Remove Assessments Remove Due Diligence Remove Risk Assessment
article thumbnail

Economic Crime and Corporate Transparency Act examined: A guide to avoiding failure-to-prevent fraud measures

The Payments Association

Businesses must proactively assess fraud risks, implement adequate procedures, leverage technology for fraud detection, and foster a culture of compliance to avoid regulatory penalties. Compliance requires proactive fraud risk assessment, the implementation of preventive procedures, and a culture of accountability.

Crime 88
article thumbnail

Navigating AML obligations in the age of virtual IBANs

The Payments Association

While vIBANs offer innovation in payment systems, they introduce risks like money laundering due to insufficient oversight. Payment Service Providers must strengthen due diligence, monitoring, and collaboration with regulators to address these risks. This leads to inadequate due diligence.

IBAN 88
article thumbnail

Umazi launches digital identity platform to automate due diligence and risk assessments

Finextra

But according to Umazi, a next-generation compliance and digital identity platform leveraging AI and Web3 to automate due diligence and risk assessments, while here in the UK business and government face a number of challenges to its roll-out, the rewards could not be greater.

article thumbnail

martini.ai Launches Agentic AI Company Research to Improve Insights Into Firms’ Credit Profiles

The Fintech Times

The new offering combines daily credit risk modelling with agentic research to provide a dynamic, 360-degree risk assessment. In todays fast-paced financial markets, access to timely, integrated information is crucial for effective risk assessment, said Rajiv Bhat , CEO of martini.ai. Rajiv Bhat, CEO of martini.ai

article thumbnail

Amended Money Laundering Regulations 2017 bring changes in PEP risk assessment

Neopay

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.

article thumbnail

Merchant Underwriting: What It Is, How It Works, and Why It’s Important

Stax

The merchant underwriting process is a critical step that payment processors and financial institutions use to assess the risk associated with onboarding new businesses. Key steps include application review, risk assessment, credit checks, and compliance verification. Learn More What is Merchant Account Underwriting?

article thumbnail

NCA targets barbershops in major operation against money laundering and modern slavery

Neopay

As regulatory and compliance specialists for payment and e-money firms, we recognise the importance for due diligence, transaction monitoring, and robust AML controls. Compliance regimes need to respond accordingly, with risk assessments that are proactive and substantive continuous monitoring.