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

Segpay

NOVEMBER 26, 2024

Compliance with Regulations : Many industries, especially financial services, are subject to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which mandate the verification of customers’ identity to prevent illegal activities like money laundering, terrorism financing, and tax evasion.

Verification 88

Verification Identity Theft Money Laundering Due Diligence 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). Why is it important?

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 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

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

PYMNTS

SEPTEMBER 29, 2020

29) announced a deal for the AML platform of Beam Solutions , a San Francisco-based startup that focuses on transaction monitoring and helping financial companies comply with KYC regulations. Another key component of the platform is helping companies manage various KYC and AML regulations in different jurisdictions across the world.

Financial Crimes 61

Financial Crimes AML Crime Money Laundering 61

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

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. Regulation recalibrated The banking industry has grappled with an ever-expanding volume of regulations since the 2008/9 Financial Crisis.

AI 116

AI Risk Non-Bank On-Demand 116

The Fintech Times

JULY 31, 2024

Bringing a close to our monthly ‘fintech for good’ theme and our focus on impact platforms, we finally take a look at regulatory hurdles faced by the fintechs looking to make a positive difference. “Platforms must comply with AML and know-your-customer regulations to prevent illicit activities.

Compliance 64

Compliance AML Regulations Due Diligence 64

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

Neopay

DECEMBER 6, 2023

Skilled person reviews are an integral component of the FCA’s regulatory toolkit, initiated to obtain an independent and expert assessment of a firm’s activities. These reviews play a crucial role in identifying potential risks, ensuring regulatory compliance, and safeguarding the integrity of financial markets.

Audit 59

Audit Regulatory Compliance Financial Crimes Compliance 59

Seon

SEPTEMBER 20, 2023

According to McKinsey, banks use up to 40% of their onboarding time on KYC and due diligence processes. KYC onboarding is, therefore, an act of customer due diligence and enhanced due diligence. KYC onboarding is sometimes even a prerequisite for AML regulations.

Process 52

Process Due Diligence AML Verification 52

Segpay

OCTOBER 18, 2023

Transaction laundering poses significant risks and challenges for financial institutions, payment processors, regulators, and legitimate businesses. Regulatory Fines: Violations of financial regulations and compliance standards can lead to heavy penalties.

Transactions 52

Transactions Due Diligence Money Laundering Legal 52

Finovate

APRIL 10, 2024

Part of the problem stems from the fact that regulators have been eschewing formal rule-making, and have instead been making examples of particular firms by enforcing consequences in the form of consent orders. Banks need to ensure that their partners comply with data protection regulations and stay up-to-date on regulatory changes.

Due Diligence 52

Due Diligence Privacy Compliance FDIC 52

PYMNTS

FEBRUARY 13, 2019

.” Indeed, researchers have found evidence that companies are struggling to manage the growing weight of KYC, anti-money laundering (AML) and other financial regulatory compliance demands. trillion across the globe, with billions of dollars in fines issued by regulators against banks and corporations. ” .”

Money Laundering 64

Money Laundering AML Economy SWIFT 64

Nanonets

DECEMBER 13, 2023

2: Proactive Regulatory Compliance AI plays a crucial role in ensuring regulatory compliance in insurance claims processing through the following: Automated Compliance Checks: AI algorithms can be programmed to conduct automated checks against regulatory requirements. . #2:

AI 102

AI Process Fraud Detection Compliance 102

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. How Does the Payment Screening Process Work? Instead, PEP screening is conducted during customer onboarding and periodic reviews.

Suspicious Activity Report (SAR) 52

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

FICO

JULY 21, 2020

Compliance teams want to: Be compliant with anti-money laundering regulations to protect their reputation and avoid fines. Apply the appropriate level of due diligence, taking into account if the customer is a Politically Exposed Persons (PEPs) or a subject of adverse media or offshore leaks. by Frank Holzenthal.

Compliance 52

Compliance Money Laundering Regulatory Compliance Due Diligence 52

The Fintech Times

FEBRUARY 8, 2024

To deliver financial solutions that empower Latin America, we must address the region’s fragmentation with due diligence and recognise not only divergent demands from each country, but also the diverse needs of the banks and their respective stakeholders.

Product 69

Product Payment APIs and Integration Due Diligence Small Business 69

FICO

FEBRUARY 11, 2019

APC Intelidat, the credit bureau in Panama, will soon provide regulatory compliance capabilities to its customers and fight financial crime in Panama with a FICO solution.

Financial Crimes 40

Financial Crimes Crime Due Diligence Money Laundering 40

The Payments Association

SEPTEMBER 30, 2024

Merchants need to continue adapting to new payment methods, collaborate with industry peers, and stay agile in balancing innovation and regulatory compliance. Regulatory challenges and the future of digital payments As payment methods evolve, so do the regulations governing them. What’s next?

Fraud Prevention 88

Fraud Prevention Instant Payments Alternative Payment Methods Participant 88

Neopay

JUNE 27, 2024

That in its the drive to change its reputation to a tougher regulator, it may have not have been properly considering the potential negative impact on some consumer groups and market sectors. To ensure compliance, firms must thoroughly familiarise themselves with the regulations applicable to their business models.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

Seon

JULY 10, 2024

It ensures smooth processing and compliance for legitimate payments, primarily verifying transaction details, validating customer credentials, screening against sanctions and watchlists, and ensuring compliance with regulations. What’s the Role of Machine Learning in Fraud Monitoring?

Transactions 52

Transactions Fraud Prevention Regulatory Compliance Payments 52

Seon

JUNE 29, 2023

KYT is a regulatory compliance requirement. As such, it is part of an organization’s due diligence. Transactions that can be linked to terrorist financing can be elevated from conventional AML due diligence to advanced AML due diligence.

Transactions 52

Transactions Due Diligence Money Laundering AML 52

FICO

MARCH 6, 2020

Reputational harm due to scandals is much more expensive than penalties resulting from non-compliance, although this can lead to banking license loss in very rare and severe cases. Financial crimes compliance has often been seen as a mere cost-center activity, and a “check-the-box” exercise to keep auditors and regulators satisfied.

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

The Fintech Times

SEPTEMBER 14, 2024

Hilary Wandall , chief ethics and compliance officer at Dun & Bradstreet “AI is beginning to play a pivotal role in streamlining certain regulatory compliance processes within the fintech industry. “The potential for generative AI is even greater.

Compliance 69

Compliance AI Process Suspicious Activity Report (SAR) 69

FICO

DECEMBER 6, 2019

It is the responsibility of the banks that provide those services to carry out due diligence, to meet their legal obligations under AML regulation. Companies set up to launder money or facilitate other criminal behaviour will still need financial services, including bank accounts.

AML 52

AML Checks Due Diligence Money Laundering 52

EBizCharge

JULY 3, 2024

Ensuring Compliance with Industry Regulations Navigating the complex web of industry regulations can be daunting. This adherence shields companies from the repercussions of unintentional regulatory oversights and upholds business reputability.

Regulatory Compliance 52

Regulatory Compliance Due Diligence Process Compliance 52

FICO

FEBRUARY 14, 2017

I’m going to explore the impact advanced analytics can have on the current state of regulatory compliance. Based on the categorization, the right level of due diligence is being applied, with riskier customers getting more due diligence. customers are automatically categorized into a risk bucket.

AML 40

AML Compliance AI Money Laundering 40

FICO

SEPTEMBER 16, 2020

The survey showed that the key challenges for existing AML compliance solutions regionally were: the ability to meet new types of compliance risks in channels and products; the capacity to provide an end-to-end integrated compliance solution; and the facility to update quickly to changes in regulation.

Money Laundering 52

Money Laundering Financial Crimes AI APACS 52

The Fintech Times

SEPTEMBER 19, 2024

In addition, laws and regulations can generally be programmed into the orchestration workflows, so that these are not overlooked (unintentionally or intentionally), ensuring the firm stays in compliance with laws, like the Fair Lending Act and others.” For fraud, the focus was historically on customer identity.

Risk 59

Risk Financial Crimes AML Risk Management 59

The Fintech Times

FEBRUARY 19, 2024

.” Meeting modern-day demands Daniel Mayhew, CEO, Nucleus365 Daniel Mayhew , CEO, Nucleus365 , the paytech, analyses what firms looking to expand must consider now, real-time payments; and in the future, evolving regulations. Keeping up with regulations will also be vital.

Cross-Border Payments 69

Cross-Border Payments Cross-Border Stablecoins Multi-Currency 69

Nanonets

APRIL 29, 2024

  Balance sheet reconciliation software is not just a luxury but a necessity in today's fast-paced and highly regulated business environment, for the following reasons.     In addition to the factors mentioned above, it's crucial to conduct due diligence and thorough research into various software options.

Reconciliation 52

Reconciliation Payment APIs and Integration Regulatory Compliance Audit 52

Nanonets

APRIL 30, 2024

Due Diligence: Automating the extraction of data from corporate documents, regulatory filings, and financial statements to conduct due diligence during mergers, acquisitions, or investment transactions.

AI 52

AI Due Diligence Automation Use Case 52

M2P Fintech

JANUARY 4, 2024

Streamline the onboarding process by integrating product details and conducting due diligence concurrently. Ensure Secure Co-branded Operations Construct a secure and controlled platform for fintech operation by streamlining program operations, regulatory compliance, infrastructure, accounting, and KYC.

Credit Cards 59

Credit Cards FinTech Due Diligence Compliance 59

FICO

MAY 20, 2021

Federal Regulators imposed over $200 million in penalties on corporations in just January and February 2021 alone, and many top lawyers feel 2021 will be a record year for AML penalties. billion in penalties in 2020 for not complying with AML regulatory requirements and surpassed the United States in enforcement actions.

Financial Crimes 52

Financial Crimes AML Crime Automation 52

PYMNTS

NOVEMBER 19, 2019

The compliance burden of a legal marijuana business having to manage regulations that vary by state, and between the state and federal level, has created a banking conundrum for a market forced to rely heavily on cash. The Compliance Burden Proliferates. You need to watch every transaction.”. Leapfrogging to Digitization.

Compliance 43

Compliance Legal Payments Due Diligence 43