Global Fintech & Digital Assets

MARCH 5, 2024

Banks are expected to apply the follow guidance in connection with their digital asset custodial services: Governance and risk management : Prior to launching digital asset custodial services, banks are expected to undertake a comprehensive risk assessment and to implement appropriate policies and procedures to mitigate identified risks.

Authorization

VISTA InfoSec

FEBRUARY 28, 2024

Changes Core Focus Limiting database access to programmatic methods (apps, stored procedures) and database administrators. Apps access data in line with their user roles (authorization levels). Interview those in charge: do these accounts follow these strict procedures? Higher risk systems need more frequent changes.

PCI DSS

Neopay

MARCH 14, 2024

Safeguarding of client funds continues to be a high priority for the Financial Conduct Authority (FCA) in the payments and e-money markets. In February, the FCA confirmed that it has significantly increased its supervisory activity with payments firms, with a focus on prudential risk management, wind down planning and safeguarding.

Audit

Neopay

MARCH 7, 2024

In a recent move, the Financial Conduct Authority (FCA) has taken a significant step in addressing the prevalent anti-money laundering (AML) shortcomings among Annex 1 firms. With our expertise in regulatory compliance and risk management, we offer tailored solutions to address the specific challenges faced by financial institutions.

AML

VISTA InfoSec

AUGUST 22, 2023

In 2019, a Swedish local authority was fined over $20,000 for using facial recognition software to monitor high school students’ attendance. Regularly review guidance provided by data protection authorities to ensure compliance. Conclusion: In conclusion, GDPR compliance is crucial for organizations handling biometric data.

Privacy

Clearly Payments

JANUARY 8, 2024

Merchants must familiarize themselves with the diverse risks associated with payment processing, encompassing fraud, chargebacks, and cybersecurity threats. Conducting a thorough risk assessment tailored to the specific nature of the business is essential.

Risk Management

Fintech News

JULY 4, 2024

This paradigm shift presents both opportunities and challenges for institutions like the Monetary Authority of Singapore (MAS) and other Asian central banks at the forefront of financial innovation. AI can streamline regulatory processes, enhancing the efficiency of know-your-customer (KYC) and anti-money laundering (AML) procedures.

Central Bank

Neopay

DECEMBER 5, 2024

The Financial Conduct Authority (FCA) has issued important updates to its Financial Crime Guide, following a public consultation on proposed changes. Proliferation Financing (PF) In response to the 2022 changes in the Money Laundering Regulations (MLRs), the Guide now explicitly addresses the need for firms to conduct PF risk assessments.

Financial Crimes

VISTA InfoSec

JULY 5, 2023

Medical data may be transferred to healthcare authorities and government bodies when necessary. This widely accepted set of policies and procedures is designed to enhance the security of credit, debit, and cash card transactions, while also protecting cardholders from the misuse of their personal information.

PCI DSS

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

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

Neopay

MAY 7, 2024

The Financial Conduct Authority (FCA) is proposing significant updates to its Financial Crime Guide. This includes references to the travel rule and updates to sections on risk assessment and fraud. Implications for regulated firms The proposed changes necessitate updates to compliance and risk management frameworks.

Financial Crimes

Neopay

JULY 4, 2024

These reports are critical for assessing and evidencing how firms have provided good outcomes for consumers under the Duty. Importance of board reports According to the Financial Conduct Authority (FCA), “Board reports are key to assess and evidence how firms have provided good outcomes for consumers under the Duty.”

Consumer

Neopay

JUNE 27, 2024

This includes conducting a thorough risk assessment, implementing appropriate risk controls and establishing effective monitoring mechanisms. Provide a clear overview of your risk appetite and mitigation strategies to demonstrate a proactive approach to risk management.

Financial Crimes

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. 85% of digital-first payment firms report live AI integration, particularly in fraud analytics and real-time risk scoring.

Compliance

The Payments Association

MAY 16, 2025

Applicable to large organisations, the offence imposes criminal liability if firms do not have adequate fraud prevention procedures in place, even if senior leadership is unaware of the misconduct. Next steps/action required: Conduct a comprehensive fraud risk assessment across all channels and partners.

Regulations

Global Fintech & Digital Assets

DECEMBER 11, 2023

Covered financial institutions now face heightened expectations in relation to cybersecurity governance, risk assessment, and incident reporting. Risk assessments should also be reviewed whenever a new business model is adopted or a new product is introduced.

Cybersecurity

Nanonets

FEBRUARY 9, 2024

Remember that internal controls are procedures and processes management emplace to ensure accounting integrity and financial transparency. In this case, the referee (actual control measures and checks) uses the playbook (company procedures built on accepted accounting principles) to manage the game (financial reporting).

Audit

Seon

JUNE 29, 2023

It achieves this through transaction and behavior monitoring, risk assessment, and alert generation. Risk assessment: KYT is informed by data sources such as politically exposed person (PEP) lists, high-risk jurisdiction lists, and negative media and sanctions lists.

Transactions

Segpay

MAY 1, 2024

Promote Market Stability: DORA seeks to promote market stability by reducing the risk of systemic failures or disruptions that could have widespread implications for the economy, financial system, and society. Once third-party provider contracts are assessed, contracts must be modified and procedures implemented, to ensure DORA compliance.

Cybersecurity

PYMNTS

MAY 25, 2016

have heightened their practice of de-risking — that is, withdrawing bank accounts or other financial services from customers deemed to be high-risk. Financial institutions assure authorities that their increase of de-risking practices is a direct result of new regulations, as well as a residual effect of the cost of compliance.

FinTech

PYMNTS

NOVEMBER 26, 2018

The researchers examined executive pay as a risk factor because auditing standards include executive compensation in their risk assessment and prior research. As a result, executives could use their higher-order ability to hide misstatements or to avoid current-period adjustments when the external auditor finds misstatements.”

Compromise

FloQast

APRIL 8, 2024

This includes identifying key controls, establishing clear lines of authority and responsibility, and ensuring that policies and procedures are well-documented and communicated. Conduct regular risk assessments. Regularly assess the risk of material misstatement in financial reporting and adjust controls accordingly.

Compliance

Neopay

JULY 4, 2024

With the change in the anti-money laundering (AML) supervisory approach of the Financial Conduct Authority (FCA), many firms are nervous about whether they will face FCA scrutiny and what to expect if they do. And finally, remember your risk assessment is fundamental. The FCA will scrutinise this and the controls surrounding it.

AML

Finextra

JULY 2, 2025

How will the new EU Anti-Money Laundering Authority (AMLA) intensify the fight against money laundering – and what part will AI play? In addition, the Anti-Money Laundering Authority (AMLA) has been created as a central EU anti-money laundering authority. It expresses the views and opinions of the author.

Money Laundering

FloQast

DECEMBER 13, 2023

Enforcement Authority : To ensure it has teeth, the PCAOB can investigate and discipline an audit firm and its partners. SOX controls , also known as SOX 404 controls, are processes, policies, and procedures aimed to prevent and detect errors in a company’s financial reporting process.

Compliance

Segpay

DECEMBER 7, 2023

Enhance cooperation and coordination among national authorities and the EU institutions by creating a new governance framework for digital services involving independent oversight bodies, dispute resolution mechanisms, reporting obligations, and enforcement powers. Ensuring transparency and accountability of algorithms.

Compliance

PYMNTS

AUGUST 20, 2018

According to Bloomberg, citing people familiar with the situation, Zelle is in the process of enhancing its risk assessment tools in effort to make it safe for people to pay small businesses via the app. The peer-to-peer (P2P) payments app, Zelle , is contemplating an expansion beyond enabling payments between family and friends.

FBI

Nanonets

MAY 10, 2023

Nevertheless, it was interesting to learn, for example, about Algorithmic Justice, a field of research about the possibility of applying algorithms to criminal justice (risk assessment tools). #5. Drafting lawsuits and other procedural documents Some procedural documents are simple and can even be drafted by artificial intelligence.

Legal

Nanonets

SEPTEMBER 22, 2023

Effective  vendor management  contributes to cost optimization,  risk mitigation , and quality assurance. Prior to entering into contractual agreements, conducting initial risk assessments is crucial to understand potential risks associated with the vendors. Key Stages of the Vendor Selection Process 1.

Risk Mitigation

PYMNTS

AUGUST 15, 2018

PSD2 rules also include requirements for SCA, an identity verification procedure that leverages multifactor authentication. The information collected enables merchants and issuers to make near real-time authorization decisions. The general aim of the PSD2 is payments innovation. Security, though, is another goal.

Online and Mobile Banking

Nanonets

MAY 31, 2023

One prevalent concern within organizations is shadow spending, in which employees circumvent procurement policies and initiate purchases without obtaining prior authorization. Regularly review and update internal control procedures to address emerging fraud risks.

Fraud Detection

PYMNTS

AUGUST 20, 2018

According to Bloomberg, citing people familiar with the situation, reports Zelle is in the process of enhancing its risk assessment tools as part of the effort to make it safe for people to pay small businesses via the app. There is no set release date for the new functionality – according to reports.

FBI

Global Fintech & Digital Assets

OCTOBER 5, 2023

The Proposed Guidance would require enhanced criteria for coin-listing and delisting procedures for New York-licensed virtual currency entities. The coin-listing policy must also contain procedures for identifying, addressing, and disclosing conflicts of interest in the coin-listing decision-making process. By Jenny Cieplak , Arthur S.

Procedures

The Payments Association

MAY 19, 2025

This legislative shift is more than a procedural updateit represents a strategic turning point for the UKs approach to digital finance. It demands a reassessment of licensing, governance, risk management, and safeguarding procedures across all crypto-related operations. Determine whether existing permissions are sufficient.

Compliance

The Payments Association

MAY 30, 2025

Following the publication of draft legislation in October 2024, the industry has begun its transition toward comprehensive oversight by the Financial Conduct Authority (FCA). Yet this expansion now unfolds against a backdrop of significant regulatory transformation. Sector diversification represents a key differentiation strategy.

BNPL

Neopay

FEBRUARY 21, 2025

The Financial Conduct Authority (FCA) has fined Mako Financial Markets Partnership LLP (Mako) 1,662,700 for significant failures in its financial crime controls. The regulator found that Mako lacked effective systems and controls to prevent financial crime and failed to adequately apply its existing policies and procedures.

Financial Crimes