Finovate

JUNE 20, 2024

The rapid evolution of technology turned regulatory compliance into a daunting frontier. Firms are not only required to keep up with changing technologies, but they also need to stay on top of increasingly complex requirements. Priya V Misra : EKAI is the first AI compliance ‘co-worker’ for risk and finance professionals.

Compliance 52

Compliance Regulatory Compliance Regulations AI 52

FloQast

OCTOBER 27, 2023

While it can feel burdensome, compliance management has become a critical risk management feature and is too important to ignore. Unfortunately, compliance management is no walk in the park. The overarching aim of compliance management is to ensure organizations mitigate risk and build a deep-rooted culture of compliance.

Compliance 52

Compliance Best Practices Mitigation Procedures 52

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 Compliance 52

FloQast

DECEMBER 13, 2023

Prior to the Sarbanes-Oxley Act (SOX), the last time we saw major changes in how public companies operate and report financial results was during the Great Depression. The lack of stock market regulations allowed for easy market manipulation and fraudulent activities. Enter the Sarbanes-Oxley Act (SOX) of 2002.

Compliance 52

Compliance Audit White Collar Crime Risk Assessment 52

VISTA InfoSec

OCTOBER 26, 2023

Let’s explore the critical differences between SOC and SOX compliance. In the realm of information security and financial reporting, compliance enables organizations to build trust and transparency with stakeholders. To accomplish this, companies must adhere to specific regulations and standards. What is SOC?

Audit 130

Audit Compliance Laws Governance 130

Fintech News

OCTOBER 21, 2024

Switzerland now boasts arguably one of the most coherent ecosystems of green fintechs, affiliated financial institutions and academic partners worldwide, officially supported by the national regulator, the State Secretary for International Finance SIF.

Finance 109

Finance Blockchain FinTech Regulations 109

PYMNTS

JUNE 14, 2017

Tax and accounting compliance can be an overwhelmingly monumental task as companies expand their geographic footprint. Analysts agree that a company should work with partners, advisors and technologies that can help them manage their compliance demand across borders.

Regulatory Compliance 58

Regulatory Compliance Compliance On-Demand Regulations 58

The Fintech Times

NOVEMBER 2, 2024

Broadridge Financial Solutions , the global tech firm supporting the financial services industry, has launched ‘ClearFi’, a new product suite designed to help financial intermediaries operating within the digital asset space get ahead of current and emerging disclosure regulations.

Product 58

Product Stablecoins Addressing Regulations 58

PYMNTS

DECEMBER 3, 2019

If banks have additional questions regarding the Agriculture Improvement Act of 2018 (2018 Farm Bill) and its regulations, they can contact the USDA, state departments of agriculture and tribal governments. It was amended to include the Patriot Act, which requires every bank to adopt a customer identification program.

Suspicious Activity Report (SAR) 55

Suspicious Activity Report (SAR) BSA Rules Office of the Comptroller of the Currency 55

PYMNTS

SEPTEMBER 25, 2019

Regulators the world over are beginning to take a closer look at the alternative and marketplace lending business model. Know Your Customer is another area of compliance friction for these companies, added Wales, as money laundering and terrorist financing become more significant threats to the borrowing and lending space. In the U.S.,

Compliance 47

Compliance P2P Risk Management Regulatory Compliance 47

Fintech Review

OCTOBER 22, 2024

Cryptocurrencies have rapidly gained prominence over the last decade, presenting both opportunities and challenges for individuals, businesses, and regulators alike. The Global Landscape of Cryptocurrency Taxation Cryptocurrencies have a decentralised nature, making them difficult to track and regulate.

Cryptocurrency 97

Cryptocurrency Laws IRS Regulations 97

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

The Fintech Times

APRIL 25, 2024

Increasingly, tax authorities are demanding access to real-time or near real-time reporting and tax data, for visibility on exactly what is being sold, what taxes should be paid, and ultimately, if businesses are abiding by the correct rules and regulations. The result? Continuous transaction controls (CTCs).

Continuity 68

Continuity Near Real-Time Compliance Authorization 68

The Payments Association

OCTOBER 23, 2024

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.

Rules 88

Rules Payments Institute Authorization Reconciliation 88

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

JULY 17, 2024

These figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space. Transfers Just Under Reporting Thresholds The report highlights noticeable surges in transfers just below the US$1,000, US$3,000, and US$10,000 thresholds.

Money Laundering 105

Money Laundering Law Enforcement AML Non-Bank 105

Finovate

SEPTEMBER 18, 2024

However, the proposed rule is specific in its requirements, stipulating that banks working with non-bank entities (as in a BaaS partnership) must maintain accurate records that identify the beneficial owners of custodial deposit accounts that are held on behalf of consumers, which is typical in a BaaS agreement.

Rules 52

Rules FDIC Non-Bank Money Laundering 52

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. We are steadfast in our commitment to take regulatory action against practices intended to circumvent tax reporting.”

Distributed Ledger Technology (DLT) 58

Distributed Ledger Technology (DLT) Due Diligence Innovation Procedures 58

Nanonets

SEPTEMBER 21, 2023

From  technology  adoption to  compliance  with  regulations , we will delve into various strategies that can help businesses overcome  accounting  hurdles and achieve financial success. However, there are effective solutions to each of these challenges.

Accounts 52

Accounts Audit Payroll Compliance 52

FICO

OCTOBER 26, 2017

This article is from Michael Blicker , a senior consultant in FICO's compliance solutions group. You would think one system would be enough to manage foreign tax compliance. Now, with CRS** (Common Reporting Standard), some financial institutions are starting to think they need two systems. Here’s where the trouble started.

Compliance 53

Compliance IRS Agreements Audit 53

Fintech Review

JUNE 12, 2024

These challenges include legacy systems, regulatory compliance, and cultural resistance to change. Regulatory Compliance The insurance industry is heavily regulated, and new technologies must comply with existing regulations. Insurers need to navigate complex regulatory landscapes while implementing innovative solutions.

Risk Assessment 96

Risk Assessment Regulatory Compliance Assessments Risk Management 96

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

Nanonets

MAY 7, 2024

This process is essential for maintaining financial accuracy, compliance with regulations, and preventing fraud or errors. Compliance and Regulation : Expense reconciliation is crucial for compliance with financial regulations and standards.

Reconciliation 52

Reconciliation Best Practices Compliance Credit Cards 52

The Fintech Times

JANUARY 25, 2024

The findings come at a challenging time for financial institutions, with several significant regulatory changes due to be implemented over the coming months, including European Market Infrastructure Regulation (EMIR) Refit and revisions to MiFID II. We look forward to completing the survey in 2025 to see how respondents have progressed.”

Process 63

Process Audit Regulatory Compliance Consulting 63

PYMNTS

JANUARY 22, 2021

regulators to tighten the financial reporting requirements of banks and other financial services providers. The company has invested some $100 million since 2012 to enhance its own compliance programs following allegations of consumer fraud. MoneyGram is in favor of a proposal by U.S.

P2P 107

P2P Cross-Border Real Time Payments Cross-Border Payments 107

PYMNTS

MAY 22, 2018

A bill that would give regional banks a break on regulation was before the U.S. The bill also gives regulators more discretion in deciding when to require stress tests of capital adequacy for banks with between $100 billion and $250 billion in assets in the event of another crisis,” according to a summary of the bill in MarketWatch. “Tom

Regulations 40

Regulations Credit Union Community Banks FDIC 40

Nanonets

APRIL 2, 2024

Updating Internal Records and Bank Statement: Ensuring internal records align with the reconciled figures, facilitating accurate financial reporting, audit compliance, cash flow management, and fraud detection.   This transparency is essential to establish trust among stakeholders and investors, and for regulatory compliance.

Reconciliation 52

Reconciliation Automation Regulatory Compliance Compliance 52

Stax

JANUARY 31, 2024

Compliance and Regulation: Changes in regulations or compliance requirements can also influence interchange rates. Stay informed through industry publications that discuss changes in interchange rates, regulations, and trends affecting payment processing.

Credit Cards 88

Credit Cards Push-to-Card Processors Transactions 88

Nanonets

JULY 25, 2023

Financial reporting automation refers to the use of technology and software tools to streamline and automate the process of preparing and analysing financial reports. It involves automating repetitive tasks, data collection, data consolidation, report generation, and ensuring accuracy and compliance.

Automation 52

Automation Compliance Process Governance 52

PYMNTS

JANUARY 30, 2019

Then the first money laundering directives came out, which started to mandate more and more in the realm of customer due diligence, so the company added a compliance check. More detailed eCDD — especially for business accounts, trusts and high-net-worth (HNW) accounts — has become a focus for regulators, governments and agencies.

Due Diligence 74

Due Diligence Verification Money Laundering FinTech 74

Nanonets

SEPTEMBER 23, 2023

Simplifying Tax Compliance with Accounting Software Accounting software can simplify tax compliance for small businesses, ensuring accurate records and reducing the risk of penalties. By automating tax calculations and generating reports, accounting software streamlines the process of preparing and filing tax returns.

Small Business 52

Small Business Accounts Automation Compliance 52

PYMNTS

MAY 1, 2018

Australia’s new regulations for payroll will apply to all businesses with at least 20 employees, and experts are urging employers to quickly take a headcount of staff and be ready to comply with the new requirements. In general, most payroll software should let employers meet these new ATO compliance requirements.

Payroll 40

Payroll Reporting Requirements Rules Regulations 40

PYMNTS

OCTOBER 14, 2016

Martin Bellin recently spoke with PYMNTS about the developing role of the corporate treasurer, especially in the age of demanding compliance requirements.

Treasury 75

Treasury Treasury Management Compliance Mitigation 75

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. It would also be required to maintain any records documenting compliance with the requirements of the NPRM.

Fincen 52

Fincen Money Laundering Law Enforcement Non-Bank 52

PYMNTS

DECEMBER 27, 2016

Our overarching mission is to provide compliance services for small businesses, businesses that don’t have in-house attorneys or tech professionals, to provide the info that small businesses need to comply with employee management and tax reporting requirements,” said Susan Drenning, president of ComplyRight Inc.

Regulations 40

Regulations Laws Posting Small Business 40

Nanonets

SEPTEMBER 23, 2023

Encumbrance Accounting in Different Sectors Encumbrance accounting is utilized differently in government, public sector, and non-profit organizations, with unique requirements and regulations to ensure transparent financial management.

Accounts 52

Accounts Governance Government Fraud Prevention 52

Nanonets

NOVEMBER 29, 2023

These processes, which encompass the review, modification, and finalization of documents, are critical in ensuring that business operations run smoothly and adhere to necessary compliance standards. These processes impact everything from internal communications and contract negotiations to financial reporting and project management.

Automation 52

Automation Compliance Legal Process 52