PYMNTS

JANUARY 26, 2021

In other news, European FinTech SIA is partnering with WizKey to create a platform to allow credit negotiations on blockchain for banks, financial operators and funds, according to a press release. Diokno, Philippines’ Central Bank (BSP) governor in the release.

Wire Transfer 97

Wire Transfer Blockchain Wires Wire 97

Stax

NOVEMBER 21, 2024

A study by the Federal Reserve Bank of San Francisco showed that credit cards account for 31% of all payments, significantly more than cash at 18%, and debit cards at 29%. The company facilitates the transfer of information and funds between the customer’s bank and your business’ bank.

Credit Cards 88

Credit Cards Small Business Process Credit Card Payment Processing 88

Fintech News

JULY 17, 2024

The far-reaching study encompasses both crypto-native and non-crypto native methods, as well as strategies for prevention. The HKMA concluded that the bank failed to continuously monitor business relationships, conduct enhanced due diligence in high-risk situations for a period, and maintain proper records for some customers.

Money Laundering 109

Money Laundering Law Enforcement AML Non-Bank 109

Stax

JANUARY 23, 2025

By thoroughly assessing merchants, processors can: Reduce fraud and chargebacks by identifying potentially fraudulent or non-compliant merchants before onboarding them. Speed vs. accuracy: Streamlining processes without compromising due diligence. They focus on a variety of key factors and it generally takes at least a few days.

Underwriting 68

Underwriting PCI DSS Money Laundering Processors 68

PYMNTS

SEPTEMBER 28, 2020

Fraudsters perpetrating such schemes often target individuals by phone, posing as bank officials, Internal Revenue Service (IRS) agents or public health administrators and asking for personal information or money in exchange for COVID-19 test kits, stimulus checks or work-from-home jobs. A Marriage Of Advanced Tech With Due Diligence.

Financial Crimes 81

Financial Crimes Crime Due Diligence Federal Trade Commission 81

PYMNTS

MAY 19, 2020

CCRManager , formed in 2017, will use the money from the new investors to serve corporates as well as bank and investor markets, which was the initial goal. CCRManager has members in over 100 financial institutions and non-bank lenders in 35 countries, according to the trade publication.

Finance 69

Finance Due Diligence Non-Bank Cross-Border 69

Neopay

OCTOBER 3, 2024

The recent £29 million fine imposed on Starling Bank by the Financial Conduct Authority (FCA) for financial crime failings offers important lessons for businesses in the e-money and payments industry. For more details, you can read the FCA’s Final Notice on Starling Bank’s failings here.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

The Payments Association

OCTOBER 11, 2024

Tighter oversight of third parties: When firms engage third parties to manage safeguarded funds, stricter due diligence and diversification will be required , reducing third-party failure risks. He says: “I think the onus will be on doing appropriate due diligence at the start.

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

Segpay

JANUARY 26, 2024

A - Audit Your Affiliates It only takes one bad merchant to take down an entire payment processor or bank, so knowing who you work with is essential. At a minimum, merchants should be gathering things like proper address information, bank account data, and valid identifications of their affiliates. We see it happen regularly.

Best Practices 105

Best Practices Push-to-Card Due Diligence Processors 105

The Fintech Times

JANUARY 17, 2024

.” ‘AI has been a game-changer’ Tomas Navickas , CTO and co-founder of digital banking platform myTU , also added: “AI has been a game-changer for our fintech business, going beyond what traditional machine learning offers. As for now, it’s the transformation of our customer due diligence process.

AI 128

AI FinTech Underwriting Due Diligence 128

Fintech News

JANUARY 16, 2024

In 2024, the banking sector is witnessing a pivotal transformation driven by advanced technologies like AI and cloud computing, evolving customer demands, and changing regulatory landscapes. Accenture’s “ Banking Top 10 Trends ” report for this year highlights this transformative journey. Generative AI supercharges banking.

AI 117

AI Risk Non-Bank On-Demand 117

Fintech News

FEBRUARY 7, 2024

Netbank – US$344 million (Series A, Philippines) Filipino banking-as-a-service (BaaS) provider Netbank secured the largest funding round in Southeast Asia (excluding Singapore) last year, raising in May 2023 a US$344 million Series A funding round, data from KPMG and Pitchbook show. Soft Space – US$31.5 billion (US$79.6

FinTech 109

FinTech Online and Mobile Banking Non-Bank On-Demand 109

Fintech News

JUNE 5, 2024

Banks are starting to realise that because they’re not as agile as fintech providers, they need to tap into the providers’ expertise for innovation,” says Dr Patrick Thng, Principal Lecturer of Information Systems at Singapore Management University (SMU). explains Dr Thng, former CIO/MD of DBS Bank, World Bank and BNP Paribas.

FinTech 109

FinTech Mitigation Risk On-Demand 109

Finovate

AUGUST 13, 2024

banks and credit unions. Banks and credit unions. Diadem Capital Diadem Capital is a deal flow engine and fundraising solution connecting private companies to private capital ranging across venture capital, private equity, venture debt, and non dilutive funding sources. Banks and credit unions.

Credit Union 59

Credit Union Due Diligence Legal Non-Bank 59

Fintech News

MAY 22, 2024

It includes a suite of financial and non-financial crime risk domains with hundreds of risk indicators and controls, though users can also integrate their own. The company’s clients span across 11 sectors, including banking, fintech, corporate services, and real estate, and 18 jurisdictions. Transparently.AI

Financial Crimes 98

Financial Crimes Crime APACS Risk Assessment 98

Neopay

DECEMBER 20, 2023

Indicators for enhanced due diligence The NCA, in collaboration with other government agencies, has outlined red flags to assist businesses in identifying potential illicit activities. Purchases under a letter of credit consigned to the issuing bank: Not to the actual end user, with supporting documents not listing the actual end-user.

Due Diligence 52

Due Diligence End User Crime Financial Crimes 52

Fintech News

FEBRUARY 7, 2024

Netbank – US$344 million (Series A, Philippines) Filipino banking-as-a-service (BaaS) provider Netbank secured the largest funding round in Southeast Asia (excluding Singapore) last year, raising in May 2023 a US$344 million Series A funding round, data from KPMG and Pitchbook show. Soft Space – US$31.5 billion (US$79.6

FinTech 98

FinTech Online and Mobile Banking Non-Bank On-Demand 98

Neopay

JANUARY 25, 2024

The European Banking Authority (EBA) on 16th January extended its Guidelines on money laundering (ML) and terrorist financing (TF) risk factors to crypto-asset service providers (CASPs). Therefore, it is important that CASPs know about these risks and put in place measures that effectively mitigate them.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

Stax

AUGUST 22, 2024

Thorough due diligence, technology, and adherence to regulatory guidelines are essential in a PayFac’s risk management strategy. You need thorough due diligence, technology, and adherence to regulatory guidelines in your risk management strategy. The due diligence doesn’t stop at onboarding.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

PYMNTS

FEBRUARY 13, 2019

12) that it will now allow corporates to join its KYC Registry in an effort to facilitate the sharing of data between companies and their banks. trillion across the globe, with billions of dollars in fines issued by regulators against banks and corporations. Payments messaging firm SWIFT announced on Tuesday (Feb. ”

Money Laundering 64

Money Laundering AML Economy SWIFT 64

Stax

DECEMBER 4, 2023

The Bank Secrecy Act (BSA) establishes AML program requirements for financial institutions in the US while the USA Patriot Act lays down which entities are required to comply. As such, the Bank Secrecy Act (BSA) establishes certain AML program requirements for financial institutions in the US. Let’s get started.

Money Laundering 88

Money Laundering Compliance AML BSA 88

Finovate

SEPTEMBER 18, 2024

BaaS provider Synapse filed for Chapter 11 bankruptcy in April, leaving its clients, including Evolve Bank & Trust and multiple others, unable to verify and manage funds. In all, around $85 million in consumer funds are missing due to discrepancies in Synapse’s records.

Rules 52

Rules FDIC Non-Bank Money Laundering 52

PYMNTS

FEBRUARY 12, 2019

The case highlights the risks and challenges companies face in not only vetting their suppliers, but vetting their suppliers’ suppliers, with third-party vendors a potential source of non-compliance for importers. According to reports, following the disclosure of the violations, e.l.f.

Settlement 43

Settlement Compliance Risk OFAC 43

Finovate

AUGUST 8, 2024

ComplyCo ComplyCo offers the visibility and control needed to effectively oversee digital environments, leveraging end-user session recordings to support monitoring and observability for non-technical teams. FinTech Insights FinTech Insights is an AI-powered competitive analysis platform for banks and fintechs.

Disputes 52

Disputes Credit Union Due Diligence Scams 52

PYMNTS

JUNE 17, 2020

In financial fraud, the breaches come when bank standards are lax. Australian bank Westpac Banking Corp. And that guiding principle is what leads fraudsters and bad actors to probe systemic vulnerabilities in banks’ compliance processes. may stand as Exhibit A here. There was no evidence of intentional wrongdoing.”.

AML 75

AML Money Laundering Compliance Financial Crimes 75

PYMNTS

SEPTEMBER 24, 2020

Australian banking giant Westpac has agreed to a massive fine of $920 million ($1.3 The bank also failed to pass on information about the source of some of international funds transfers to other bank, or to keep records on where some of these transfers came from. million transactions totaling more than $7.7

Regulations 46

Regulations Money Laundering Due Diligence Law Enforcement 46

Global Fintech & Digital Assets

MARCH 5, 2024

Regulator sets out its expectations for banks looking to provide digital asset custody services, and sell and distribute tokenised products. All of this recent guidance aims to deliver more certainty for banks and securities firms seeking to capitalise on developments in digital assets and tokenisation. loyalty points, in-game assets).

Authorization 59

Authorization Product Due Diligence Procedures 59

Fintech News

JUNE 10, 2024

Yeshu Agarwal, 29, Co-Founder and CTO, Transak, India Yeshu Agarwal is the co-founder and CTO of Transak, a web3 payment gateway that simplifies the buying and selling of cryptocurrencies and non-fungible tokens (NFTs). Agarwal began his entrepreneurial journey at the age of 16, creating his first micro SaaS Android app.

FinTech 130

FinTech Non-Bank Finance AI 130

The Fintech Times

DECEMBER 26, 2023

Data from the Brazilian Central Bank indicates 8.1 As the Brazilian Central Bank works on introducing new features, such as automatic debit, a promising opportunity arises for fintech startups to innovate and address gaps in PIX’s capabilities, eventually adding more infrastructure core features.

B2B 64

B2B Due Diligence AI Central Bank 64

FICO

DECEMBER 21, 2018

Despite the Panama Papers leak of 2016 , and the Paradise Papers and Bahamas leaks that followed, some banks still didn’t get the message. To comply with tax regulations, it is a must for a bank to check customers against these lists to avoid non-compliance, a damaged reputation and the support of illegal activity.

Due Diligence 40

Due Diligence Database Non-Bank Compliance 40

PYMNTS

MARCH 15, 2019

As a major player in cross-border banking and global finance, the country doesn’t just need to combat domestic financial crimes: It is also at risk of becoming a hub for transmitting and investing criminal funds obtained overseas. . banks and their subsidiaries every year. It is actually impossible in the U.K., A Slap on the Wrist.

Money Laundering 65

Money Laundering AML Non-Bank Regulations 65

PYMNTS

JANUARY 13, 2020

trillion gap in available trade finance, non-bank players have flooded the market to address the demand — and introduce efficiencies to an area of finance that has historically been bogged down by paper, manual processes and burdensome compliance requirements. “Factoring should never replace a bank.

Finance 56

Finance Non-Bank Due Diligence Cross-Border 56

PYMNTS

APRIL 18, 2018

That’s something Chargehound aims to help with by putting due-diligence tools in place before chargebacks happen. That way, said Sanders, merchants can show the banks that they did their due diligence before approving a transaction by verifying data points, such as matching shipping and billing addresses.

Due Diligence 40

Due Diligence Disputes Data Breach Fraud Prevention 40

The Fintech Times

JULY 20, 2024

Similarly, they must establish best practices for third-party risk associated with cloud service providers, outsourcing, and due diligence processes to increase transparency. The publications mark a significant step forward by providing a roadmap and helpful resources for banks of all sizes.

Treasury 59

Treasury FS-ISAC Consumer Financial Protection Bureau (CFPB) Due Diligence 59

FICO

FEBRUARY 11, 2019

The country’s financial and non-financial regulated institutions will be able to use the FICO ® TONBELLER™ Siron ™ KYC module to perform due diligence processes, in compliance with local laws and regulations, through APC Intelidat’s powerful technology infrastructure.

Financial Crimes 40

Financial Crimes Crime Due Diligence Money Laundering 40

The Fintech Times

JULY 15, 2024

The Central Bank of the UAE ( CBUAE ) has recently released the Payment Token Services Regulation under Circular 2/2024 ( Payment Token Services Regulation ), establishing a comprehensive regulatory framework for payment tokens. DIFC VASPs in DIFC are regulated by the DFSA, which introduced its crypto token regime on 1 November 2022.

Stablecoins 96

Stablecoins Regulations Multi-Currency Issuers 96

Segpay

OCTOBER 4, 2023

These methods may include bank transfers, checks, PayPal, digital wallets, and more, depending on the options provided by the affiliate program or merchant. This lack of control can lead to affiliates engaging in unethical or non-compliant marketing activities. Non-compliance can result in fines and legal action.

Security 52

Security Due Diligence Compliance Payments 52