Innovative Payments Association

SEPTEMBER 5, 2024

While these relationships can bring numerous benefits, they also come with inherent risks. 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.

Boot Camp 52

Boot Camp Due Diligence Third Party Vendors Compliance 52

Neopay

OCTOBER 10, 2024

These controls should be applied during both the onboarding of customers and through continuous transaction monitoring to mitigate fraud risks. Proactive management of fraud risks will help firms stay ahead of emerging threats and reduce liability, especially given the significant financial and reputational risks that APP fraud poses.

Due Diligence 52

Due Diligence Fraud Prevention Financial Crimes Compliance 52

The Fintech Times

JANUARY 25, 2024

This is especially true for financial services organisations, which need to balance the potential risks of dealing with PEPs, as well as protecting the right to access banking service. Given the high public profile of PEPs, there are also significant reputational risks if a customer feels mistreated.

Risk 59

Risk Due Diligence Financial Crimes Crime 59

Neopay

JANUARY 25, 2024

The European Banking Authority (EBA) on 16th January extended its Guidelines on money laundering (ML) and terrorist financing (TF) risk factors to crypto-asset service providers (CASPs). Therefore, it is important that CASPs know about these risks and put in place measures that effectively mitigate them.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

PYMNTS

JULY 24, 2020

So it’s not exactly surprising that supply chain risk mitigation efforts can fall by the wayside. A traditionally manual process involving PDF questionnaires, supplier due diligence is rarely at the top of the list when organizations are considering where to place their resources to invest in new, automated technology.

Risk 70

Risk Due Diligence Risk Mitigation Mitigation 70

The Fintech Times

JUNE 20, 2024

So what can firms do to better mitigate this risk? However, data breaches constitute only one facet of the risks confronting firms. Mitigating security gaps Despite tightening regulations, financial firms still encounter multiple cybersecurity blind spots.

Risk 59

Risk Cybersecurity Data Breach Ransomware 59

The Paypers

AUGUST 10, 2021

Intelligence platform DueDil has announced a new collaboration with nCino , a pioneer in cloud banking and digital transformation solutions for the global financial services industry.

Due Diligence 28

Due Diligence Risk Mitigation Mitigation Checks 28

Neopay

OCTOBER 3, 2024

Outdated or inadequate processes can quickly become a liability, exposing the company to financial crime risks and regulatory action. Despite this mandate, Starling opened over 54,000 accounts for 49,000 high-risk customers over a two-year period. Training and continuous support : Compliance is an ongoing process.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

The Fintech Times

JUNE 13, 2024

It is well known that traditional data migration methods can often pose risks, consume time, and can potentially derail deals. Most mergers fail due to cultural clashes, geopolitical events, and, more importantly, operational integration challenges, even though they promise synergies, cost savings, and revenue increases.

Due Diligence 59

Due Diligence Compromise Process Risk 59

Fintech News

JUNE 5, 2024

The benefits of adopting a life cycle model are manifold, including mitigating risks through early problem identification, enhanced predictability in activities, and a unified approach in the planning and renewal phases. The second challenge is the emergence of risks associated with fintech.

FinTech 106

FinTech Mitigation Risk On-Demand 106

Finovate

FEBRUARY 15, 2024

Features Offers precision-tailored LLM specializing in financial data Delivers transparent data sourcing with detailed audit trails Provides advanced data security measures, mitigating breaches and compliance violations Who’s it for?

Due Diligence 59

Due Diligence Risk Assessment CRM AI 59

Neopay

APRIL 8, 2024

Risk-Based Approach : Adopting a risk-based approach to customer acceptance or rejection allows for fair and effective decision-making aligned with the firm’s risk appetite. Firms are encouraged to provide formal feedback to HM Treasury by 12 April 2024, to influence the final instrument and policy intent.

Service Provider 52

Service Provider Due Diligence Fraud Prevention Payments 52

Neopay

MARCH 7, 2024

Risk Assessment weaknesses: Annex 1 firms have demonstrated inadequacies in conducting comprehensive Business Wide Risk Assessments and Customer Risk Assessments, leaving significant gaps in their AML frameworks. Furthermore, financial crime controls have failed to keep pace with the rapid growth of these businesses.

AML 52

AML Financial Crimes Crime Risk Assessment 52

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

Fintech Finance

MAY 21, 2024

With the growing instances of online fraud, it’s essential for banks and financial institutions to mitigate potential risks, offer more accurate identity verification processes, shorten onboarding times, and improve customer experience.” and global watchlist hits and sanctions, and politically exposed persons (PEP).

UCC 52

UCC Payment APIs and Integration Due Diligence Verification 52

Segpay

OCTOBER 4, 2023

Minimal Risk: Merchants often have a low financial risk since they only pay for actual conversions. Risk Management Fraud detection and prevention measures are crucial in this type of high-risk business. Why is this type of Business often considered High-Risk?

Security 52

Security Due Diligence Compliance Payments 52

Stax

DECEMBER 4, 2023

An effective AML compliance program must include Know Your Customer (KYC) protocols, transaction monitoring and reporting, risk assessment and categorization, and training and awareness for staff. With AML legislation, financial institutions are required to follow strict protocols for money laundering risk management.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

Finovate

APRIL 10, 2024

To verify ongoing compliance, banks need to implement vendor management practices to oversee the compliance efforts of their BaaS providers and mitigate risks on both sides. Operational risk Adding to the list of concerns is operational risk. This will both facilitate fair treatment and reduce redlining concerns.

Due Diligence 52

Due Diligence Privacy Compliance Regulatory 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. Automated risk management solutions can be helpful in theory.

Compliance 76

Compliance Due Diligence Risk Mitigation Risk 76

PYMNTS

JUNE 17, 2020

Commerzbank London’s failings over several years created a significant risk that financial and other crime might be undetected,” Mark Steward, executive director of enforcement and market oversight for Britain’s Financial Conduct Authority (FCA), said in a statement accompanying the announcement.

AML 52

AML Due Diligence Money Laundering Authorization 52

Global Fintech & Digital Assets

MARCH 5, 2024

Banks are expected to apply the follow guidance in connection with their digital asset custodial services: Governance and risk management : Prior to launching digital asset custodial services, banks are expected to undertake a comprehensive risk assessment and to implement appropriate policies and procedures to mitigate identified risks.

Authorization 59

Authorization Product Due Diligence Procedures 59

Neopay

NOVEMBER 28, 2023

According to the recent findings of the True Cost of Financial Crime Compliance Study by LexisNexis Risk Solutions for 2023, the increasing costs have surpassed a staggering $200 billion. Institutions are increasingly gaining deeper insights into customer behaviour and risk tolerance through enhanced compliance processes.

Financial Crimes 52

Financial Crimes Crime Compliance Money Laundering 52

Nanonets

SEPTEMBER 22, 2023

Effective  vendor management  contributes to cost optimization,  risk mitigation , and quality assurance. It is a critical aspect of optimizing costs, minimizing risks, and ensuring quality assurance in business operations. Benefits of Effective Vendor Management: 1.

Risk Mitigation 40

Risk Mitigation Mitigation Risk Assessment Assessments 40

Global Fintech & Digital Assets

DECEMBER 21, 2023

The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending. The OCC expects that banks engaged in BNPL lending “do so within a risk management system that is commensurate with associated risks.” By Arthur S.

OCC 59

OCC BNPL Electronic Fund Transfer Act (EFTA) Federal Trade Commission 59

Neopay

JUNE 27, 2024

To demonstrate financial adequacy, firms should consider the following: Capital Planning: Develop a robust capital planning strategy that takes into account potential risks and contingencies. This includes conducting a thorough risk assessment, implementing appropriate risk controls and establishing effective monitoring mechanisms.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

PYMNTS

SEPTEMBER 29, 2020

16 launch of KYX, with the company noting that the new platform will help companies “easily verify user identities for onboarding, safeguard existing accounts and mitigate financial crime risk.”. The announcement comes on the heels of Jumio’s Sept. The financial terms of Jumio ’s acquisition of Beam’s AML platform were not disclosed.

Financial Crimes 61

Financial Crimes AML Crime Money Laundering 61

Fintech News

FEBRUARY 21, 2024

Moreover, the proposed regulatory oversight on Capital Markets Service License CMSL holders conducting unregulated business activities addresses potential contagion risks, illustrating MAS’s proactive stance in mitigating systemic risks within the financial ecosystem.

Financial Crimes 109

Financial Crimes Crime Authorization Consulting 109

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. This proactive approach helps mitigate risks, build consumer and stakeholder trust, and enhance market position.”

Compliance 64

Compliance AML Regulations Due Diligence 64

The Fintech Times

JULY 29, 2024

Julie Cunningham , founder and CEO Portend , the due diligence platform, explains how firms prioritising compliance completely avoid issues and are in turn, able to direct resources towards making change. Successful platforms prioritise proactive compliance measures and user education.

FinTech 69

FinTech Due Diligence Cybersecurity Risk Mitigation 69

PYMNTS

MAY 15, 2017

In an interview with PYMNTS’ Karen Webster as part of the continuing Topic TBD series, Gayle Woodbury, managing director at Crowe Horwath with Ops Risk, Third-Party Risk, and eGRC strategy, focused on risk for third parties where “cybersecurity seems to be an ever-changing topic.”. “It

Cybersecurity 43

Cybersecurity Risk Disaster Recovery Risk Management 43

Seon

MAY 31, 2024

What typically sat under legal’ purview for risk and compliance is now becoming an issue that permeates all aspects of business functionality, including product, marketing and customer success. Today, fighting fraud is a team sport. Any perception of negligence or indifference can cause irreparable damage to the brand’s reputation.

Fraud Prevention 52

Fraud Prevention Fraud Detection Compliance Money Laundering 52

Seon

APRIL 11, 2024

FRAML, or Fraud and Anti-Money Laundering, represents a holistic strategy that presents an effective way for organizations to strengthen their defenses against both fraud and risk. Both departments are crucial in identifying and mitigating fraud and reducing risk, including financial, operational, legal and reputational hazards.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

Nanonets

DECEMBER 13, 2023

In addition, AI can help insurance firms evaluate risk with high accuracy by analyzing large volumes of data. 1: Increased Accuracy and Reduced Errors AI in insurance claims processing plays a pivotal role in enhancing accuracy and reducing errors by automating various tasks and mitigating the risks associated with manual processes.

AI 102

AI Process Fraud Detection Compliance 102

Tearsheet

AUGUST 7, 2024

Morgan’s financial strength and Slope’s innovative approach to credit risk assessment and monitoring. The fact that they not only use AI for initial underwriting, but also for the ongoing risk monitoring of the portfolio, is what really attracted us to Slope. The partnership brings together J.P. By combining J.P.

AI 59

AI B2B Finance Underwriting 59

Fintech News

JANUARY 16, 2024

Generative AI offers many applications in banking, from enhancing due diligence and risk management to streamlining legal contract generation and code writing. Unseen risks in the banking sector In 2024, banks face various familiar risks and less predictable risks.

AI 112

AI Risk Non-Bank On-Demand 112

PYMNTS

APRIL 18, 2018

In the age of data breaches , there’s a lot of talk and tools emerging in the fraud prevention and risk mitigation spaces, but many merchants are overlooking one of the most damaging types of fraud: the kind that is carried out not by criminals, but by the merchant’s own trusted customers.

Due Diligence 40

Due Diligence Disputes Data Breach Fraud Prevention 40

PYMNTS

SEPTEMBER 22, 2016

Part of the problem, says Pegasystems Senior Director of Risk, Compliance and Onboarding for Financial Services Reetu Khosla, is that KYC and other regulations change so frequently and are so numerous that it’s a major undertaking to remain compliant. . It’s about competitive advantage and mitigating risk.”

Regulations 75

Regulations Due Diligence Faster Payments Mitigation 75