Fintech News

JUNE 17, 2025

Source: Sumsub Key issues include weak risk assessments, delayed rollout of the Travel Rule, and a lack of interoperability among compliance tools. VASPs must adopt robust risk mitigation strategies and ensure their systems can communicate across borders to close these critical compliance gaps.

Compliance 103

Compliance Travel Rule Regulations APACS 103

Stax

MAY 5, 2025

To mitigate this, perform additional QA in controlled production settings, or use gateways that offer advanced testing tools and staging environments closer to live conditions. Although the exact procedure may differ according to the chosen provider, typically, businesses first need to set up a merchant account with a payment processor.

Payment Gateways 88

Payment Gateways Gateways Payment APIs and Integration Multi-Currency 88

Trade Credit & Liquidity Management

JUNE 2, 2025

Open Lines of Communication and Understanding Calibrate Perceptions: Regularly assess how your department is perceived by sales, customers, and management. Prioritize Evaluations: Use technology to expedite credit assessments and prioritize applications that are vital for sales, ensuring quick turnaround and minimal delays.

Liquidity Management 52

Liquidity Management Risk Mitigation Risk Assessments 52

The Payments Association

JUNE 16, 2025

Jerome Ajdenbaum CEO Finality, settlement, and device-based transfers The project assessed whether it was feasible to enable payments between parties who had no access to the CBDC network at the time of transaction, a scenario often triggered by poor connectivity or service outages. This distinction has real-world implications.

Settlement 88

Settlement CBDC Payment APIs and Integration Privacy 88

FloQast

FEBRUARY 19, 2025

He brings over 13 years of experience, providing clients with business and technology audits, as well as providing control design assessment and process improvement services. As a consultant in the risk mitigation and compliance space , I always strive to be my client’s advisor on their risk and compliance needs.

Advisors 52

Advisors Compliance Risk Audit 52

Fintech Finance

MARCH 3, 2025

Issued by Ernst & Young (EY), a leading independent auditing firm, the SOC 2 Type II certification is a rigorous assessment for operating effectiveness of a service providers internal controls. This certification underscores Antoms commitment to meeting the highest security standards, reinforcing its advanced payment solutions.

Fraud Prevention 52

Fraud Prevention Fraud Detection AI Risk Management 52

The Payments Association

JULY 18, 2025

Large organisations will face criminal liability if they fail to implement “reasonable procedures” to prevent fraud committed by employees, agents, subsidiaries or other associated persons where the intent was to benefit the organisation or its clients. Applies to UK-based companies and overseas firms with UK operations or UK victims.

Regulations 88

Regulations Payment APIs and Integration Payments Legal 88

Stax

FEBRUARY 19, 2025

How to mitigate this risk: Before committing to a provider, carefully review contract terms to ensure flexibility. Look for options that allow for periodic assessments, opt-out clauses, or short-term agreements that enable you to change providers if necessary.

Payments 88

Payments PCI DSS Compliance Risk 88

EBizCharge

MAY 22, 2025

6 common challenges in invoicing and billing Understanding various invoicing and billing challenges will allow your business to proactively mitigate these issues to maintain positive financial health and reputation. Many companies experience delays due to inefficient invoicing processes or lack of guidelines.

Process 52

Process Best Practices Reconciliation Automation 52

Trade Credit & Liquidity Management

JUNE 10, 2025

Further Refining Risk Assessment Not every customer will fit neatly into the risk vs. sales categories you identify. Using ongoing, real-time evaluations of customer creditworthiness, tailored collection strategies, and leveraging credit mitigation tools and techniques, you can position your company to meet its financial targets.

Disputes 52

Disputes Risk Risk Assessment Liquidity Management 52

VISTA InfoSec

MAY 24, 2024

It helps assess and mitigate security risks systematically by identifying vulnerabilities and implementing controls to address them before they materialize. Assess the environment by identifying where and how cardholder data is stored, processed, or transmitted within your business operations. of PCI DSS. of PCI DSS. of PCI DSS.

PCI DSS 243

PCI DSS Small Business Assessments Compliance 243

VISTA InfoSec

JUNE 19, 2024

Therefore, this article explores the common cyber threats in video communication and provides strategies to mitigate them. Best Practices for Securing Video Communication Choose the Right Platform When evaluating different platforms, assess their security features comprehensively.

Risk 277

Risk Ransomware Phishing MFA 277

PYMNTS

SEPTEMBER 29, 2020

Blanco said the organization is looking at mitigating risks with virtual currencies. These are areas your examiners, and FinCEN, will ask you about when assessing the effectiveness of your AML program.". All of these questions go back to the policies and procedures in place to mitigate risk," he said, according to the remarks.

Fincen 103

Fincen AML Money Laundering Scams 103

VISTA InfoSec

OCTOBER 20, 2023

Financial Stability : Mitigates the financial impact of disasters, including costs from data breaches or loss of revenue. Testing and Revision Procedures (Addressable) : Enforce strategies for regular testing and modification of contingency plans. Service Continuity : Ensures essential healthcare services remain operational.

Disaster Recovery 130

Disaster Recovery Procedures Regulatory Compliance Duplicate 130

The Finance Weekly

AUGUST 26, 2023

Enterprise Risk Management (ERM) , refers to the systematic procedure of strategizing, arranging, supervising, and managing an , organization's activities with the aim of reducing the negative impacts of risks on its financial resources and profits. For instance, if a business plans an acquisition, AI can assess available funds accurately.

Risk Management 130

Risk Management Risk AI Liquidity Risk 130

FloQast

NOVEMBER 20, 2023

One of the first steps in carrying out an effective internal audit is to perform an internal audit risk assessment. What Is an Internal Audit Risk Assessment? In an internal audit risk assessment process internal auditors use to evaluate an organization’s potential risks and vulnerabilities.

Risk Assessment 52

Risk Assessment Audit Assessments Risk 52

Seon

JUNE 24, 2024

Identity theft presents significant challenges to businesses, making proactive risk mitigation essential for regulatory compliance, trust, asset protection, and operational integrity. How to Conduct a Thorough Identity Risk Assessment Each organization’s journey demands a meticulous understanding of its vulnerabilities and risks.

Risk Management 52

Risk Management Mitigation Risk Identity Theft 52

VISTA InfoSec

NOVEMBER 12, 2024

This includes preparing for potential threats, training staff on response procedures, and regularly testing the response plan ( Requirements 12.10.1 SaaS providers must assess and monitor these vendors to ensure they meet PCI DSS requirements as well ( Requirement 12.8.4 ). Q2: How Often Should We Conduct PCI DSS Assessments?

PCI DSS 130

PCI DSS Compliance Encryption Audit 130

VISTA InfoSec

NOVEMBER 12, 2024

This includes preparing for potential threats, training staff on response procedures, and regularly testing the response plan ( Requirements 12.10.1 SaaS providers must assess and monitor these vendors to ensure they meet PCI DSS requirements as well ( Requirement 12.8.4 ). Q2: How Often Should We Conduct PCI DSS Assessments?

PCI DSS 130

PCI DSS Compliance Encryption Audit 130

VISTA InfoSec

JULY 31, 2023

After completing all the applicable requirements and steps mentioned in the PCI DSS checklist, businesses may engage a Qualified Security Assessor (QSA) to perform a formal assessment of their compliance with the PCI DSS. If any areas of non-compliance are identified during the assessment, the QSA will report their findings to the business.

PCI DSS 130

PCI DSS Security Encryption Risk Assessment 130

Stax

JANUARY 8, 2024

Common risk management strategies for PayFacs include proper merchant vetting and onboarding, transaction monitoring and fraud prevention, chargeback mitigation, KYC/AML compliance, and data breach prevention. The potential impact of failed or inadequate internal systems, processes, procedures, etc.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

VISTA InfoSec

FEBRUARY 13, 2024

Vulnerability assessments involve scanning systems for known weaknesses, while penetration testing (or pen testing) takes a more aggressive approach by simulating cyberattacks to evaluate the effectiveness of current security measures. This makes cybersecurity education a crucial component of any comprehensive cyber defence strategy.

Cybersecurity 130

Cybersecurity Audit Best Practices Mitigation 130

Finovate

MARCH 13, 2024

Therefore, banks using AI systems must assess and reduce risks, maintain use logs, be transparent and accurate, and ensure human oversight. Financial institutions already have processes, documentation procedures, and controls in place to comply with existing regulations.

AI 111

AI Laws Fraud Detection Use Case 111

Clearly Payments

JANUARY 8, 2024

Identifying and Assessing Risks Understanding the lay of the land is the first step in effective risk management. Conducting a thorough risk assessment tailored to the specific nature of the business is essential. Conducting a thorough risk assessment tailored to the specific nature of the business is essential.

Risk Management 97

Risk Management Risk PCI DSS Process 97

VISTA InfoSec

FEBRUARY 16, 2024

These measures help mitigate vulnerabilities that hackers could exploit. The requirement mandates that software development procedures must be documented and examined to ensure that all security considerations are integrated into every stage of the development process. PCI DSS v3.2.1 PCI DSS v4.0 Requirement 6.3 is now 6.2.2.

PCI DSS 100

PCI DSS Procedures Best Practices Verification 100

VISTA InfoSec

AUGUST 22, 2023

Principle of data minimization: Only the minimum amount of biometric data necessary for the intended purpose should be collected and processed, requiring careful assessment and avoidance of excess. Voiceprint: Assessment of vocal attributes such as tone, pitch, and enunciation.

Privacy 130

Privacy Legal Compliance Best Practices 130

The Payments Association

JANUARY 29, 2025

Outdated risk assessments, limited awareness of emerging risks, and failure to adjust processes during operational changes, like customer migrations, left gaps that allowed high-risk transactions to bypass scrutiny. Internal assessments categorised Nordeas overall AML risk as critical, yet systemic upgrades were not prioritised.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

Fi911

DECEMBER 19, 2023

ML-enabled tools and procedures are introducing predictive analytics, real-time fraud detection, and automation to dispute management at the banking level. As integral players in the payment ecosystem, banks must focus on chargeback prevention and mitigation.

Fraud Prevention 98

Fraud Prevention Fraud Detection Point-of-Sale (POS) Online and Mobile Banking 98

Open Banking Excellence

SEPTEMBER 21, 2023

This should include policies, procedures, protocols, and tools needed to protect your organisation’s assets. Test for threats and vulnerabilities: Companies must put measures in place for regular testing including vulnerability scans, network assessments, and penetration assessments.

FinTech 130

FinTech Compliance Regulations Non-Bank 130

Innovative Payments Association

AUGUST 29, 2024

Conduct a Risk Assessment Before building a compliance program, businesses should conduct a thorough risk assessment to identify potential compliance risks. This includes assessing the risk of money laundering, financial crime, and regulatory violations.

Cannabis Banking 52

Cannabis Banking Boot Camp Compliance Money Laundering 52

PYMNTS

DECEMBER 9, 2020

Consumers are more susceptible than ever to falling short on their monthly bills, leaving banks searching for more proactive ways to mitigate the risk of defaults. The practical applications for AI extend far beyond credit risk assessment and detection, however.

Credit Risk 98

Credit Risk AI Risk Fraud Detection 98

Stax

DECEMBER 4, 2023

TL;DR An anti-money laundering (AML) program is a set of laws and procedures that seek to uncover attempts to disguise illicit money as legitimate. 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.

Money Laundering 88

Money Laundering Compliance AML BSA 88

Neopay

AUGUST 5, 2024

Effective safeguarding training covers the policies, procedures, and regulations that must be adhered to in order to minimise risks and maintain compliance with regulatory standards. This involves identifying and mitigating risks associated with safeguarding and understanding potential threats and vulnerabilities to client assets and data.

Compliance 52

Compliance Procedures Audit Risk Management 52

VISTA InfoSec

SEPTEMBER 28, 2023

Conduct the Data Protection Impact Assessment (DPIA) and Audits: The Significant Data Fiduciary is responsible for implementing the following measures: (Clause 10 (2) (c), DPDP Act). Data Protection Impact Assessment (DPIA): This is a regular process detailing Data Principals’ rights and the purpose of processing their data.

Audit 130

Audit Data Breach Privacy Breach 130

Stax

AUGUST 22, 2024

PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. PayFacs also handle risk assessment, underwriting, settling of funds, compliance, and chargebacks. Payfacs need to have regular AML screenings and strictly implement KYC procedures.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

PYMNTS

DECEMBER 4, 2018

With the Red Flags Rule , financial firms and some creditors have to implement a written identity theft prevention program aimed at detecting red flags of identity theft during the course of normal operations, take steps to prevent it and mitigate damage as a result of it.

Identity Theft 64

Identity Theft FTC Rules Card Issuer 64

VISTA InfoSec

OCTOBER 26, 2023

This audit confirms the validity of management’s evaluation of their controls and reports on the effectiveness of the overall financial controls and procedures. An independent auditor assesses a company’s security stance against one or all of the Trust Services Criteria when it comes to SOC compliance.

Audit 130

Audit Compliance Laws Governance 130