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

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

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

Finovate

SEPTEMBER 4, 2024

Ncontracts has acquired Venminder, a third-party risk management SaaS platform, to enhance its governance, risk, and compliance services. The acquisition will broaden Ncontracts’ expertise in third-party risk management and strengthen its position in both SaaS and knowledge-as-a-service markets.

Risk Management 59

Risk Management Risk Acquirers Due Diligence 59

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

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

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 101

Crime Due Diligence Advisors Agreements 101

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 97

Service Provider Due Diligence AML Money Laundering 97

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 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 122

Money Laundering Law Enforcement Financial Crimes Due Diligence 122

PYMNTS

SEPTEMBER 22, 2020

“A bank providing services in support of a stablecoin project must comply with all applicable laws and regulations and must ensure that it has instituted appropriate controls and conducted sufficient due diligence commensurate with the risks associated with maintaining a relationship with a stablecoin issuer,” Gould wrote. .

Office of the Comptroller of the Currency 138

Office of the Comptroller of the Currency OCC Stablecoins Due Diligence 138

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

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

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 120

AI Due Diligence Assessments Rules 120

Finovate

DECEMBER 2, 2024

The workflow includes identification, authentication, and risk screening that provides an overall risk score that enables compliance teams to conduct due diligence and, ultimately, determine acceptance, escalation, or rejection.

Compliance 105

Compliance Acquirers Money Laundering AML 105

The Fintech Times

AUGUST 9, 2024

AU10TIX , the identity verification and management firm, has unveiled a new anti-money laundering (AML) solution, in a move to help businesses ensure a safer approach to risk mitigation. The post AU10TIX Aims to Reduce Operational Risk for Businesses With New AML Solution appeared first on The Fintech Times.

AML 64

AML Risk Payment APIs and Integration Money Laundering 64

Fintech News

NOVEMBER 20, 2024

Despite the opportunity, the B2B payments market remains vastly underserved and traditional banks are often unwilling to cater to SMEs due to low profit margins, high risks, and elevated operational costs. Risk management is another challenge. Risk management in B2B payments is very different from B2C payments.

Cross-Border Payments 106

Cross-Border Payments Cross-Border B2B Due Diligence 106

PYMNTS

FEBRUARY 28, 2019

While corporate mergers can drive business growth, they are also rife with risks and disruption for organizations, from a reshuffling of executive teams to problems with integrating complex, siloed systems from one company into another. ” Business Partners At Risk. . ” Business Partners At Risk.

Risk 65

Risk Data Breach Third Party Vendors Cybersecurity 65

PYMNTS

JANUARY 30, 2019

So the idea that the money laundering directive in Europe would mandate beneficial ownership as a part of enhanced customer due diligence “is, in some ways, the logical next step,” Gaddy said. Forex companies, in particular, move money as they change it from different currency types.

Due Diligence 74

Due Diligence Verification Money Laundering FinTech 74

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

MARCH 14, 2019

However, despite the friction points that can get introduced into the process due to anti-money laundering (AML) and Know Your Customer (KYC) processes, FIs have no choice but to comply, or they risk fines and loss of customer trust. Other financial service providers must rethink their due diligence approaches.

Money Laundering 73

Money Laundering Due Diligence AML Compliance 73

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

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

Fintech News

JANUARY 16, 2024

This tool will enable Encompass to create comprehensive KYC profiles by integrating public and private customer information, thereby offering financial institutions a unified and detailed view of their clients’ identities and associated risks.

Financial Crimes 109

Financial Crimes Due Diligence Crime Addressing 109

PYMNTS

JUNE 29, 2018

“It is therefore vital that businesses conduct the necessary due diligence when integrating a new provider into their supply chain.” But researchers also found that the practice of de-risking, which involves either exiting a third-party relationship or altering it, is on the rise. ” .

Cybersecurity 49

Cybersecurity Breach Risk Third Party Vendors 49

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

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

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

PYMNTS

SEPTEMBER 28, 2020

A Risk-Based Approach To Detecting And Stopping Attacks. A strong, risk-based authentication engine assesses the risk of login and authentication for every monetary and non-monetary transaction, applying stronger authentication for riskier users,” Yuval Marco, general manager of fraud and authentication at NICE Actimize, told PYMNTS.

Financial Crimes 81

Financial Crimes Crime Due Diligence Federal Trade Commission 81

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

Segpay

NOVEMBER 26, 2024

This process, known as Customer Due Diligence/Know Your Customer (CDD/KYC) is a regulatory requirement aimed at the detection and prevention of money laundering (AML), fraud and other illegal activities. This accelerates the onboarding process and reduces fraud risk.

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. With many firms facing supervisory interventions due to poor safeguarding, there is a strong sense of urgency. Why is it important? What’s next?

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

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

Fi911

MARCH 14, 2024

It can also help manage risk more effectively, and tailor fraud detection systems to the unique needs of each sales channel. This documentation helps banks assess the risk profile of the business and determine the appropriate transaction processing solutions. When Should a Bank Consider Terminating a MID?

Due Diligence 103

Due Diligence Processors Fraud Detection Money Laundering 103

PYMNTS

JANUARY 26, 2021

The partnership aims to create a secondary credit market that is transparent and efficient and makes it easy to manage credit and digitally store documents, loan history and due diligence activities, preventing “information asymmetry risks,” the release stated. Diokno, Philippines’ Central Bank (BSP) governor in the release.

Wire Transfer 97

Wire Transfer Blockchain Due Diligence Wire 97

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

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 108

FinTech Mitigation Risk On-Demand 108