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Decoding the FCA’s Safeguarding reforms: Practical steps for payments and E-money firms

The Payments Association

Central to these changes are new statutory trust requirements, more prescriptive record-keeping, reconciliation standards, and the mandate for external safeguarding audits. Safeguarding audits: Firms are required to arrange safeguarding audits to assess compliance with the rules.

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Safeguarding changes: assessing the impact

The Payments Association

What to expect: Kieran Millar, principal product manager at AutoRek, will discuss safeguarding reconciliation concepts, record-keeping practices, governance, and reporting requirements.

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Expense Reconciliation: Step-by-Step Guide

Nanonets

Expense reconciliation is the process through which businesses track expenditures, identify anomalies, adhere to regulatory requirements, and maintain financial accuracy and integrity. What is Expense Reconciliation? Fraud Prevention: Expense reconciliation plays a critical role in fraud prevention.

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Importance of bank reconciliation in internal control

Nanonets

Importance of bank reconciliation in internal control In the world of finance and accounting, accuracy is key. Bank reconciliation is a fundamental process that ensures the alignment of internal records with external bank statements. What Is a Bank Reconciliation? There are various approaches to conducting bank reconciliation.

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How payment firms can prepare for the FCA’s proposed safeguarding regime

The Payments Association

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?

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UK Financial Conduct Authority plans to reform safeguarding rules for e-money and payment institutions

The Payments Association

Firms with agents or distributors may require additional liquidity for safeguarding. Firms may be required to diversify their safeguarding providers. Enhanced reconciliation, audit, and reporting requirements will create additional administrative burdens and could increase the risk of supervisory and enforcement action.

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71% of UK and US Banking Institutions Concerned About Regulatory Processes; AutoRek Reveals

The Fintech Times

Aside from the issues firms have reported around their financial control processes, institutions also revealed concerns about their data quality, particularly regarding meeting regulatory reporting requirements. We look forward to completing the survey in 2025 to see how respondents have progressed.”

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