The Payments Association

JANUARY 13, 2025

The Financial Conduct Authority (FCA) recently outlined significant changes to the safeguarding regime for payments and e-money firms in its consultation paper CP24/20. Central to these changes are new statutory trust requirements, more prescriptive record-keeping, reconciliation standards, and the mandate for external safeguarding audits.

Compliance 88

Compliance Audit Legal Reconciliation 88

The Payments Association

FEBRUARY 14, 2025

The FCAs consultation closed in December 2024, with final rules expected in mid-2025. Although we must wait until the final policy proposals to determine the final rules, the FCAs consultation indicates that future regulatory scrutiny on safeguarding will be significantly more stringent than before.

Stablecoins 88

Stablecoins Payment APIs and Integration Regulatory Compliance Compliance 88

The Fintech Times

JANUARY 25, 2024

Aside from the issues firms have reported around their financial control processes, institutions also revealed concerns about their data quality, particularly regarding meeting regulatory reporting requirements.

Process 64

Process Audit Regulatory Compliance Consulting 64

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).

Rules 88

Rules Payments Institute Authorization Reconciliation 88

The Payments Association

OCTOBER 11, 2024

Firms must prepare for these changes by improving their internal processes, conducting audits, and adapting to new compliance requirements to ensure seamless implementation of the FCA’s reforms. What’s next? It’s going to be a big effort for them to ensure that they are complying.”

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

FloQast

MARCH 21, 2024

In a recent report, Protiviti identified several factors that drive SOX compliance efforts spending , including: Company size Complexity of financial operations SOX compliance stage (first year, second year, etc.) The shortages drive up internal labor costs and external audit costs each fiscal year. However, there is a silver lining.

Compliance 52

Compliance Audit Automation Risk Assessment 52

FloQast

DECEMBER 13, 2023

To protect investors by improving the accuracy and reliability of corporate financial reporting, Michael Oxley, Representative for Ohio’s 4th congressional district, quickly introduced a bill to the House less than two weeks later on February 14.

Compliance 52

Compliance Audit White Collar Crime Risk Assessment 52