The Fintech Times

NOVEMBER 5, 2024

Banking regulators should exercise their authority to regulate and supervise fintechs directly, so banks are not forced to serve as ‘quasi-regulators’, the Bank Policy Institute and the Clearing House Association have urged in a new letter.

Regulations 57

Regulations Office of the Comptroller of the Currency FinTech Due Diligence 57

The Fintech Times

JULY 31, 2024

While many organisations are successfully solving genuine issues , regulators are as keenly focused on these firms as those out to maximise profits. Collaborative efforts between industry leaders and regulators are essential to streamline compliance processes without stifling innovation.”

Compliance 62

Compliance AML Regulations Due Diligence 62

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

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 62

Compliance Risk Database Due Diligence 62

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

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

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). The consultation paper outlines MAS’ proposed approach to licensing and regulating DTSPs.

Service Provider 81

Service Provider Due Diligence AML Money Laundering 81

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 57

Compliance Process APACS Money Laundering 57

The Fintech Times

JANUARY 13, 2024

Penalties for financial firms which failed to adequately comply with regulations surged by 57 per cent in 2023; according to Fenergo , the digital solution provider for Know Your Customer (KYC) and Client Lifecycle Management (CLM).

Financial Crimes 57

Financial Crimes Due Diligence Compliance AML 57

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

The Fintech Times

JULY 15, 2024

Akshata Namjoshi, Kabir Kuma, and Ahlam Faouzi The UAE has positioned itself at the forefront of the global virtual assets sector, becoming a pioneering jurisdiction in developing comprehensive regulations for virtual assets. A unique characteristic of FSRA’s regulatory framework is the regulation and licensing of the issuance of fiat tokens.

Stablecoins 96

Stablecoins Regulations Multi-Currency Issuers 96

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 67

Compliance AI Process Suspicious Activity Report (SAR) 67

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

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. The current safeguarding rules are based on the Payment Services Regulations 2017 (PSRs) and E-Money Regulations 2011 (EMRs). What’s next?

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

Neopay

DECEMBER 20, 2023

Effective January 10, 2024, the Amended Money Laundering Regulations 2017 (No. The regulations primarily focus on the treatment of domestic PEPs, along with their family members and known close associates. According to the accompanying explanatory note, the amended regulations reaffirm the existing PEP Guidance (FG17/6).

Risk Assessment 52

Risk Assessment Money Laundering Assessments Regulations 52

Finovate

MAY 6, 2024

From the perspective of an onlooker, it appeared that regulators were issuing the consent orders to make examples out of certain players in the industry, foregoing formal BaaS regulation. Regulators’ New Resource on BaaS Relationships is Disappointing appeared first on Finovate.

Regulations 52

Regulations Community Banks FDIC Due Diligence 52

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

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

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 Due Diligence 88

Neopay

JUNE 3, 2024

A CiC takes place when a person or entity acquires more than 10% of a regulated firm, with 50% or more acquisition making one a ‘parent undertaking’ and a true controller of the firm. The regulator is keen to ensure that this route is not used to bypass the rigorous checks involved in new firm authorisation.

Due Diligence 52

Due Diligence Acquirers Regulatory Compliance Compliance 52

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

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

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 62

Authentication Due Diligence Verification Compliance 62

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

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

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

The Payments Association

OCTOBER 22, 2024

The current safeguarding requirements are contained in the Payment Services Regulations 2017 (“PSRs”) and the Electronic Money Regulations 2011 (“EMRs”). In January 2023, HM Treasury issued the “Payment Services Regulations: Review and Call for Evidence ” (“HM Treasury PSRs Review”).

Consulting 88

Consulting Rules Treasury Due Diligence 88

The Fintech Times

FEBRUARY 12, 2024

As we approach the midpoint of February, the Abu Dhabi Global Market (ADGM) has been in the spotlight for celebrating achievements as well as penalising firms for breaching regulations. These fines totalled AED 170,000. “We achieve this through maintaining a robust supervisory framework and enforcement regime.

Distributed Ledger Technology (DLT) 57

Distributed Ledger Technology (DLT) Due Diligence Innovation Procedures 57

Payments Source

DECEMBER 4, 2017

Regulations around ICOs are still murky, but issuers should still practice solid compliance and due diligence, writes Gordon Harrison, an ICO expert at Jumio.

Issuers 61

Issuers Due Diligence Regulations Compliance 61

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 56

Procedures Due Diligence AML Non-Bank 56

PYMNTS

OCTOBER 13, 2016

Regulation and compliance can be a tough space for many to wrap their heads around. As technology advances, the threat to digital security and identity protection becomes greater, forcing regulations to quickly adapt. Compliance Decoded. Why Compliance Is Going Social.

Compliance 76

Compliance Due Diligence Money Laundering Procedures 76

Neopay

APRIL 26, 2024

At Neopay, we offer a range of solutions tailored to firms’ needs as they adjust to the changing attitude of the Regulator. Despite the upfront costs, we all know that regular audits are an essential part of maintaining FCA compliance. Contact us today to gain a better understanding of how we can help you.

Audit 59

Audit Due Diligence Compliance Adjustments 59

Neopay

MARCH 7, 2024

These firms, encompassing lenders, safe custody providers, money brokers, financial leasing companies, and those offering payment services, have been targeted by the FCA due to their classification under the Money Laundering Regulations. To find out more about how we can support you business, click here.

AML 52

AML Financial Crimes Crime Risk Assessment 52

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

Finovate

FEBRUARY 15, 2024

InvestGlass InvestGlass is the #1 Swiss sales automation solution for banks, which features digital onboarding, CRM, marketing, portfolio management, and integrates on-premise AI GPT with legacy regulations. It is a Swiss sovereign solution. Payment providers, financial service providers, insurance companies, professional services, and banks.

Due Diligence 59

Due Diligence Risk Assessment CRM AI 59

Neopay

APRIL 8, 2024

On March 12, 2024, HM Treasury announced its proposal for the Payment Services (Amendment) Regulations 2024. These new regulations aim to empower PSPs with more time to investigate transactions suspected of fraud or dishonesty, thereby enhancing the industry’s ability to combat fraud effectively. What are the proposed changes?

Service Provider 52

Service Provider Due Diligence Fraud Prevention Payments 52

PYMNTS

JANUARY 28, 2020

10, with new regulations for cryptocurrencies, wallets and exchanges. Best leave now if know-your-customer (KYC) due diligence isn’t your jam: The EU is already prepping 6AMLD, which cracks down even harder on money laundering, especially online gambling. Know Your Criminals.

AML 60

AML Compliance Money Laundering Due Diligence 60