, chargeback mitigation, KYC/AML compliance, and data breach prevention. The potential impact of failed or inadequate internal systems, processes, procedures, etc.

Risk Management 88

Risk Management Risk Money Laundering Procedures 88

VISTA InfoSec

JULY 31, 2023

Create a Formal Procedure : Establish a standardized process for restricting network access by configuring rules and criteria for your firewalls and routers. Maintain Documentation of Your Procedures : Keep a record of your process and create visual representations of cardholder data streams between systems and networks.

PCI DSS 130

PCI DSS Security Encryption Compliance 130

Fintech Finance

MARCH 3, 2025

Issued by Ernst & Young (EY), a leading independent auditing firm, the SOC 2 Type II certification is a rigorous assessment for operating effectiveness of a service providers internal controls. The audit firm will conduct annual reviews, and Antom will continue its recertification process.

Fraud Prevention 52

Fraud Prevention Fraud Detection AI Risk Management 52

VISTA InfoSec

NOVEMBER 12, 2024

This includes preparing for potential threats, training staff on response procedures, and regularly testing the response plan ( Requirements 12.10.1 Engage qualified security assessors (QSAs) Work with a QSA to perform a gap analysis, guide you through the compliance process, and conduct formal audits. and 10.2 ).

PCI DSS 130

PCI DSS Compliance Encryption Audit 130

VISTA InfoSec

NOVEMBER 12, 2024

This includes preparing for potential threats, training staff on response procedures, and regularly testing the response plan ( Requirements 12.10.1 Engage qualified security assessors (QSAs) Work with a QSA to perform a gap analysis, guide you through the compliance process, and conduct formal audits. and 10.2 ).

PCI DSS 130

PCI DSS Compliance Encryption Audit 130

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

EBizCharge

MARCH 18, 2025

To mitigate these risks and secure financial data, pairing your Sage 100 with a secure payment gateway provider with robust security features is key. Conduct routine audits to ensure compliance with security protocols: Audits help identify weaknesses in your payment processing system and ensure all operations are up to standard.

Credit Cards 52

Credit Cards Process Security Data Breach 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

The Payments Association

DECEMBER 16, 2024

While external factors are harder to control, businesses can mitigate their impact through effective strategies. Streamlined processes and robust controls can mitigate these risks effectively. Best Practices for Managing FX Risks Diversification Strategies Diversifying your currency portfolio is an effective risk mitigation approach.

International Payments 88

International Payments Risk Payments Strategy Multi-Currency 88

Nanonets

AUGUST 1, 2023

Over the years, the auditing landscape has undergone remarkable transformations, and among the most significant advancements has been the advent of audit automation software solutions. Computer-Assisted Audit Tools and Techniques (CAATTs) have been available to auditors since the early 1990s. The situation has changed now.

Audit 40

Audit Automation Risk Assessment Payment APIs and Integration 40

Innovative Payments Association

AUGUST 29, 2024

By understanding these risks, businesses can develop appropriate controls to mitigate them. Develop Written Policies and Procedures Clear and comprehensive written policies and procedures are essential for a strong compliance program.

Cannabis Banking 52

Cannabis Banking Boot Camp Compliance Money Laundering 52

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

Nanonets

MAY 22, 2023

Financial controls are the procedures, policies, and means by which an organization monitors and manages its revenues, costs, budgets, cash flow, and other financial aspects. Setting up regular financial audits Regular financial audits are essential for ensuring that the financial controls in place are working as intended.

Automation 98

Automation Procedures Audit Process 98

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. This involves identifying and mitigating risks associated with safeguarding and understanding potential threats and vulnerabilities to client assets and data.

Compliance 52

Compliance Procedures Audit Risk Management 52

VISTA InfoSec

FEBRUARY 16, 2024

These measures help mitigate vulnerabilities that hackers could exploit. 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. PCI DSS v3.2.1 PCI DSS v4.0 Requirement 6.3 is now 6.2.2.

PCI DSS 100

PCI DSS Procedures Best Practices Verification 100

Clearly Payments

JANUARY 8, 2024

By identifying potential vulnerabilities, merchants can take targeted actions to mitigate risks before they escalate. Employee Training on Chargeback Procedures Train employees involved in customer service and order fulfillment on chargeback procedures.

Risk Management 97

Risk Management Risk PCI DSS Process 97

Open Banking Excellence

SEPTEMBER 21, 2023

This should include policies, procedures, protocols, and tools needed to protect your organisation’s assets. They will have to increase oversight of third-party providers, to ensure contracts are DORA-compliant and guarantee they are following suitable risk management procedures.

FinTech 130

FinTech Compliance Regulations Non-Bank 130

The Payments Association

OCTOBER 11, 2024

Firms must prepare for these changes by improving their internal processes, conducting audits, and adapting to new compliance requirements to ensure seamless implementation of the FCA’s reforms. What’s next?

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

The Payments Association

JANUARY 29, 2025

A monitoring framework must be implemented without delay and include structured assurance processes, documented procedures, and regular reviews to identify breaches early and mitigate regulatory risks. Fosteringstrong governance, clear accountability, and timely disciplinary actionsshould mitigate insider risks.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

Neopay

OCTOBER 10, 2024

These controls should be applied during both the onboarding of customers and through continuous transaction monitoring to mitigate fraud risks. This includes both the technical aspects, such as transaction monitoring, and the human elements, such as staff training and procedural reviews.

Due Diligence 52

Due Diligence Fraud Prevention Financial Crimes Compliance 52

FloQast

MARCH 25, 2024

And solutions that are easy to implement help businesses mitigate the cost of traditional close processes and enhance performance. This approach helps improve the accuracy and compliance of financial reports and enhances audit readiness because now there is a clear and auditable trail of activities.

Close Processes 105

Close Processes Compliance Automation Risk 105

CB Insights

NOVEMBER 2, 2017

To meet the need for better and more efficient regulation of businesses, especially for financial firms, an emerging crop of regulatory technology startups are building tools aimed at helping companies improve compliance, mitigate risk, and streamline processes. Regtech software is digitizing compliance procedures and eliminating the backlog.

Compliance 72

Compliance Regulations Audit Office of the Comptroller of the Currency 72

FloQast

OCTOBER 27, 2023

Typically, compliance management will also include Identifying appropriate controls, Managing relationships with various regulators, Coordinating or responding to regulatory concerns and inquiries, and Mitigating regulatory breaches Why is Compliance Management Important? Here’s the thing. The post What is Compliance Management?

Compliance 52

Compliance Best Practices Mitigation Procedures 52

Nanonets

JULY 11, 2023

Effective purchases controls ensure compliance with regulations, mitigate risks and promote operational efficiency. Receipt and Inspection of Goods: Purchases controls include procedures for receiving and inspecting goods to ensure that they meet the organization's specifications and quality standards.

Procedures 40

Procedures Audit Mitigation Assessments 40

Neopay

OCTOBER 3, 2024

Key takeaway : If your business deals with high-risk clients, it’s crucial to implement enhanced due diligence procedures. Companies must regularly audit and stress-test their systems to ensure they function as intended, particularly as regulatory requirements change. Training and continuous support : Compliance is an ongoing process.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

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

Stax

AUGUST 22, 2024

To mitigate some of the financial risks, you can look into retaining a portion of the funds and creating reverse accounts. 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 Due Diligence 88

Segpay

MAY 1, 2024

This framework will have significant implications for global PSPs with clients in Europe, as it will require PSPs to strengthen their operational resilience capabilities, comply with regulatory requirements, and adapt their business practices to mitigate operational risks effectively.

Cybersecurity 52

Cybersecurity Compliance Procedures Risk Management 52