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Evolving money laundering risks for EMIs: Insights from the upcoming NRA 18 July 2025 by Payments Intelligence LinkedIn Email X WhatsApp What is this article about? The UK 2025 National RiskAssessment’s decision to reclassify e-money institutions (EMIs) as high risk for money laundering and terrorist financing.
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 riskassessment, the implementation of preventive procedures, and a culture of accountability. Why is it important?
While vIBANs offer innovation in payment systems, they introduce risks like money laundering due to insufficient oversight. Payment Service Providers must strengthen duediligence, monitoring, and collaboration with regulators to address these risks. Why is it important? What’s next?
With OJK taking the regulatory reins and the Travel Rule now in force, crypto firms in Indonesia must evolve fast or risk falling behind in global markets, regulatory approval, and user trust. Transaction monitoring under the Travel Rule plays a vital role in long-term compliance and risk detection.
provides decision-makers including those in private credit with data-rich intelligence that highlights key trends, risks and opportunities. The new offering combines daily credit risk modelling with agentic research to provide a dynamic, 360-degree riskassessment. Rajiv Bhat, CEO of martini.ai Notably, all martini.ai
The merchant underwriting process is a critical step that payment processors and financial institutions use to assess the risk associated with onboarding new businesses. Key steps include application review, riskassessment, credit checks, and compliance verification. Learn More What is Merchant Account Underwriting?
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 riskassessments that are proactive and substantive continuous monitoring.
The C-suite must continue to view resilience risks as existential threats to the firm's integrity and broader financial stability. Legal issue/risk Next steps/action required Legal issue/risk: New strict liability offence applies to large organisations where associated persons commit fraud for corporate benefit.
The aim is to reinforce a risk-sensitive and proportionate approach to Enhanced DueDiligence (EDD) obligations, particularly when dealing with domestic PEPs, their family members, and close associates. A Smarter Approach to RiskAssessment The FCA reiterates that not all PEPs pose the same level of risk.
But according to Umazi, a next-generation compliance and digital identity platform leveraging AI and Web3 to automate duediligence and riskassessments, while here in the UK business and government face a number of challenges to its roll-out, the rewards could not be greater.
1371) will introduce notable changes in the assessment of risks associated with Politically Exposed Persons (PEPs). In the case of customers identified as domestic PEPs or having close associations with domestic PEPs, the initial riskassessment will consider them to present a lower level of risk compared to non-domestic PEPs.
In this article, we’ll discuss what SaaS companies looking to become payment facilitators need to know about risk management strategies. PayFacs handle riskassessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks.
The lack of clear ownership in key compliance areas, such as transaction monitoring and risk remediation, led to delays in resolving issues. Outdated or ineffective transaction monitoring systems : Institutions relied on outdated or poorly configured transaction monitoring systems that did not keep up with evolving risks.
So it’s not exactly surprising that supply chain risk mitigation efforts can fall by the wayside. A traditionally manual process involving PDF questionnaires, supplier duediligence is rarely at the top of the list when organizations are considering where to place their resources to invest in new, automated technology.
Ncontracts has acquired Venminder, a third-party risk management SaaS platform, to enhance its governance, risk, and compliance services. The acquisition will broaden Ncontracts’ expertise in third-party risk management and strengthen its position in both SaaS and knowledge-as-a-service markets.
However, several complex types of risks come along with this. Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer duediligence, and adherence to card regulations. could also be classified as operational risks.
Conduct a DORA gap analysis Conducting a DORA gap analysis is essential for evaluating the effectiveness of your current ICT risk management and operational measures in relation to the requirements outlined in Article 6 of DORA. This means that board members must be involved in overseeing and approving all ICT risk management strategies.
Conduct a DORA gap analysis Conducting a DORA gap analysis is essential for evaluating the effectiveness of your current ICT risk management and operational measures in relation to the requirements outlined in Article 6 of DORA. This means that board members must be involved in overseeing and approving all ICT risk management strategies.
Conduct a DORA gap analysis Conducting a DORA gap analysis is essential for evaluating the effectiveness of your current ICT risk management and operational measures in relation to the requirements outlined in Article 6 of DORA. This means that board members must be involved in overseeing and approving all ICT risk management strategies.
Conduct a DORA gap analysis Conducting a DORA gap analysis is essential for evaluating the effectiveness of your current ICT risk management and operational measures in relation to the requirements outlined in Article 6 of DORA. This means that board members must be involved in overseeing and approving all ICT risk management strategies.
Financial crime screening, payment services, and KYC solutions provider Accuity has announced the availability of Bankers Almanac Enhanced DueDiligence, according to the official press release.
On 5 th December 2023, HM Treasury unveiled a revised list of high-risk third countries, aligning with the latest recommendations from the Financial Action Task Force (FATF). These changes demand immediate attention from UK-regulated firms, as they impact the application of enhanced customer duediligence (EDD) measures.
Even if you’re not in the financial industry, you’ll need a payment processor or payment service provider (PSP) to start generating revenue, which means you’ll need to either have a proper risk management framework in place—or work with a PSP that has one. In the U.S.,
This is especially true for financial services organisations, which need to balance the potential risks of dealing with PEPs, as well as protecting the right to access banking service. Given the high public profile of PEPs, there are also significant reputational risks if a customer feels mistreated.
Arctic Intelligence (Australia) Headquartered in Sydney, Australia, Arctic Intelligence is a multi-award-winning regtech company specializing in financial crime riskassessment technologies. Founded in late 2015, the company provides regulated entities with tools to manage audit, risk, and compliance programs effectively.
An effective AML compliance program must include Know Your Customer (KYC) protocols, transaction monitoring and reporting, riskassessment and categorization, and training and awareness for staff. With AML legislation, financial institutions are required to follow strict protocols for money laundering risk management.
However, risk orchestration is a process promising to help fintechs and financial institutions combine their customer onboarding, authentication and risk management processes into one place. “This is done through the integration of risk management, adaptive risk mitigation, process automation, and real-time analysis. .
Financial crimes risk management software company Quantifind and Oracle Financial Services have teamed up to improve anti-money laundering (AML) compliance and to add intelligence and automation properties directly into the compliance workflows, according to a release. “We are excited to announce our collaboration with Oracle today.
RiskAssessment weaknesses: Annex 1 firms have demonstrated inadequacies in conducting comprehensive Business Wide RiskAssessments and Customer RiskAssessments, leaving significant gaps in their AML frameworks.
Features Automates KYC and KYB duediligence Streamlines approval and riskassessment workflows Delivers visual workspace for designing customer onboarding experiences Who’s it for? Payment providers, financial service providers, insurance companies, professional services, and banks.
As such, it is part of an organization’s duediligence. Transactions that can be linked to terrorist financing can be elevated from conventional AML duediligence to advanced AML duediligence. It achieves this through transaction and behavior monitoring, riskassessment, and alert generation.
They also ensure that all contract data is stored on blockchain, thus reducing risk of fraud,” he said. It is in the context of riskassessment that artificial intelligence (AI) can play a role in invoice financing, said the executive. Risk can be predicted accurately, if all this data is incorporated in an algorithm.
The emergence of AI and ML tools has enabled companies to analyse vast amounts of data in real time, detecting patterns that indicate potential compliance risks, such as money laundering, sanctions, or fraud. AI is only as smart as the data that fuels it, making it imperative to introduce policies and adhere to data quality standards.
In an interview with PYMNTS’ Karen Webster as part of the continuing Topic TBD series, Gayle Woodbury, managing director at Crowe Horwath with Ops Risk, Third-Party Risk, and eGRC strategy, focused on risk for third parties where “cybersecurity seems to be an ever-changing topic.”. “It
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. It will be consulting this year on proposals to close gaps in protection and reduce risks of harm if firms fail.
According to McKinsey, banks use up to 40% of their onboarding time on KYC and duediligence processes. Onboarding ensures the KYC process is worthwhile and well-informed by verifying the identity of prospective customers and assessing their risk level. Nor is it just applicants who can be inconvenienced by onboarding.
In addition, AI can help insurance firms evaluate risk with high accuracy by analyzing large volumes of data. 1: Increased Accuracy and Reduced Errors AI in insurance claims processing plays a pivotal role in enhancing accuracy and reducing errors by automating various tasks and mitigating the risks associated with manual processes.
“To identify potential front and shell companies, financial services firms need to actively monitor transaction volumes and frequencies, while examining clients and counterparties for high-risk indicators such as locations of owners and controllers.
Secondly, the FCA perceives e-money and payments, along with challenger banks, as a higher risk than it did a few years ago, resulting in more monitoring and supervisory activity in our market. There are a few – but to give a couple of examples: MAPP (Modular Assessment Proactive Programme) is fairly new.
Cyberattacks are no longer just a fight for your IT security team — they represent a risk to your entire business. You need to understand the liability and exposure to risk your business has and this cannot be achieved without accurate measurement. As my colleague Doug Clare wrote in his blog , connectivity creates aggregate risk.
More than reducing cost, FinTech needs to deliver an enhanced capability for financial institutions to conduct duediligence on [Ministry of Micro, Small and Medium Enterprises] MSMEs before it can play a role in reducing gaps,” Beck said in a statement earlier this month.
The EU AI Act classifies AI systems into four different risk levels: unacceptable, high, limited, and minimal risk. As financial institutions, these companies must implement risk management procedures and regulatory compliance to prevent reputational and financial damage.
(The Paypers) Conformance Technologies has announced the launch of PreComm ToolKit as its latest compliance offering for merchant duediligence and riskassessment prior to onboarding.
The last thing that anyone wants to hear in almost any financial organization is that the people tasked with risk management is feeling less than fully confident about their ability to actually do that job — because they aren’t sure if their data is good.
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