Fintech News

NOVEMBER 20, 2024

Bill Deng “In Singapore, we have received in-principle approval for a major payment institution (MPI) license, and we will have the full license soon. Regulators only require ‘due diligence,’ but the definition of what constitutes adequate due diligence can vary.”

Cross-Border Payments 131

Cross-Border Payments Cross-Border B2B Due Diligence 131

Neopay

OCTOBER 10, 2024

These letters outline specific expectations for payment institutions, e-money institutions, banks, and building societies. Customer Due Diligence (CDD) controls at onboarding and ongoing monitoring The effectiveness of Customer Due Diligence (CDD) controls remains critical, especially when onboarding new clients.

Due Diligence 52

Due Diligence Fraud Prevention Financial Crimes Compliance 52

The Payments Association

OCTOBER 11, 2024

The proposals will impact authorised payment institutions, e-money institutions, and other relevant firms, with a broader interest for consumers, insolvency practitioners, and legal professionals. Additionally, the FCA advises firms to diversify their third-party risks.

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

The Payments Association

OCTOBER 22, 2024

Payment institutions, e-money institutions and credit unions that issue e-money (together, “Payments Firms”) are required to protect funds received in connection with making a payment or in exchange for e-money issued through safeguarding (“Relevant Funds”). Who is impacted?

Consulting 88

Consulting Rules Treasury Due Diligence 88

Fintech News

JANUARY 24, 2024

Each license allows the holder to conduct multiple specific payment services. Data from MAS’ Financial Institutions Directory show that as of August 01, 2022, 231 Money-Changing, 13 Standard Payment Institutions, and 175 Major Payment Institution licenses had been issued.

Service Provider 98

Service Provider Cryptocurrency Payments Institute Blockchain 98

Neopay

JUNE 3, 2024

Key considerations for a successful CiC Due Diligence : Prior to pursuing a CiC, thorough due diligence is essential. Prospective acquirers must present a compelling case to the FCA, backed by thorough due diligence and clear, evidence-based rationale.

Due Diligence 52

Due Diligence Acquirers Regulatory Compliance Assessments 52

The Fintech Times

FEBRUARY 4, 2024

In May 2023, a group of paytech representatives called on legislators to ensure a fair playing field for all fintech providers and their obligations to performing customer due diligence (CDD) as the EU anti-money laundering regulation was discussed.

AML 59

AML Payer Regulations Due Diligence 59