PYMNTS

NOVEMBER 26, 2019

The Prudential Regulation Authority (PRA), the supervisory arm of the Bank of England (BoE), has fined Citigroup a record-breaking $56.3 million for not completing accurate returns between 2014 and 2018, according to a report by Reuters. Citigroup said it corrected the issues as soon as it became aware of them.

Returns 76

Returns Audit Regulations Authorization 76

Neopay

JULY 18, 2024

These technical standards are crucial as they allow supervisors to monitor institutions’ compliance with the Capital Requirements Regulation (CRR3) implementation of the latest Basel III reforms in the EU and will foster consistent and enhanced supervision.

Reporting Requirements 52

Reporting Requirements Credit Risk Risk Consulting 52

Fintech News

JULY 17, 2024

And contrasting with the non-crypto native space, the Hong Kong Monetary Authority (HKMA) just fined DBS Bank (Hong Kong) Limited, the HK subsidiary of DBS , a HK$10 million penalty for breaches of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). The United Arab Emirates has amended Federal Decree-Law No. (20)

Money Laundering 107

Money Laundering Law Enforcement AML Non-Bank 107

PYMNTS

OCTOBER 15, 2018

Launched in April 2017, the MSB Call Report required licensees to file by mid-May. Lambert stated that the MSB Call Report and Uniform Authorized Agent Report represent an ongoing effort by state regulators to unify reporting requirements.

Regulations 68

Regulations Privacy Reporting Requirements Laws 68

Fintech News

OCTOBER 21, 2024

Committed and competent entrepreneurs are just as much needed as progressive, mission-driven corporates, and authorities that provide a secure and innovation-friendly framework. Presently only targeting large firms, compulsory reporting requirements will increasingly include a larger set of firms.

Finance 114

Finance Blockchain FinTech Regulations 114

PYMNTS

NOVEMBER 26, 2019

The Prudential Regulation Authority (PRA), the supervisory arm of the Bank of England (BoE), has fined Citigroup a record-breaking $56.3 million for not completing accurate returns between 2014 and 2018, according to a report by Reuters. Citigroup said it corrected the issues as soon as it became aware of them.

Returns 54

Returns Audit Regulations Authorization 54

PYMNTS

JUNE 14, 2017

Brazil, however, is the most complex market in the region, and the second-most complex in the world, thanks to more than 90 taxes, duties and contributions charged by the local authorities. TMF Group noted that other areas, like understanding the local language and currency, “can prove vital in meeting reporting and compliance requirements.”.

Regulatory Compliance 58

Regulatory Compliance Compliance On-Demand Regulations 58

The Fintech Times

FEBRUARY 12, 2024

The Financial Services Regulatory Authority (FSRA) of ADGM has imposed penalties on six financial institutions for contraventions of the Common Reporting Standard Regulations 2017 (‘the Regulations’). These fines totalled AED 170,000.

Distributed Ledger Technology (DLT) 59

Distributed Ledger Technology (DLT) Due Diligence Innovation Procedures 59

PYMNTS

DECEMBER 17, 2018

Australian challenger bank Judo Capital has chosen VERMEG , a leading banking and insurance software solution company, to meet its Australian Prudential Regulation Authority (APRA) reporting requirements as it pursues its full banking license. “Regulatory reporting is an essential function for Judo.

Compliance 46

Compliance Regulatory Compliance Authorization On-Demand 46

Fintech News

FEBRUARY 20, 2024

The KPMG and Elevandi data study details how tailored educational programs and simplified reporting requirements will be vital to bridging the ESG knowledge gap. The Critical Role of Education and Capacity Building An essential component of Project Savannah’s strategy involves education and capacity building among MSMEs.

Small Business 107

Small Business Credential Facilitators Verification 107

PYMNTS

NOVEMBER 26, 2019

The central bank’s decision, Barybin explained, had everything to do with strict data sharing and reporting requirements with which SatchelPay could not keep up. During this time, the company focused on restructuring and management enhancements to ensure the company can, moving forward, comply with reporting requirements.

Compliance 73

Compliance Regulations FinTech Cross-Border Payments 73

FICO

OCTOBER 26, 2017

As a result, financial institutions had to set up new processes, and most of the software vendors did not enhance their FATCA compliance solutions to cover the CRS reporting requirements. CRS reporting is more of a regional topic (e.g., Life did not get easier. is the customer living and working cross-border).

Compliance 53

Compliance IRS Agreements Audit 53

Fintech Review

OCTOBER 22, 2024

One of the primary issues is the decentralised nature of cryptocurrencies, making it difficult for authorities to track and regulate transactions. The United States, as mentioned earlier, has implemented stricter reporting requirements for cryptocurrency exchanges.

Cryptocurrency 97

Cryptocurrency Laws IRS Regulations 97

Fintech Finance

MAY 21, 2024

E-invoicing is increasingly taking priority within CFO departments alongside e-reporting requirements from local governments or tax authorities. Accounting teams will be required to comply with specific legislation when sending and receiving electronic invoices.

Automation 52

Automation Duplicate Best Practices Finance 52

FICO

MAY 25, 2017

This outlook comes at a significant point in time, with only five months to go until a new international standard is rolled out that governs how tax authorities in participating countries exchange data relating to the bank accounts of taxpayers. While only 22 percent of respondents felt tax evasion would decrease this year.

APACS 40

APACS Authorization Compliance Reporting Requirements 40

Neopay

APRIL 8, 2024

Under the forthcoming legislation, PSPs will have the authority to delay outbound payments for up to four business days if there are reasonable grounds to suspect fraud or dishonesty. This extends the current requirement, which mandates crediting the transaction amount to the payee’s account by the end of the next business day.

Service Provider 52

Service Provider Due Diligence Fraud Prevention Payments 52

The Fintech Times

JULY 31, 2024

But I’m not so sure that these organisations are fully aware of the IRS regulations that have already begun to come into effect about additional reporting requirements for collecting over only $600 on these apps. This requires technological investments and ongoing staff training to stay updated with regulatory changes.

Compliance 64

Compliance AML Regulations Due Diligence 64

FICO

JULY 23, 2018

The European Banking Authority have just published their final report and guidelines on fraud reporting under PSD2. There’s much to digest and understand, but one thing that stands out for me is categories of fraud that must be reported.

Authentication 45

Authentication Payer Payments Real Time Payments 45

PYMNTS

JANUARY 3, 2020

Georgia stands ready to lower its remote seller sales threshold and eliminate some reporting requirements as of January 2020. Some states have grace periods in place for individual sellers to embrace, while in other states, tax authorities may opt to go after the online marketplaces themselves rather than pursue individual firms.

Posting 53

Posting Cross-Border Compliance Facilitators 53

Stax

JANUARY 31, 2024

Level 3 interchange rates apply to transactions that meet specific detailed reporting requirements, usually for business-to-business (B2B) and government transactions. These rates are often lower than standard rates but require more detailed transaction information. What is the level 3 interchange rate for Visa?

Credit Cards 88

Credit Cards Push-to-Card Processors Transactions 88

PYMNTS

APRIL 28, 2016

The agency, she said, is using the rules on the biggest market participants “to really expand its supervisory authority, including over emerging lenders, and the statute allows for that.”. Many are also bound to reporting requirements with the SEC.

CFPB 40

CFPB Consumer Protection Regulatory Compliance FTC 40

Finovate

SEPTEMBER 18, 2024

Banks have long been subject to strict regulations and reporting requirements. ” The second truth today’s proposed rulemaking underscores is that the financial services industry needs a national fintech charter that can monitor, regulate, and enforce third parties that manage and handle consumer funds.

Rules 52

Rules FDIC Non-Bank Money Laundering 52

Global Fintech & Digital Assets

NOVEMBER 2, 2023

According to FinCEN, mixers are generally required to register with FinCEN if they do business as money transmitters wholly or in substantial part in the US. However, the NPRM states that “no CVC mixers are currently registered with FinCEN.”

Fincen 52

Fincen Money Laundering Law Enforcement Non-Bank 52

Finovate

JUNE 20, 2024

The newer regulations are more complex and reporting on them is more frequent. Compliance platforms of the past are not able to cope with these new kind of reporting requirements. As a private SaaS platform, our proprietary AI software addresses the newer compliance requirements with ease.

Compliance 52

Compliance Regulatory Compliance Regulations AI 52

PYMNTS

SEPTEMBER 25, 2019

Wales also emphasized the challenge of evolving reporting standards and the challenge that marketplace lenders must address as watchdogs elevate their reporting requirements, especially for global companies operating in multiple jurisdictions, each with its own set of standards for these digital companies to collect and submit data.

Compliance 47

Compliance P2P Risk Management Regulatory Compliance 47

FloQast

APRIL 12, 2024

You can create a Form ID on the EDGAR website and submit it for authorization to the SEC. Filing the S-1 Form Once completed, you can file Form S-1 with the SEC using its Electronic Data Gathering, Analysis, and Retrieval system, also known as the EDGAR filing system. You first need to apply for access to the EDGAR system.

Underwriting 52

Underwriting Indemnification Due Diligence Legal 52

Nanonets

DECEMBER 29, 2023

When your business begins streamlining workflows with Xero + AP Automation, the accounts payable staff will not need to perform these repetitive manual data entry steps for every supplier, invoice, or employee expense report requiring reimbursement. Perhaps accounts payable still uses old-school paper checks.

Automation 59

Automation Accounts Checks AI 59

The Payments Association

OCTOBER 11, 2024

The Financial Conduct Authority’s (FCA) proposed reforms to strengthen consumer fund safeguarding in the payments and e-money sectors. 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.

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

Nanonets

NOVEMBER 29, 2023

Understanding Document Approval Processes Document approval is a critical business process involving the review, verification, and authorization of documents before they are finalized and put into effect. Process : Original authors make necessary changes based on the feedback, potentially undergoing multiple review cycles.

Automation 52

Automation Compliance Legal Process 52

EBizCharge

AUGUST 21, 2024

These controls, such as spending limits and authorization requirements, help prevent budget overruns and maintain financial discipline throughout the project’s lifecycle. It also provides accurate and timely financial reports, which are integral to financial management and resource management.

Accounts 52

Accounts Assessments Best Practices Fraud Prevention 52

Nanonets

APRIL 2, 2024

Compliance with Regulations: In today's regulatory environment, adherence to financial regulations and reporting requirements is non-negotiable. Bank reconciliation plays a crucial role in ensuring compliance with regulatory standards by providing accurate and reliable financial information.

Reconciliation 52

Reconciliation Adjustments Automation Regulatory Compliance 52

Nanonets

AUGUST 2, 2023

Once you've determined whether to file an EEI, you can file it online through the Automated Export System (AES) or by using an authorized agent. Additional details may be required depending on specific regulations. File the EEI through the AESDirect portal or an authorized agent. These may include: 1.

Automation 52

Automation Regulations Compliance Legal 52

Basis Theory

OCTOBER 1, 2024

So, while you may not need PCI Level 1 compliance, understanding the different levels of PCI compliance and the 12 PCI requirements will certainly help. PCI Levels allow organizations to understand and determine their reporting requirements when processing credit card payments. Learn more about PCI DSS Requirement 6.

PCI DSS 88

PCI DSS Compliance Encryption Assessments 88

EBizCharge

SEPTEMBER 6, 2024

Additionally, these features often provide detailed reporting and documentation, making it easier for businesses to file accurate tax returns and maintain transparency with tax authorities. Training: Educate finance teams on how to use the new system effectively, thus supporting informed decisions.

Accounts 52

Accounts CRM Automation Audit 52

Nanonets

MAY 7, 2024

Compliance with regulatory standards and reporting requirements adds another layer of complexity to the expense reconciliation process. By enforcing strict adherence to policies, procedures, and authorization protocols, organisations can mitigate risks and maintain compliance with regulatory standards.

Reconciliation 52

Reconciliation Best Practices Credit Cards Compliance 52

Nanonets

FEBRUARY 9, 2024

It may include approvals, authorizations, reconciliations, and similar controls. Reporting: If a company is public and required to report under the Sarbanes-Oxley Act, the final step for external auditors includes formal reporting requirements. What Should Your Team Do To Ensure Compliance & ICFR?

Audit 52

Audit Risk Assessment Assessments Procedures 52

Nanonets

AUGUST 1, 2023

This can include individuals responsible for verifying line items, checking for contract compliance, or authorizing payments. Audit Trail and Reporting: Throughout the automated procure-to-pay process, the system maintains a comprehensive audit trail, documenting each action taken on the documents.

Automation 40

Automation Payment APIs and Integration Audit Rules 40