Fintech News

AUGUST 1, 2024

This service aims to streamline business due diligence and compliance for financial institutions and SMEs, addressing counter-party risk, credit exposure, and compliance with anti-money laundering (AML) regulations. JewelPaymentech, acquired by ADVANCE.AI

Due Diligence 96

Due Diligence Money Laundering AML Verification 96

Neopay

OCTOBER 15, 2024

Training and audits are two pillars of compliance. Making training engaging and meaningful Let’s be honest—sitting through three hours of compliance training can feel overwhelming. But compliance training doesn’t have to be monotonous. However, remediation is an internal process where your compliance team addresses those gaps.

Audit 59

Audit Compliance Assessments Financial Crimes 59

Stax

DECEMBER 4, 2023

The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. In this article, we’ll discuss everything you need to know about ensuring AML compliance as a payment facilitator (or PayFac). Non-compliance can have major implications.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

Bank Automation

OCTOBER 31, 2024

Regulators may issue public orders after examining the firm’s compliance programs “including transaction monitoring, training, governance and customer due diligence,” […] The post BofA says U.S. Bank of America Corp. may take action over money laundering, Zelle appeared first on Bank Automation News.

Money Laundering 59

Money Laundering Zelle Due Diligence Regulations 59

The Fintech Times

JULY 31, 2024

Julie Cunningham, founder and CEO of Portend As Julie Cunningham , founder and CEO of due diligence platform Portend , explains: “Fintech impact platforms often grapple with complex regulatory landscapes. Balancing regulatory compliance with innovation is critical to maintaining the trust of users and regulators alike.”

Compliance 64

Compliance AML Regulations Due Diligence 64

The Fintech Times

AUGUST 13, 2024

PwC UK , the professional services leader, is joining forces with Cockroach Labs , a cloud-native SQL database provider for modern cloud applications, in a move to reduce the risks, costs, and complexity of regulatory compliance and mainframe modernisation.

Compliance 64

Compliance Risk Database Due Diligence 64

Finezza

APRIL 9, 2024

It involves due diligence regarding customer background by the lenders, regulatory compliance, and financial processes for the lender. The lending life cycle consists of all activities that begin at the loan application stage and culminate with the final repayment.

Best Practices 89

Best Practices Due Diligence Regulatory Compliance Compliance 89

Innovative Payments Association

SEPTEMBER 5, 2024

To mitigate these risks and ensure proper oversight of third-party relationships, it is crucial for organizations to go beyond traditional due diligence and establish a comprehensive third-party oversight framework. Lastly, effective relationship management is a key component of a comprehensive third-party oversight framework.

Boot Camp 52

Boot Camp Due Diligence Third Party Vendors Compliance 52

Finovate

SEPTEMBER 4, 2024

Ncontracts has acquired Venminder, a third-party risk management SaaS platform, to enhance its governance, risk, and compliance services. Risk management and compliance solutions provider Ncontracts made an acquisition today to help broaden its governance, risk, and compliance capabilities.

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Risk Management Risk Acquirers Due Diligence 59

The Fintech Times

SEPTEMBER 14, 2024

This month, The Fintech Times will look at some of the biggest issues regarding compliance and financial rules, as well as the solutions hoping to ease the compliance journey for firms and make the fintech world fairer and safer.

Compliance 69

Compliance AI Process Suspicious Activity Report (SAR) 69

The Fintech Times

JUNE 20, 2024

Sumsub , the full-cycle verification platform, is partnering with Finastra , the global financial software applications and marketplaces provider, to support financial institutions worldwide with their compliance processes. “We are pleased to partner with Sumsub, following a rigorous due diligence process.

Compliance 59

Compliance Process APACS Money Laundering 59

Stax

NOVEMBER 27, 2023

KYC’s three main components are the customer identification program (CIP), which was imposed by the USA Patriot Act in 2011; customer due diligence (CDD); and regular monitoring of the customer’s account and activities, which is also called enhanced due diligence (EDD). In the U.S.,

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

Fintech News

OCTOBER 8, 2024

The framework is designed to ensure compliance with international standards, particularly in relation to anti-money laundering (AML) and countering the financing of terrorism (CFT). MAS’ proposed regulatory amendments Once licensed, DTSPs will be subject to ongoing compliance requirements.

Service Provider 72

Service Provider Due Diligence AML Money Laundering 72

The Fintech Times

JANUARY 13, 2024

Fenergo has released their annual financial fines analysis, showcasing that penalties for failing to comply with anti-money laundering (AML), KYC, environmental, social, and governance (ESG), sanctions and customer due diligence (CDD) regulations totalled $6.6billion in 2023, up considerably from $4.2billion in 2022 and $5.4billion in 2021.

Financial Crimes 59

Financial Crimes Due Diligence Compliance AML 59

The Payments Association

OCTOBER 11, 2024

The reforms aim to address weaknesses in safeguarding practices, reduce consumer fund risks, and enhance regulatory compliance, particularly in preventing fund shortfalls. However, there are numerous issues due to poor compliance. What’s next?

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

Neopay

OCTOBER 3, 2024

As regulatory expectations rise, companies must ensure they have robust compliance frameworks in place, particularly when scaling rapidly. Compliance must keep pace with growth Starling’s rapid growth, from 43,000 customers in 2017 to 3.6 million in 2023, is impressive, but their compliance measures did not keep pace.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

Neopay

OCTOBER 10, 2024

Customer Due Diligence (CDD) controls at onboarding and ongoing monitoring The effectiveness of Customer Due Diligence (CDD) controls remains critical, especially when onboarding new clients. We also provide ongoing compliance support to keep your processes up to date. Why does this matter?

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Due Diligence Fraud Prevention Financial Crimes Compliance 52

PYMNTS

FEBRUARY 7, 2019

Tightening regulations have introduced loftier compliance burdens to global supply chains, made even more complex and challenging as companies do business with thousands of vendors across borders. The burden of regulatory compliance came to a head in the U.S. regulations, even if a vendor is not in the U.S.

Compliance 65

Compliance Due Diligence Audit Blockchain 65

PYMNTS

NOVEMBER 13, 2018

A new survey shows that an increasing number of mergers and acquisitions (M&As) are not going through because of concerns over General Data Protection Regulation (GDPR) compliance. As we track transactions, it will be very telling how these challenges will impact organizations’ due diligence processes.

Due Diligence 57

Due Diligence Compliance Regulations Transactions 57

The Fintech Times

MAY 30, 2024

Julie Cunningham is the founder of Portend , a compliance-as-a-service platform providing due diligence on investments into startups. We are working vehemently to fine-tune our technology to provide a seamless real-time due diligence tool which is effective, efficient and does not miss any detail.

Due Diligence 59

Due Diligence Checks AI Compliance 59

Neopay

JANUARY 2, 2024

In an exclusive interview with Neopay’s Consultancy Manager, Margita Layne, we delve into the pivotal role of internal and external monitoring in ensuring regulatory compliance within the financial services sector. This involves reviewing existing plans or assisting in creating a new compliance monitoring plan (CMP).

Regulatory Compliance 59

Regulatory Compliance Compliance Audit Procedures 59

The Fintech Times

AUGUST 30, 2024

However, they must do their due diligence too, especially in the age of deep-fakes. With verification times of up to 15 seconds, this service ensures a high level of security, making it an essential tool for businesses that prioritise compliance and user experience.

Authentication 64

Authentication Due Diligence Verification Compliance 64

Core

MARCH 19, 2024

Here’s what compliance managers and auditors need to know to strengthen internal fraud prevention and safeguard public funds. Additionally, they increase the risk of non-compliance penalties. A PCI compliance checklist is a good place to start. The solution: robust government fraud detection mechanisms for payment systems.

Fraud Detection 52

Fraud Detection Government Governance Compliance 52

PYMNTS

JANUARY 24, 2019

With third-party due diligence and supply chain security as increasingly critical components of organizations’ procurement operations, compliance executives are finding important positions in their firms’ purchasing processes. ” Organizations must do more with less, and they must do it quickly, he continued.

Compliance 76

Compliance Due Diligence Risk Mitigation Risk 76

Finovate

DECEMBER 6, 2023

Intelligent compliance technology company Napier has teamed up with client lifecycle management platform KYC Portal. The partnership wil help companies eliminate the problem of siloes in compliance operations by integrating know your customer (KYC) and compliance processes.

Due Diligence 59

Due Diligence Compliance Money Laundering AML 59

Neopay

JUNE 3, 2024

Key considerations for a successful CiC Due Diligence : Prior to pursuing a CiC, thorough due diligence is essential. Regulatory compliance : Assess the target firm’s regulatory history. This involves: Financial services register : Checking the target firm’s regulatory status.

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Due Diligence Acquirers Regulatory Compliance Compliance 52

Stax

AUGUST 22, 2024

PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. Major risk factors for PayFacs include fraudulent transactions, merchant credit risk, regulatory compliance, and operational risks. The due diligence doesn’t stop at onboarding.

Risk Management 88

Risk Management Risk Regulatory Compliance Payment APIs and Integration 88

Neopay

NOVEMBER 13, 2024

Since identifying the monitoring system’s deficiencies in April 2019, Metro has implemented new processes aimed at enhancing its compliance framework. .” Metro Bank has since undertaken efforts to address and remediate these issues. Our tailored solutions help businesses stay compliant through a holistic, adaptable approach.

Financial Crimes 52

Financial Crimes Crime Due Diligence Compliance 52

Neopay

MARCH 15, 2024

Key themes of the consultation include: Proportionate customer due diligence: Streamlining and enhancing customer due diligence processes to strike a balance between effectiveness and proportionality. Clarity on scope: Providing clearer guidance on the scope of the MLRs to facilitate better compliance.

Money Laundering 52

Money Laundering Consulting Treasury Regulations 52

Fintech News

NOVEMBER 21, 2024

Global financial penalties for non-compliance with anti-money laundering (AML) regulations cost financial institutions US$6.6 To add to the complexity, regulations around AML, KYC, and client due diligence (CDD) are constantly evolving, putting added pressure on banks to improve their KYC operations.

Procedures 85

Procedures Due Diligence AML Non-Bank 85

PYMNTS

OCTOBER 13, 2016

Regulation and compliance can be a tough space for many to wrap their heads around. Sunil Madhu , founder and CEO of Socure , joined Karen Webster to give context to some of the compliance concepts trending in the industry and also share his thoughts on what’s coming next down the regulatory pipeline. Compliance Decoded.

Compliance 76

Compliance Due Diligence Money Laundering Procedures 76

PYMNTS

SEPTEMBER 23, 2019

Financial crimes risk management software company Quantifind and Oracle Financial Services have teamed up to improve anti-money laundering (AML) compliance and to add intelligence and automation properties directly into the compliance workflows, according to a release.

AML 65

AML Compliance Financial Crimes Automation 65

The Fintech Times

AUGUST 9, 2024

Customisable workflows enable seamless integration of Identity Verification with AML and Personally Identifiable Information (PII) checks, tailored to each business’s due diligence requirements. This allows businesses to efficiently manage their compliance requirements, saving both time and money.

AML 64

AML Risk Payment APIs and Integration Money Laundering 64

Fintech Finance

NOVEMBER 6, 2024

Buna’s compliance program integrates rigorous Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and sanctions screening protocols both before and after settlement, offering real-time monitoring and thorough due diligence to safeguard financial transactions.

Cross-Border Payments 83

Cross-Border Payments Visa Cross-Border Multi-Currency 83

The Fintech Times

JANUARY 28, 2024

Moody’s new Shell Company Indicator analyses over 485 million companies, entities, and individuals to flag behaviours that indicate a shell company may require further due diligence to assess its potential for involvement in illicit financial activity.

Due Diligence 59

Due Diligence Financial Crimes Crime Assessments 59

Neopay

APRIL 26, 2024

Despite the upfront costs, we all know that regular audits are an essential part of maintaining FCA compliance. Due diligence requests from regulated business partners and third parties are also increasing as the FCA’s more assertive approach ripples through the industry. Regular audits are more important than ever.

Audit 59

Audit Due Diligence Compliance Adjustments 59

Seon

SEPTEMBER 23, 2024

Compliance with anti-money laundering (AML) regulations is now a legal obligation. This process is essential for maintaining compliance in an increasingly regulated financial landscape. Together, payment screening and transaction monitoring form a multi-layered approach to AML compliance and fraud prevention.

Suspicious Activity Report (SAR) 52

Suspicious Activity Report (SAR) Money Laundering Due Diligence AML 52