Fintech Review

OCTOBER 16, 2024

While the potential returns are attractive, the risks involved can be significant. At Fintech Review we explore yield farming and liquidity mining, analysing the rewards and inherent risks associated with these strategies. One of the biggest risks is smart contract vulnerabilities. Market volatility is another critical risk.

Assessments 98

Assessments Risk Returns Audit 98

Fintech News

AUGUST 1, 2024

ADVANCE.AI, a provider of digital identity verification and risk management solutions in Southeast Asia, has expanded its capabilities in Singapore and Malaysia with an upgraded Know Your Business (KYB) service. JewelPaymentech, acquired by ADVANCE.AI

Due Diligence 112

Due Diligence Money Laundering AML Verification 112

PYMNTS

SEPTEMBER 4, 2018

In its statement, the company said that it had uncovered “serious shortcomings” in its efforts to conduct customer due diligence at Dutch operations stemming from the period between 2010 to 2016. The 100 million euro disgorgement represents an amount equal to underspend on staffing and due diligence policies.

Due Diligence 46

Due Diligence Money Laundering Law Enforcement Settlement 46

Stax

JANUARY 8, 2024

However, several complex types of risks come along with this. Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer due diligence, and adherence to card regulations. could also be classified as operational risks.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

The Paypers

JANUARY 14, 2021

Financial crime screening, payment services, and KYC solutions provider Accuity has announced the availability of Bankers Almanac Enhanced Due Diligence, according to the official press release.

Due Diligence 28

Due Diligence Risk Assessment Assessments Financial Crimes 28

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

Fintech News

OCTOBER 8, 2024

The aim is to mitigate the risks associated with such businesses. These include maintaining a minimum capital of S$ 250,000 and adhering to stringent AML/CFT obligations, such as conducting customer due diligence, monitoring transactions, and reporting suspicious activities.

Service Provider 95

Service Provider Due Diligence AML Money Laundering 95

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

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

The Paypers

AUGUST 1, 2016

(The Paypers) A research compiled for West Monroe Partners by Mergermarket has revealed that merger and acquisitions (M&A) due diligence often reveals cybersecurity risks.

Due Diligence 28

Due Diligence Cybersecurity Risk Research 28

Stax

NOVEMBER 27, 2023

Even if you’re not in the financial industry, you’ll need a payment processor or payment service provider (PSP) to start generating revenue, which means you’ll need to either have a proper risk management framework in place—or work with a PSP that has one. In the U.S.,

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

Neopay

DECEMBER 20, 2023

1371) will introduce notable changes in the assessment of risks associated with Politically Exposed Persons (PEPs). In the case of customers identified as domestic PEPs or having close associations with domestic PEPs, the initial risk assessment will consider them to present a lower level of risk compared to non-domestic PEPs.

Risk Assessment 52

Risk Assessment Money Laundering Assessments Regulations 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

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

FloQast

MAY 2, 2024

Listeners gain valuable lessons in ethics, due diligence, and professional skepticism, making it a compelling exploration for finance professionals. More than a narrative of past misdeeds, “The Fraud Files” offers insights into the mechanics of fraud and its consequences.

Crime 98

Crime Due Diligence Advisors Agreements 98

The Fintech Times

AUGUST 11, 2024

The review focused on how firms are adhering to crucial measures such as personalised risk warnings, mandatory 24-hour cooling-off periods, client categorisation, and appropriateness assessments. The poor In contrast, firms displaying the poorest practices failed to implement robust due diligence processes.

Compliance 69

Compliance Due Diligence Regulations Risk 69

Fintech News

OCTOBER 6, 2024

One major focus is on proactive prevention, where the IMC advocates for tighter regulations on corporate service providers and enhanced due diligence for non-financial sectors vulnerable to exploitation by money launderers. “The IMC’s recommendations are Singapore’s latest measures to combat ML and other financial crimes.

Money Laundering 117

Money Laundering Law Enforcement Financial Crimes Due Diligence 117

The Fintech Times

AUGUST 30, 2024

However, they must do their due diligence too, especially in the age of deep-fakes. This ongoing due diligence process is crucial to ensure that businesses continue to meet know your customer (KYC) regulatory requirements.

Authentication 64

Authentication Due Diligence Verification Compliance 64

Payments Source

JANUARY 11, 2021

Careful due diligence is required when picking technology to expedite accounts payable automation, says Kofax's Michelle Trapani.

Due Diligence 69

Due Diligence Risk B2B Automation 69

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. The post SenseOn: Confronting Modern Cyber Risks in Financial Services appeared first on The Fintech Times.

Risk 59

Risk Cybersecurity Data Breach Ransomware 59

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

FEBRUARY 4, 2024

In May 2023, a group of paytech representatives called on legislators to ensure a fair playing field for all fintech providers and their obligations to performing customer due diligence (CDD) as the EU anti-money laundering regulation was discussed.

AML 59

AML Regulations Payer Payee 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

JUNE 3, 2024

Key considerations for a successful CiC Due Diligence : Prior to pursuing a CiC, thorough due diligence is essential. Risks and regulatory scrutiny The FCA is vigilant about CiCs being used as a shortcut to authorisation and does not favour regulatory arbitrage—where firms exploit loopholes to circumvent regulations.

Due Diligence 52

Due Diligence Acquirers Regulatory Compliance Compliance 52

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

The Fintech Times

JANUARY 28, 2024

The UK has emerged as the global leader in shell company risk flags, surpassing all other nations by a significant margin, emphasising the urgent need for heightened vigilance and rigorous oversight in international finance. This figure significantly surpasses that of China, which secured second place with 3.4 million flags.

Due Diligence 59

Due Diligence Financial Crimes Crime Assessments 59

FICO

DECEMBER 17, 2020

Anti-financial crimes regulations require banks to enact robust risk management frameworks, including extensive KYC due diligence, integrated safeguards for AML transaction monitoring, and sanctions screening. This includes $2.8 billion lost in exchange theft and security breaches, and $4.8

Cryptocurrency 52

Cryptocurrency Risk Financial Crimes Crime 52

Fintech News

DECEMBER 6, 2023

According to Airwallex, the introduction of this generative AI technology has led to a 50 percent decrease in false-positive alerts during the KYC due diligence phase. Even though this was effective in identifying high-risk keywords , it often lead to numerous false-positive alerts.

AI 115

AI Due Diligence Assessments Rules 115

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

The Paypers

JULY 8, 2021

New research from Refinitiv shows only 44% of organisations conducted third-party due diligence checks during the COVID-19 pandemic.

Due Diligence 53

Due Diligence Risk Checks Research 53

FICO

JANUARY 27, 2017

Known as de-risking, this may seem an intuitive answer to managing the risk of money laundering, but it is not without its own complexities and risks. The Financial Conduct Authority (FCA) wants to ensure that if banks and other regulated financial organisations do de-risk, it’s in a manner that is fair to customers.

AML 55

AML Risk Money Laundering Due Diligence 55

The Paypers

FEBRUARY 24, 2023

US-based bank Banesco USA has partnered with fraud prevention solution provider AML RightSource to improve its risk review processes with Automated Enhanced Due Diligence (EDD).

AML 41

AML Due Diligence Automation Fraud Prevention 41

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

Neopay

JULY 4, 2024

Secondly, the FCA perceives e-money and payments, along with challenger banks, as a higher risk than it did a few years ago, resulting in more monitoring and supervisory activity in our market. It involves reviewing a specific risk or target area, for example Enhanced Due Diligence, across several firms simultaneously.

AML 52

AML Due Diligence Suspicious Activity Report (SAR) Risk Assessment 52

The Paypers

MARCH 5, 2020

SIX Group has selected regtech provider Know Your Customer to strengthen its procurement process and better assess the risk associated with its international suppliers.

Due Diligence 28

Due Diligence Assessments Risk Process 28

Seon

JUNE 29, 2023

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. It achieves this through transaction and behavior monitoring, risk assessment, and alert generation.

Transactions 52

Transactions Due Diligence Money Laundering AML 52