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Economic Crime and Corporate Transparency Act examined: A guide to avoiding failure-to-prevent fraud measures

The Payments Association

The Economic Crime and Corporate Transparency Act 2023, specifically the “failure-to-prevent fraud” offence, and outlines how businesses can mitigate fraud risks. Compliance requires proactive fraud risk assessment, the implementation of preventive procedures, and a culture of accountability. Why is it important?

Crime 88
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The rise of generative AI in payment security: A double-edged sword for data privacy

The Payments Association

Cohn believes regulation will impose stricter requirements for organisations to assess and mitigate the potential for algorithmic bias in AI-powered payment systems. 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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Navigating AML obligations in the age of virtual IBANs

The Payments Association

Andrew Doukanaris Ambassador, The Payments Association While vIBANs have positive use cases, challenges exist in limited monitoring of the end user, alignment with the PSPs risk appetite, and the lack of a consistent framework to mitigate financial crime and regulatory risks. Common standards would bring consistency and confidence.

IBAN 88
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Can Crypto Firms Catch Up on Compliance Gaps as Regulations Evolve?

Fintech News

VASPs must adopt robust risk mitigation strategies and ensure their systems can communicate across borders to close these critical compliance gaps. Source: Sumsub If left unchecked, poor compliance procedures don’t just expose individual firms to regulatory and reputational risks.

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A Complete Guide to Securely Process Credit Cards in Sage 100

EBizCharge

To mitigate these risks and secure financial data, pairing your Sage 100 with a secure payment gateway provider with robust security features is key. By regularly reviewing procedures, merchants can proactively address and mitigate potential issues early to protect against data breaches and maintain compliance with industry regulations.

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The Best Way for a Business to Handle Chargeback Management

Clearly Payments

This article outlines how to structure your chargeback management team, define roles, implement processes, select the right software, and adhere to best practices. Effective chargeback management mitigates these risks while protecting your bottom line and customer relationships.

PCI DSS 59
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How to Optimize Your Invoicing and Billing Processes

EBizCharge

Thankfully, this article will guide you through best practices for streamlining invoicing and billing processes to transform financial management and operations. To avoid this, businesses can use automated accounting software to accelerate the invoicing process, mitigate and prevent human error, and improve accuracy.

Process 52