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

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

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

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Outdated or inadequate processes can quickly become a liability, exposing the company to financial crime risks and regulatory action.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

PYMNTS

JULY 24, 2020

Today, they’re managing this workload in a remote setting on top of a slew of other pressures facing organizations. So it’s not exactly surprising that supply chain risk mitigation efforts can fall by the wayside. Lackluster Risk Strategies. ” Combating Risk Through Technology.

Risk 70

Risk Due Diligence Risk Mitigation Mitigation 70

Finovate

MAY 6, 2024

regulators– the Board of Governors of the Federal Reserve System, the FDIC, and the OCC– have published a new third party risk management guide for community banks. The guide is intended to supplement the Interagency Guidance on Third-Party Relationships: Risk Management document the agencies published in June of last year.

Regulations 52

Regulations Community Banks FDIC Due Diligence 52

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

JUNE 5, 2024

Dr Thng stresses that managing the outsourcing life cycle is a crucial strategy for today’s FIs to enable them to align their operations with changing technologies and market demands. The first pertains to the need for strategic management with a focus on innovation. The standard outsourcing life cycle methodology is quite generic.

FinTech 106

FinTech Mitigation Risk On-Demand 106

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

Segpay

OCTOBER 18, 2023

However, in most cases, the merchant is unaware of being abused by criminal gangs or transaction fraudsters and runs a tremendous risk. Transaction laundering poses significant risks and challenges for financial institutions, payment processors, regulators, and legitimate businesses.

Transactions 52

Transactions Due Diligence Money Laundering Legal 52

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

PYMNTS

JANUARY 30, 2019

Compliance and risk management technology provider Opus is launching a new Know Your Customer (KYC) workflow solution for banks. 29) said Opus is rolling out its Clarity KYC solution to automate KYC workflows and enhance risk analysis. A press release on Tuesday (Jan.

Due Diligence 46

Due Diligence Automation Money Laundering Fincen 46

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

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

Seon

JULY 10, 2024

This monitoring occurs before a transaction is approved or processed and aims to facilitate legitimate transactions while identifying potential regulatory risks. However, the two often overlap, as both contribute to an organization’s overall risk management and compliance efforts.

Transactions 52

Transactions Fraud Prevention Regulatory Compliance Payments 52

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. No customer wants to encounter it when they sign up with an organization.

Process 52

Process Due Diligence AML 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

Neopay

DECEMBER 6, 2023

These reviews play a crucial role in identifying potential risks, ensuring regulatory compliance, and safeguarding the integrity of financial markets. These reviews mainly focused on areas related to financial crime, controls, risk management, and business conduct, prompting firms to proactively evaluate their practices in these domains.

Audit 59

Audit Regulatory Compliance Financial Crimes Compliance 59

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

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

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

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 FDIC 52

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

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

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

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 69

Compliance AI Process Suspicious Activity Report (SAR) 69

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

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.

Wire Transfer 97

Wire Transfer Blockchain Due Diligence Wires 97

PYMNTS

JULY 19, 2018

The need is there for a comprehensive approach for risk management, which in turn means that both FinTechs and FIs need a strong, consistent strategy and roadmap from the very start of collaborations. Thus, risk management must evaluate compatibility not just of tech platforms in place, but must also take a cue from strategic goals.

Risk 42

Risk FinTech Risk Management Privacy 42

PYMNTS

MAY 2, 2016

As the threats that face organizations continue to evolve in scope and complexity, so too does the role of chief risk officer. In his position as Vice President of Global Risk Management for TNS , Umer Ayub understands this reality firsthand. PYMNTS: What does a day in the life of a chief risk officer look like?

Risk 41

Risk Risk Management Disaster Recovery Audit 41

The Fintech Times

MARCH 6, 2024

The regulatory tides may be changing in the US, as the Office of the Comptroller of the Currency (OCC) suggests banks should be doing more to manage risks related to partnering with fintech firms. “The onus is on the bank and fintech company to manage risk, but equally important that regulators assess risk effectively.

OCC 69

OCC FinTech Non-Bank Regulations 69

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.

AML 65

AML Compliance Financial Crimes Automation 65

Seon

MAY 10, 2024

An AML case management system centralizes customer information, linking all alerts, transactional activities and cases to individual customer profiles while managing, investigating and documenting alerts generated by monitoring systems. What is AML Compliance? For specific individuals or entities, ongoing monitoring is imperative.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 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

PYMNTS

MAY 17, 2018

According to a press release Wednesday (May 16), the European Central Bank (ECB), based in Germany, has chosen OpenLink to provide treasury and risk management technology to manage its euro-dominated investment portfolio, foreign reserves and other asset purchase programs.

Treasury Management 43

Treasury Management Central Bank Treasury Due Diligence 43

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