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

Neopay

MARCH 14, 2024

It will be consulting this year on proposals to close gaps in protection and reduce risks of harm if firms fail. This includes proposals on firms’ systems and controls and improving FCA oversight through improved reporting and independent audit of firms safeguarding arrangements.

Audit 59

Audit Risk Assessment Reconciliation Due Diligence 59

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

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 effective AML compliance program must include Know Your Customer (KYC) protocols, transaction monitoring and reporting, risk assessment and categorization, and training and awareness for staff.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

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

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

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

JUNE 27, 2024

This includes conducting a thorough risk assessment, implementing appropriate risk controls and establishing effective monitoring mechanisms. Provide a clear overview of your risk appetite and mitigation strategies to demonstrate a proactive approach to risk management.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

Neopay

JULY 4, 2024

Risk assessments : Document actions taken as part of Business Wide Risk Assessments (BWRA) or Enhanced Risk Assessments (EWRA). Related policies and procedures : Review policies like Complaints Handling, Vulnerable Customer protocols, and Customer Onboarding processes.

Consumer 52

Consumer Risk Assessment Assessments Compliance 52

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

FloQast

APRIL 8, 2024

This can impact the company’s stock price and ability to secure financing and increase external audit costs. 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.

Compliance 52

Compliance Audit Best Practices Risk Assessment 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. Audits, advice and reviews from third-party specialists such as Neopay are essential now really. No problem.

AML 52

AML Due Diligence Suspicious Activity Report (SAR) Risk Assessment 52

FloQast

DECEMBER 13, 2023

It was known as the Corporate and Auditing Accountability, Responsibility, and Transparency Act. It prohibits auditors from providing certain consulting services to their audit clients and requires a rotation of the lead audit partner every five years.

Compliance 52

Compliance Audit White Collar Crime Risk Assessment 52

FloQast

MAY 13, 2024

The software notifies the accounting team of task completion simultaneously notifying the accountant completing the inventory workflow, and the internal audit team monitoring the effectiveness of the control environment. The manager is able to sign-off and log the count digitally via control software.

Compliance 52

Compliance Audit Automation Accounts 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. The Critical Role of Internal Audits Ever heard the saying, “Two heads are better than one”?

Compliance 52

Compliance Risk Assessment Audit Risk Management 52

VISTA InfoSec

FEBRUARY 28, 2024

Specific Requirement - New: Rules for limited shared account use (duration, documentation, approval, auditability). Changes Core Focus Limiting database access to programmatic methods (apps, stored procedures) and database administrators. Interview those in charge: do these accounts follow these strict procedures?

PCI DSS 130

PCI DSS Best Practices Authentication Rules 130

FloQast

OCTOBER 27, 2023

Write clear internal policies and procedures : Staff at all levels must understand the rules. For this reason, policies and procedures should be simple, clear, and concise. The risk assessment should also identify the potential consequences of each risk and the controls in place to mitigate those risks.

Compliance 52

Compliance Best Practices Mitigation Procedures 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

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

Center for Payments

SEPTEMBER 15, 2022

The Payment Associations represent a group of hard-working payment experts dedicated to assisting financial institutions through business continuity planning education, consultative audits, and risk assessments, providing guidance through various payment rules and regulations.

FFIEC 40

FFIEC Risk Assessment Business Continuity Federal Reserve 40

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.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

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

Clearly Payments

JANUARY 8, 2024

Merchants must familiarize themselves with the diverse risks associated with payment processing, encompassing fraud, chargebacks, and cybersecurity threats. Conducting a thorough risk assessment tailored to the specific nature of the business is essential.

Risk Management 66

Risk Management Risk PCI DSS Process 66

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. . Conducting internal monitoring and auditing.

Money Laundering 98

Money Laundering SARS Financial Crimes Fincen 98

Seon

JUNE 29, 2023

It achieves this through transaction and behavior monitoring, risk assessment, and alert generation. Risk assessment: KYT is informed by data sources such as politically exposed person (PEP) lists, high-risk jurisdiction lists, and negative media and sanctions lists.

Transactions 52

Transactions Due Diligence Money Laundering AML 52

PYMNTS

NOVEMBER 26, 2018

The researchers examined executive pay as a risk factor because auditing standards include executive compensation in their risk assessment and prior research. Twelve percent of companies analyzed had at least one C-level executive with prior audit experience , either as a partner or manager of a public accounting firm.

Compromise 51

Compromise Accounts Audit Risk 51

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. A PCI QSA audit can provide assurance that you’re on the right track.

PCI DSS 130

PCI DSS Compliance Data Breach Breach 130

Nanonets

MAY 31, 2023

Companies may also incur expenses related to potential restitution, program reviews, audits, and retrofitting or redesigning of processes and systems. For example, as a result of PwC’s alleged involvement in the Satyam Computer Services scandal, the company was banned from auditing listed companies in India for two years.

Fraud Detection 52

Fraud Detection Payments Audit Fraud Prevention 52

Nanonets

SEPTEMBER 22, 2023

Effective  vendor management  contributes to cost optimization,  risk mitigation , and quality assurance. Prior to entering into contractual agreements, conducting initial risk assessments is crucial to understand potential risks associated with the vendors. Key Stages of the Vendor Selection Process 1.

Risk Mitigation 40

Risk Mitigation Mitigation Risk Assessment Assessments 40

Segpay

DECEMBER 7, 2023

Appointing compliance officers Allowing external audits Providing access to data to researchers Enabling users to flag illegal or harmful content. Regular review and updating of internal policies and procedures in response to evolving regulatory requirements can help businesses stay abreast of the latest compliance standards.

Compliance 52

Compliance Privacy Regulatory Compliance Data Security 52

Nanonets

SEPTEMBER 27, 2024

to assessment, verification, and settlement. A policyholder gets a minor procedure done over the course of a day while being hospitalized. Manual processes increase the risk of non-compliance with regulations dramatically. This can cause issues with audit and credibility certifications.

Process 52

Process Underwriting Automation Database 52

PYMNTS

SEPTEMBER 29, 2017

Seventy-nine percent of survey respondents said they are performing enterprise-wide risk assessments in response to stricter regulations, while most also said risk management is also taken into account when performing other tasks like testing, training, compliance audit programs and developing policies and procedures.

Treasury 56

Treasury Addressing Treasury Management FinTech 56

PYMNTS

AUGUST 20, 2018

According to Bloomberg, citing people familiar with the situation, Zelle is in the process of enhancing its risk assessment tools in effort to make it safe for people to pay small businesses via the app. The peer-to-peer (P2P) payments app, Zelle , is contemplating an expansion beyond enabling payments between family and friends.

FBI 40

FBI Zelle ATM Credit Cards 40

PYMNTS

AUGUST 20, 2018

According to Bloomberg, citing people familiar with the situation, reports Zelle is in the process of enhancing its risk assessment tools as part of the effort to make it safe for people to pay small businesses via the app. There is no set release date for the new functionality – according to reports.

FBI 40

FBI Zelle Credit Cards ATM 40

PYMNTS

OCTOBER 9, 2020

By helping firms scope appropriately sized audits and dynamically modify controls, Strike Graph seeks to take away the confusion around cybersecurity audit and certification procedures. The new funding will assist Strike Graph in hiring for more cybersecurity and engineering roles.

Compliance 107

Compliance Automation Audit Cybersecurity 107