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Decoding the FCA’s Safeguarding reforms: Practical steps for payments and E-money firms

The Payments Association

Central to these changes are new statutory trust requirements, more prescriptive record-keeping, reconciliation standards, and the mandate for external safeguarding audits. Safeguarding audits: Firms are required to arrange safeguarding audits to assess compliance with the rules.

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Top regulatory priorities for the payments sector

The Payments Association

Firms should be prepared for more onerous record-keeping and reporting requirements and factor in the costs of additional compliance obligations, including holding client funds under statutory trust. Regular audits and compliance checks : Firms will face enhanced monitoring and reporting under the proposed policy.

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Evolve Payment: The Safety of Cash Management

Evolve Payment

The difficulty in tracking cash transactions and the lack of an audit trail increase the risk of internal theft. Storage: Secure storage of cash requires sophisticated security systems, including vaults, reinforced doors, alarm systems, and surveillance. The cost of installing and maintaining these systems is significant.

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From Paper to Digital: The Evolving E-Invoicing Mandate

Trade Credit & Liquidity Management

Foster Collaboration Between Legal and Technical Teams: Align tax, legal, and IT departments to manage the end-to-end invoicing process, ensuring invoices meet both regulatory and operational requirements. This collaboration helps avoid discrepancies and audit risks. In Summary.

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SOX VS SOC – Mapping the Differences

VISTA InfoSec

SOX establishes regulations around financial reporting, mandates internal control audits, and strengthens corporate governance. The SOC framework includes multiple internal control audit reports. Now let’s examine the key differences between SOC and SOX audits. It applies to all U.S. SOX, a U.S.

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How payment firms can prepare for the FCA’s proposed safeguarding regime

The Payments Association

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?

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UK Financial Conduct Authority plans to reform safeguarding rules for e-money and payment institutions

The Payments Association

Firms with agents or distributors may require additional liquidity for safeguarding. Firms may be required to diversify their safeguarding providers. Enhanced reconciliation, audit, and reporting requirements will create additional administrative burdens and could increase the risk of supervisory and enforcement action.

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