Basis Theory

NOVEMBER 12, 2024

Completing audits and other non-value-generating work consumes resources, timelines, and funds. Authentication and Authorization With encryption, the key used to decrypt the data is how you authorize and retrieve the data. Tokens, on the other hand, do not depend on the sensitive data to be created.

Encryption 157

Encryption Payment APIs and Integration PCI DSS Returns 157

The Payments Association

FEBRUARY 14, 2025

Safeguarding customer funds The Financial Conduct Authority (FCA) has proposed significant changes to the safeguarding regime for payments and e-money firms. Regular audits and compliance checks : Firms will face enhanced monitoring and reporting under the proposed policy. Engaging external auditors may provide additional assurance.

Stablecoins 88

Stablecoins Payment APIs and Integration Regulatory Compliance Compliance 88

VISTA InfoSec

FEBRUARY 25, 2024

A data breach occurs when cybercriminals infiltrate your systems and access sensitive information without authorization. Minimize Access Only authorize essential system/data access for users per role responsibilities. Conduct audits periodically post-partnership. What Is A Data Breach?

Data Breach 272

Data Breach Breach Multifactor Authentication Cybersecurity 272

VISTA InfoSec

SEPTEMBER 30, 2024

A data protection officer role is to act as a bridge between organizations, its employee, and the regulatory authorities ensuring that the handling of personal data is safe, lawful and in line with regulations like GDPR (General Data Protection Regulation). Key Responsibilities of a Data Protection Officer 1.Monitoring

CCPA 130

CCPA Privacy Laws Data Breach 130

VISTA InfoSec

OCTOBER 21, 2024

A data protection officer role is to act as a bridge between organizations, its employee, and the regulatory authorities ensuring that the handling of personal data is safe, lawful and in line with regulations like GDPR (General Data Protection Regulation). Key Responsibilities of a Data Protection Officer 1.Monitoring

CCPA 130

CCPA Privacy Laws Data Breach 130

The Payments Association

OCTOBER 23, 2024

On 25 September 2024, the UK Financial Conduct Authority (FCA) published its long-awaited Consultation Paper (CP24/20) setting out proposed changes to the safeguarding rules applicable to electronic money institutions (EMIs) and payment institutions (PIs) (together, payments firms). What does this mean for Payments firms?

Rules 88

Rules Payments Institute Authorization Reconciliation 88

The Payments Association

FEBRUARY 10, 2025

Regulatory reviews from the Bank of Italy, UIF, and the European Banking Authority (EBA) have identified key shortcomings in the management of vIBANs. Partnering with regional providers, leveraging AI for fraud detection, and conducting regular audits will ensure compliance, transparency, and operational excellence.

IBAN 88

IBAN AML Master Account Due Diligence 88

Fintech Review

JANUARY 30, 2025

Moreover to the previous point: market participants must develop a clear system of operational reporting of incidents regarding digital resilience violations to the authorities; Testing and resilience. With recurrent checks of counterparties and providers, as well as ongoing audits; Information exchange.

Regulations 98

Regulations Risk Management Participant Cybersecurity 98

Nanonets

APRIL 24, 2024

Audit Bank Reconciliation Guide  Both internal and external accounting audits are essential parts of financial management as well as organizational risk management. A bank reconciliation audit is one such process that helps in identifying financial gaps or discrepancies. Looking out for a Reconciliation Software?

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

FloQast

NOVEMBER 28, 2023

About the Author : As Lovevery’s Vice President, Controller, and the 2022 Controller of the Year, Ashley Griesshammer has played a pivotal role in guiding Lovevery’s accounting team through a period of explosive growth. Most audit firms are now working with various analytical or data evaluation tools.

Audit 59

Audit Process Technology Reconciliation 59

Fintech News

JANUARY 13, 2025

Recognising the need to address inefficient practices like manual processing, the Infocomm Media Development Authority implemented InvoiceNow, a nationwide E-invoicing network , in 2019 to help businesses improve efficiency and reduce cost. Undoubtedly, AI can provide succour to finance managers.

AI 119

AI Finance Automation SWIFT 119

Nanonets

JANUARY 1, 2024

In this blog, we'll delve into what invoice audits entail and why they are crucial for the financial integrity of businesses. What is an Accounts Payable Audit?    An Account Payable Audit is a process by which the financial records of the accounts payable department are examined by an auditor.

Audit 52

Audit Compliance Automation Verification 52

VISTA InfoSec

OCTOBER 7, 2024

This ensures that supervisory authorities are informed promptly and can respond effectively to mitigate further impact. Information Sharing DORA encourages financial institutions to share information related to cyber threats and vulnerabilities with one another and relevant authorities to improve collective security.

Compliance 130

Compliance Third-Party Service Provider Risk Assessment Audit 130

PYMNTS

JUNE 24, 2020

A KPMG audit was conducted for Wirecard last fall. SoftBank said it relied on the same data used by the Federal Financial Supervisory Authority, Germany’s independent financial regulatory authority. .

Audit 104

Audit Authorization Accounts Regulations 104

Nanonets

MAY 8, 2023

If not, it may be time to rework your current accounting policies to implement audit trails. Despite what many business owners believe, audit trails aren’t reserved only for companies that receive an audit. Audit trails can prevent fraud, aid in disaster recovery, and ensure compliance with regulatory agencies.

Audit 52

Audit Procedures Disaster Recovery Reconciliation 52

Neopay

MARCH 6, 2025

The Financial Conduct Authority (FCA) has brought significant criminal charges against John Dance, the former principal partner of WealthTek LLP (formerly Vertus Asset Management LLP). regular compliance audits: Proactive audits help in identifying gaps before they escalate into major regulatory breaches.

Money Laundering 52

Money Laundering Audit Due Diligence Compliance 52

The Fintech Times

NOVEMBER 12, 2024

In 2018, it established the Astana International Financial Centre (AIFC) and its independent regulator the Astana Financial Services Authority (AFSA). This includes an external financial audit and obtaining ISO certifications following an audit of the entity’s information systems.

FinTech 59

FinTech Audit Non-Bank ISOs 59

PYMNTS

MARCH 1, 2020

s audit regulator, announced plans this week to break up the dominance of the largest four accounting firms, Deloitte, EY, KPMG and PwC , according to the Financial Times. and would essentially ask for the firms’ audit and consulting operations to be separated. The FRC also said there should be a ringfencing of audit costs and profits.

Accounts 92

Accounts Audit Consulting Governance 92

Neopay

MARCH 13, 2025

The Financial Conduct Authority (FCA) has recently announced that it will not proceed with its proposal to publicly name firms under investigation. From conducting thorough audits to delivering engaging training programmes, our tailored solutions help firms stay ahead of regulatory changes and build robust compliance frameworks.

Compliance 52

Compliance Audit Regulations Blocks 52

Fintech News

FEBRUARY 21, 2024

The Indonesian Financial Services Authority (OJK) is closely monitoring Investree , a fintech peer-to-peer lending platform, following public reports of potential operational and consumer protection violations. The OJK has previously imposed administrative sanctions on the platform due to these issues. The company had earmarked US$4.5

Law Enforcement 116

Law Enforcement Audit Authorization Consumer Protection 116

VISTA InfoSec

NOVEMBER 12, 2024

So, in a world where regulatory scrutiny is increasing, especially in sectors like finance and healthcare, SaaS companies must align with PCI DSS to meet regulatory requirements to authorize transactions and avoid penalties, fees, or, in severe cases, a ban on processing credit cards by major payment brands (e.g. Visa, MasterCard, etc.)

PCI DSS 130

PCI DSS Compliance Encryption Audit 130

VISTA InfoSec

NOVEMBER 12, 2024

So, in a world where regulatory scrutiny is increasing, especially in sectors like finance and healthcare, SaaS companies must align with PCI DSS to meet regulatory requirements to authorize transactions and avoid penalties, fees, or, in severe cases, a ban on processing credit cards by major payment brands (e.g. Visa, MasterCard, etc.)

PCI DSS 130

PCI DSS Compliance Encryption Audit 130

VISTA InfoSec

JULY 17, 2024

Establish protocols for communicating with external parties, such as law enforcement, in multiple languages: Knowing how to quickly share info with authorities in various countries can speed up response times. Outline regular audit processes to check compliance with these policies.

Cybersecurity 238

Cybersecurity Compliance Encryption Best Practices 238

Fintech News

JULY 16, 2024

StraitsX, a digital asset payments infrastructure provider in Southeast Asia, has received Major Payment Institution (MPI) licenses from the Monetary Authority of Singapore (MAS). The licenses were issued to StraitsX USD Issuance Pte. StraitsX SGD Issuance Pte. and StraitsX Payment Services Pte. Additionally, Xfers Pte.

Stablecoins 110

Stablecoins Security Cross-Border Settlement 110

FloQast

JANUARY 17, 2024

The consultation set out proposals for a range of legislative and governance reforms to be implemented in the Code in 2024, including the introduction of a new regulatory body, known as the Audit, Reporting, and Governance Authority (ARGA), which would replace the FRC.

Government 102

Government Governance AAP Audit 102

Neopay

DECEMBER 16, 2024

The Financial Conduct Authority (FCA) continues its commitment to guiding firms on embedding the Consumer Duty by publishing two insightful reports. Audits and gap analysis : Our audits identify compliance gaps and offer tailored recommendations to improve governance, complaints handling, and RCA processes.

Consumer 52

Consumer Compliance Audit Government 52

VISTA InfoSec

OCTOBER 21, 2024

Ensuring adherence to data protection laws, internal policies, and overseeing responsibilities, training, and audits. Working closely with the supervisory authority on processing-related matters. Providing advice on and monitoring the performance of impact assessments related to data protection.

CCPA 208

CCPA Privacy Assessments Laws 208

PYMNTS

AUGUST 7, 2020

Last fall, the central bank issued guidelines for authorization for various payment systems, including the Bharat Bill Payment Operating Unit (BBPOU), the Trade Receivables Discounting System and white-label ATMs. In response, NPCI said it routinely conducts audits and fixes any vulnerabilities. In July, the National Payments Corp.

Digital Payments 106

Digital Payments Central Bank Online and Mobile Banking Disputes 106

The Payments Association

MAY 16, 2025

A 2024 joint survey by the Bank of England (BoE) and the Financial Conduct Authority (FCA) found that 72% of UK-regulated firms are actively using or piloting AI and machine learning toolsan increase from 67% in 2022. This includes a high concentration in anti-money laundering (AML), fraud detection, and client onboarding.

Compliance 88

Compliance AI Risk Audit 88

Neopay

APRIL 10, 2025

This follows a 2022 penalty of 70,000 for delayed accounts and after previous attention of the UK’s Financial Conduct Authority in 2019 on AML compliance. How Neopay can help At Neopay, we’re experts at helping regulated businesses build, audit, and enhance their compliance frameworksbefore the regulators come knocking.

Central Bank 52

Central Bank Money Laundering AML Financial Crimes 52

PYMNTS

JUNE 23, 2020

On Monday (June 22), Scholz praised the Federal Financial Supervisory Authority (BaFin), Germany’s independent financial regulatory authority, noting that it had worked hard and done its job. Braun, 50, resigned last week, when an audit revealed that 1.9 The company has nearly 6,000 employees in 26 countries worldwide.

Finance 88

Finance Request for Comment Audit Regulations 88

VISTA InfoSec

OCTOBER 21, 2024

If you have serious security needs or share an account with other parties, shortlist the ones that need multiple private keys to authorize a transaction to prevent any unauthorized access. Community members with a sizable stake are also incentivized to audit the solution for any backdoor vulnerabilities.

Cryptocurrency 162

Cryptocurrency Multifactor Authentication MFA Compromise 162

Stax

NOVEMBER 21, 2024

Authorization The credit card details captured by your POS or online payment gateway will be sent to your payment processor. If the card checks out, the customer’s bank will send an authorization code to your payment processor, indicating that everything is in order and the transaction can proceed.

Credit Cards 88

Credit Cards Small Business Process Credit Card Payment Processing 88

PYMNTS

OCTOBER 23, 2020

Lufax revamped its business after Chinese authorities went after peer-to-peer (P2P) lenders. auditing principles. Under one of the standards, it would require that firms open their audit records to U.S. authorities, which would essentially be a violation of Chinese secrecy laws. . billion, according to the filing.

Audit 72

Audit Laws P2P Authorization 72

Fintech News

FEBRUARY 5, 2024

million is allocated for legal and audit fees, US$750,000 is designated for retrenchment costs, US$500,000 for credit insurance and collections expenses, and US$100,000 for rent. Investree has earmarked US$4.5 million of this package for employee salaries, which encompasses owed salaries, benefits, taxes, payables, and other related expenses.

Audit 112

Audit P2P SWIFT Legal 112

Stax

MARCH 18, 2025

It authorizes or declines payments based on available funds and fraud checks. Payment information is encrypted and sent for authorization – The payment gateway encrypts and sends the payment details to the payment processor. This means they authorize and complete transactions faster than manual processing procedures.

Process 88

Process Payment APIs and Integration Processors Online and Mobile Banking 88

Fintech News

JULY 1, 2024

Paxos has secured the full approval from the Monetary Authority of Singapore (MAS) to issue stablecoins under the regulator’s upcoming stablecoin framework. This approval allows Paxos to offer digital payment token services through its entity, Paxos Digital Singapore Pte. as a Major Payments Institution.

Stablecoins 110

Stablecoins Regulations Audit Issuers 110