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.

AML 52

AML Financial Crimes Crime Risk Assessment 52

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

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

Finovate

FEBRUARY 15, 2024

Features Automates KYC and KYB due diligence Streamlines approval and risk assessment workflows Delivers visual workspace for designing customer onboarding experiences Who’s it for? Payment providers, financial service providers, insurance companies, professional services, and banks.

Due Diligence 58

Due Diligence Risk Assessment CRM AI 58

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. There are a few – but to give a couple of examples: MAPP (Modular Assessment Proactive Programme) is fairly new.

AML 52

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

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

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

Neopay

MARCH 14, 2024

In February, the FCA confirmed that it has significantly increased its supervisory activity with payments firms, with a focus on prudential risk management, wind down planning and safeguarding. It will be consulting this year on proposals to close gaps in protection and reduce risks of harm if firms fail.

Audit 59

Audit Risk Assessment Reconciliation Due Diligence 59

Seon

SEPTEMBER 20, 2023

According to McKinsey, banks use up to 40% of their onboarding time on KYC and due diligence processes. Onboarding ensures the KYC process is worthwhile and well-informed by verifying the identity of prospective customers and assessing their risk level. Nor is it just applicants who can be inconvenienced by onboarding.

Process 52

Process Due Diligence AML Verification 52

Fintech News

MAY 22, 2024

Arctic Intelligence (Australia) Headquartered in Sydney, Australia, Arctic Intelligence is a multi-award-winning regtech company specializing in financial crime risk assessment technologies. Founded in late 2015, the company provides regulated entities with tools to manage audit, risk, and compliance programs effectively.

Financial Crimes 86

Financial Crimes Crime APACS Risk Assessment 86

Neopay

JUNE 27, 2024

It is crucial to conduct a thorough assessment of your financial position and ensure that you meet the minimum capital requirements. 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.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 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

The Fintech Times

MARCH 27, 2024

“To identify potential front and shell companies, financial services firms need to actively monitor transaction volumes and frequencies, while examining clients and counterparties for high-risk indicators such as locations of owners and controllers.

Money Laundering 92

Money Laundering Financial Crimes Crime Due Diligence 92

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

PYMNTS

SEPTEMBER 23, 2019

Financial crimes risk management software company Quantifind and Oracle Financial Services have teamed up to improve anti-money laundering (AML) compliance and to add intelligence and automation properties directly into the compliance workflows, according to a release. “We are excited to announce our collaboration with Oracle today.

AML 65

AML Compliance Financial Crimes Automation 65

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

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

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

The Fintech Times

SEPTEMBER 14, 2024

The emergence of AI and ML tools has enabled companies to analyse vast amounts of data in real time, detecting patterns that indicate potential compliance risks, such as money laundering, sanctions, or fraud. AI is only as smart as the data that fuels it, making it imperative to introduce policies and adhere to data quality standards.

Compliance 68

Compliance AI Process Suspicious Activity Report (SAR) 68

The Paypers

MAY 10, 2017

(The Paypers) Conformance Technologies has announced the launch of PreComm ToolKit as its latest compliance offering for merchant due diligence and risk assessment prior to onboarding.

Compliance 28

Compliance Due Diligence Risk Assessment Technology 28

Neopay

OCTOBER 15, 2024

For example, for a due diligence file, include: A copy of the application form or sign-up journey. Records of customer risk assessments and periodic monitoring. The key is to present the sample in a structured way that an external party unfamiliar with your processes can easily follow. Screening results.

Audit 59

Audit Compliance Assessments Financial Crimes 59

PYMNTS

MARCH 22, 2019

They also ensure that all contract data is stored on blockchain, thus reducing risk of fraud,” he said. It is in the context of risk assessment that artificial intelligence (AI) can play a role in invoice financing, said the executive. Risk can be predicted accurately, if all this data is incorporated in an algorithm.

Blockchain 65

Blockchain Finance Risk Assessment Due Diligence 65

The Fintech Times

MARCH 5, 2024

Meo (formerly NewBanking), the Danish end-to-end platform helping clients with risk assessment and continuous due diligence, has secured €1.67million for increased growth and expansion in Europe – expanding clients beyond the traditional banking sector to VCs and law firms. The partnership brings the Murex MX.3

FinTech 58

FinTech Online and Mobile Banking Due Diligence Legal 58

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

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

FICO

JANUARY 25, 2018

Cyberattacks are no longer just a fight for your IT security team — they represent a risk to your entire business. You need to understand the liability and exposure to risk your business has and this cannot be achieved without accurate measurement. As my colleague Doug Clare wrote in his blog , connectivity creates aggregate risk.

Cybersecurity 49

Cybersecurity Risk Assessment Data Breach Due Diligence 49

PYMNTS

SEPTEMBER 27, 2017

More than reducing cost, FinTech needs to deliver an enhanced capability for financial institutions to conduct due diligence on [Ministry of Micro, Small and Medium Enterprises] MSMEs before it can play a role in reducing gaps,” Beck said in a statement earlier this month.

Finance 51

Finance Due Diligence FinTech Risk Assessment 51

FICO

FEBRUARY 9, 2021

IWT risk must be part of a bank’s risk framework and their AML risk assessment, e.g., by adding high-risk sources (Africa, South America), transit (EU), and destination countries (see above). They may identify unusual spending behaviour coupled with the vicinity to high-risk areas for IWT.

Money Laundering 52

Money Laundering Crime Financial Crimes Due Diligence 52

PYMNTS

JUNE 20, 2019

The last thing that anyone wants to hear in almost any financial organization is that the people tasked with risk management is feeling less than fully confident about their ability to actually do that job — because they aren’t sure if their data is good.

AML 66

AML Due Diligence Money Laundering Risk Assessment 66

Stax

DECEMBER 20, 2023

TL;DR Merchant underwriting is the risk level assessment process an acquiring bank carries out on every new merchant before they grant them a merchant account. The bank assumes the risk on behalf of the business and needs to make sure that they screen new businesses before handing out merchant accounts.

Underwriting 88

Underwriting Process Payment APIs and Integration Enrollments 88

FICO

MARCH 6, 2020

FICO brings AI and advanced analytics to risk management, fraud detection, collections and much more. As a one-stop supplier for anti-financial crime, we cover all compliance-related requirements in a truly integrated solution that breaks down financial crime risk management silos. It is the human who remains at the center of it all.

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

PYMNTS

MAY 1, 2018

The startup also made the conference rounds this spring, where many corporates are showing interest in email as a risk assessment tool as well as automated fraud defense. Finally, enhancements to Emailage’s products should speed up the system and enable it to consume even more data as it calculates risk. AvidXchange.

Innovation 50

Innovation Payment APIs and Integration Payee Due Diligence 50

Global Fintech & Digital Assets

OCTOBER 5, 2023

Risk Assessment The coin-listing policy must require thorough due diligence on both the relevant coin and its issuer prior to approval for listing, including with respect to the following risk categories: Technical Design and Technology; Operational; IT/Cybersecurity; Market and Liquidity; Illicit Finance; Legal; Reputational; and Regulatory.

Stablecoins 52

Stablecoins Procedures Issuers Due Diligence 52

PYMNTS

DECEMBER 4, 2017

Two new executives will push this expansion forward: chief risk officer Amir Sunderji, formerly of YapStone, Fiserv and CashEdge, and chief revenue officer Nilesh Dusane, formerly of Ripple. Judging by the startup’s name, it’s no surprise that Emailage is leveraging customer email addresses as it investigates transaction risk factors.

Cross-Border 45

Cross-Border Payments Due Diligence Cross-Border Payments 45

Neopay

DECEMBER 6, 2023

On 5 th December 2023, HM Treasury unveiled a revised list of high-risk third countries, aligning with the latest recommendations from the Financial Action Task Force (FATF). These changes demand immediate attention from UK-regulated firms, as they impact the application of enhanced customer due diligence (EDD) measures.

Treasury 52

Treasury Due Diligence Risk Money Laundering 52

Neopay

FEBRUARY 7, 2024

Our comprehensive suite of solutions is designed to support your firm in addressing the geographical aspects of corruption risk highlighted by the CPI ratings of Transparency International.

Due Diligence 59

Due Diligence Laws Rules Risk Assessment 59