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Compliance remains one of the biggest challenges in the financial industry for firms of all sizes across the globe. At least established banks have the time and resources to fix breaches in compliance and pay off sanctions. They overlook the harder aspects of duediligence that aren’t easily automated.
The compliance challenges of virtual IBANs, focusing on AML obligations and regulatory gaps. While vIBANs offer innovation in payment systems, they introduce risks like money laundering due to insufficient oversight. PSPs must stay ahead by monitoring industry updates, engaging with key groups, and building flexible compliance systems.
As an investor, duediligence in cybersecurity involves examining several areas. Such duediligence is of interest to you as an investor because cybersecurity affects the following: Regulatory Compliance Businesses with strong compliance records are safer investments, capable of mitigating risks and sustaining growth.
Ocorian, specialist global provider of fund administration, capital markets, corporate, fiduciary and regulatory services, has partnered with Fenergo to further digitise and simplify client duediligence and regulatory compliance processes across its global operations.
The research shows that banks in Singapore are dedicating more time and resources to KYC processes, which are vital for anti-money laundering (AML) compliance, than any other region surveyed. On the other hand, those leveraging automation and AI can transform KYC and onboarding from mere compliance tasks into strategic advantages.
It highlights new corporate responsibilities, significant penalties for non-compliance, and the businesses need to implement strong fraud prevention measures to protect their financial and reputational standing. Compliance requires proactive fraud risk assessment, the implementation of preventive procedures, and a culture of accountability.
Effective 30 June 2025, the new Singapore DTSP licensing framework significantly tightens compliance expectations for Singapore-based and Singapore-incorporated entities providing digital token services. According to its updated Singapore DTSP licensing, applicants must also prove compliance in the jurisdictions where they operate.
It addresses how evolving regulations shape the digital asset landscape, influencing innovation, compliance, and global competitiveness. PSPs must adapt by enhancing compliance, leveraging new frameworks for innovation, and collaborating to shape practical regulatory solutions. Why is it important? What’s next?
Sumsub, a global verification platform, has joined forces with financial software provider Finastra to enhance compliance processes for financial institutions worldwide. This integration is designed to help financial institutions maintain compliance, protect their reputations, and reduce operational inefficiencies.
Belgian regtech Harmoney has acquired compliance specialist APPC, a subsidiary of the Forsides Group. Belgium-based regtech Harmoney announced its acquisition of APPC, the compliance-oriented subsidiary of the Forsides Group. This will provide APPC clients with access to an even broader range of compliance solutions.
If you are running a financial institution and wondering how to apply DORA in your existing infrastructure and want to learn about the DORA compliance checklist. You are in the right place, today we are going to explore the DORA compliance checklist and how to implement the new regulation successfully.
If you are running a financial institution and wondering how to apply DORA in your existing infrastructure and want to learn about the DORA compliance checklist. You are in the right place, today we are going to explore the DORA compliance checklist and how to implement the new regulation successfully.
If you are running a financial institution and wondering how to apply DORA in your existing infrastructure and want to learn about the DORA compliance checklist. You are in the right place, today we are going to explore the DORA compliance checklist and how to implement the new regulation successfully.
If you are running a financial institution and wondering how to apply DORA in your existing infrastructure and want to learn about the DORA compliance checklist. You are in the right place, today we are going to explore the DORA compliance checklist and how to implement the new regulation successfully.
the digital payments firm founded by billionaire Jack Dorsey, was fined $40 million by New York for alleged anti-money-laundering inadequacies and cryptocurrency compliance failures on its Cash App platform.
Regulators may issue public orders after examining the firm’s compliance programs “including transaction monitoring, training, governance and customer duediligence,” […] The post BofA says U.S. Bank of America Corp. may take action over money laundering, Zelle appeared first on Bank Automation News.
This service aims to streamline business duediligence and compliance for financial institutions and SMEs, addressing counter-party risk, credit exposure, and compliance with anti-money laundering (AML) regulations. JewelPaymentech, acquired by ADVANCE.AI
But according to Umazi, a next-generation compliance and digital identity platform leveraging AI and Web3 to automate duediligence and risk assessments, while here in the UK business and government face a number of challenges to its roll-out, the rewards could not be greater.
The solution integrates identity proofing, digital risk signals and comprehensive international and domestic watchlists to deliver strong KYC compliance and reduce the risk of fraudulent activity. ” Applicable at any business level As a global solution, it is tailored to meet the unique needs and maturity-levels of different markets.
Grasshopper, the client-first digital bank built for the business and innovation economy, and Greenlite, the leading generative AI platform for compliance teams, today announced their partnership to leverage Greenlite’s AI-enhanced duediligence suite to bolster Grasshopper’s risk decisioning proficiency for small and medium-sized business (SMB) and (..)
The Competition and Consumer Commission of Singapore (CCCS) acknowledged media reports on the possible deal and advised the companies to seek legal counsel to ensure compliance with Singapore’s competition laws. The regulator remains open to discussions through its merger notification and pre-notification processes.
By integrating with DVS, Sumsub ensures compliance with local anti-money laundering (AML) and Know Your Customer (KYC) regulations while reducing fraud and streamlining onboarding through automation. It also minimises the risk of penalties associated with non-compliance.
Operations: Streamlining Payment Processes to Reduce Friction Payments touch nearly every part of an enterprise: finance, accounting, customer support, compliance, IT, and beyond. When those systems dont work in harmony, you end up with slow settlement times, reconciliation headaches, and poor customer experiences.
Regulation and compliance can be a tough space for many to wrap their heads around. Sunil Madhu , founder and CEO of Socure , joined Karen Webster to give context to some of the compliance concepts trending in the industry and also share his thoughts on what’s coming next down the regulatory pipeline. Compliance Decoded.
It also supports tax compliance, pension contributions, and access to earned wages before payday. SaaS fintech companies must ensure compliance, risk management, and secure infrastructure. The challenge lies in growing sustainably without losing user trust or running into compliance issues. lies in vertical platforms.
Grasshopper, the client-first digital bank built for the business and innovation economy, and Greenlite, the leading generative AI platform for compliance teams, today announced their partnership to leverage Greenlite’s AI-enhanced duediligence suite to bolster Grasshopper’s risk decisioning proficiency for small and medium-sized business (SMB) and (..)
With third-party duediligence and supply chain security as increasingly critical components of organizations’ procurement operations, compliance executives are finding important positions in their firms’ purchasing processes. ” Organizations must do more with less, and they must do it quickly, he continued.
Tightening regulations have introduced loftier compliance burdens to global supply chains, made even more complex and challenging as companies do business with thousands of vendors across borders. The burden of regulatory compliance came to a head in the U.S. regulations, even if a vendor is not in the U.S.
In Singapore, the central bank strengthened in 2024 the Payment Services Act (PSA), introducing more stringent requirements for crypto service providers relating to AML/CFT, user protection and financial stability on service providers.
This month, The Fintech Times will look at some of the biggest issues regarding compliance and financial rules, as well as the solutions hoping to ease the compliance journey for firms and make the fintech world fairer and safer.
Duediligence was inadequate, and end-use monitoring, especially for high-value or income-generating loans, was inconsistent or missing. KYC and Purity Checks Mandatory KYC compliance and enhanced duediligence for high-value loans. Purity checks must be documented and auditable.
This follows a 2022 penalty of 70,000 for delayed accounts and after previous attention of the UK’s Financial Conduct Authority in 2019 on AML compliance. How Neopay can help At Neopay, we’re experts at helping regulated businesses build, audit, and enhance their compliance frameworksbefore the regulators come knocking.
A new survey shows that an increasing number of mergers and acquisitions (M&As) are not going through because of concerns over General Data Protection Regulation (GDPR) compliance. As we track transactions, it will be very telling how these challenges will impact organizations’ duediligence processes.
The UK’s Financial Conduct Authority (FCA) has issued a sharp warning to crypto firms, highlighting significant shortcomings in their compliance with new financial promotion rules. The poor In contrast, firms displaying the poorest practices failed to implement robust duediligence processes.
The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. In this article, we’ll discuss everything you need to know about ensuring AML compliance as a payment facilitator (or PayFac). Non-compliance can have major implications.
The framework is designed to ensure compliance with international standards, particularly in relation to anti-money laundering (AML) and countering the financing of terrorism (CFT). MAS’ proposed regulatory amendments Once licensed, DTSPs will be subject to ongoing compliance requirements.
The merchant underwriting process helps reduce fraud (including chargeback volume), ensures compliance with regulations, and protects financial stability in the payment processing space. Key steps include application review, risk assessment, credit checks, and compliance verification. Learn More What is Merchant Account Underwriting?
Buna’s compliance program integrates rigorous anti-money laundering (AML), counter-terrorism financing (CTF), and sanctions screening protocols both before and after settlement, offering real-time monitoring and thorough duediligence to safeguard financial transactions.
Lessons for regulated firms This case underscores critical compliance lessons for financial firms, particularly those operating under the appointed representative model. enhanced duediligence: When firms operate under an AR structure, ensuring proper checks on business partners and their financial dealings is crucial.
It involves duediligence regarding customer background by the lenders, regulatory compliance, and financial processes for the lender. The lending life cycle consists of all activities that begin at the loan application stage and culminate with the final repayment.
The lack of clear ownership in key compliance areas, such as transaction monitoring and risk remediation, led to delays in resolving issues. This situation was exacerbated by a culture that prioritised business objectives over compliance and did not empower compliance teams. July 2024: CB Payments Limited (Coinbase UK)3.5
To account for the heightened questioning and investigations around the Panama Papers hack, people need to “legal-up” and issuers, financial institutions and processors need to “gear-up” for expected spikes in work related to duediligence, more precise monitoring of transactions, payments and sanctions filtering, possible ad-hoc (..)
As regulatory and compliance specialists for payment and e-money firms, we recognise the importance for duediligence, transaction monitoring, and robust AML controls. Compliance regimes need to respond accordingly, with risk assessments that are proactive and substantive continuous monitoring.
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