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Why firms shouldn’t skip a general compliance audit — an interview with Neopay’s Margita Layne

Neopay

Yearly financial crime and safeguarding audits are now standard practice — but what about the rest? It’s easy to focus on the audits that are mandated on the firms by the law or regulations, like financial crime and safeguarding, and assume that means you’re fully covered. Good question.

Audit 59
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Praxis Tech Achieves ISO 27001 Certification for Information Security

Fintech Finance

This significant milestone affirms that the company meets the highest levels for data security, availability, and reliability across its entire organization and underscores its role as a trusted partner for merchants by providing assurance that its procedures have been rigorously reviewed and certified by an accredited body.

ISOs 95
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The rise of generative AI in payment security: A double-edged sword for data privacy

The Payments Association

Firms must adopt transparent AI practices, enhance regulatory frameworks, and continuously train models to navigate the evolving landscape of AI-driven threats. This could involve regular audits of AI systems, rigorous testing procedures, and ongoing monitoring of their performance to identify and address discriminatory patterns.

Privacy 88
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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. What’s next?

Crime 88
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Fraud in 2024: A Continued Threat to Financial Security

Neopay

billion of unauthorised fraud was prevented in 2024, with banks continuing to strengthen their security systems and consumer education programs. Here’s how we can support you: Fraud prevention audits : Our audits identify vulnerabilities in your company’s security and payment procedures.

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How Financial Institutions Can Combat Business Email Compromise (BEC)

Fi911

These systems create audit trails and reduce successful impersonation attempts. Continuous monitoring catches compromises early. Institutions need clear escalation procedures that bypass normal channels. Success requires combining technical controls, human awareness, and operational procedures.

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Navigating AML obligations in the age of virtual IBANs

The Payments Association

Partnering with regional providers, leveraging AI for fraud detection, and conducting regular audits will ensure compliance, transparency, and operational excellence. Strengthening KYC procedures is critical, ensuring that verification extends beyond master account holders to individual vIBAN end users.

IBAN 88