The Fintech Times

AUGUST 30, 2024

However, they must do their due diligence too, especially in the age of deep-fakes. This ongoing due diligence process is crucial to ensure that businesses continue to meet know your customer (KYC) regulatory requirements. Through a swift integration process, companies can see a positive impact immediately.

Authentication 64

Authentication Due Diligence Verification Compliance 64

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. With many firms facing supervisory interventions due to poor safeguarding, there is a strong sense of urgency.

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

Wharton Fintech

JANUARY 18, 2024

Our goal was to access local payment networks directly, avoiding intermediaries like SWIFT. Airwallex’s new generative AI tool utilizing LLMs for KYC and onboarding Jack: As an integral part of the KYC and onboarding process, especially for businesses, there’s a need to conduct due diligence on the background of the business.

Cross-Border 130

Cross-Border Cross-Border Payments Payment APIs and Integration Cryptocurrency 130

The Paypers

OCTOBER 17, 2017

(The Paypers) SWIFT has aligned its Know Your Customer (KYC) Registry with the new Wolfsberg Due Diligence Questionnaire (DDQ) for Correspondent Banks.

SWIFT 28

SWIFT Due Diligence Correspondent Bank Correspondent 28

Fintech News

FEBRUARY 18, 2024

A swift and seamless transition dtcpay successfully integrated Sumsub’s verification solution into their wallet platform, ushering in a more efficient and user-friendly onboarding experience. This capability is vital for dtcpay as it continues to penetrate diverse markets.

Verification 120

Verification Travel Rule Multi-Currency Compliance 120

PYMNTS

FEBRUARY 13, 2019

Payments messaging firm SWIFT announced on Tuesday (Feb. SWIFT noted that these cases present KYC challenges because data exchanged between all these parties is often incomplete or out of date. SWIFT’s KYC Registry offers entities a unified platform through which they can upload and share standardized KYC data. ”

Money Laundering 64

Money Laundering AML Economy SWIFT 64

Neopay

OCTOBER 3, 2024

Key takeaway : If your business deals with high-risk clients, it’s crucial to implement enhanced due diligence procedures. Comprehensive audits and reviews : Our team conducts regular audits of your financial crime prevention systems, including AML, sanctions screening, and customer due diligence processes.

Financial Crimes 59

Financial Crimes Due Diligence Crime Compliance 59

The Payments Association

MAY 9, 2025

million for persistent failures in AML controls, including deficiencies in correspondent banking due diligence and transaction monitoring. In 2023, the UK Financial Conduct Authority (FCA) fined Guaranty Trust Bank (UK) Ltd 7.6 Inadequate oversight of wire transfer data played a significant role in the enforcement action.

Correspondent Bank 88

Correspondent Bank Correspondent ISO 20022 Wire Transfer 88

PYMNTS

SEPTEMBER 29, 2020

Buyers need swift, convenient ways to transact with their vendors, and many are turning to virtual card payments. The digital route is a lighted path for CFOs facing a mountain of due diligence. Missed due dates can prevent buyers from meeting their own client commitments, after all.

Due Diligence 66

Due Diligence B2B Treasury Management ACH 66

PYMNTS

FEBRUARY 18, 2019

Chell explained that it automatically integrates compliance due diligence, like background checks and age requirement adherence, based on where sales are made — noting these security features in contrast with the reputation of crypto to provide anonymity in highly regulated industries like this. .”

B2B 70

B2B Cryptocurrency Payments Blockchain 70

Neopay

NOVEMBER 13, 2024

Comprehensive audits and reviews: We conduct regular audits of your financial crime prevention systems, including AML, sanctions screening, and customer due diligence, ensuring your systems work as intended and meet the latest standards. Our tailored solutions help businesses stay compliant through a holistic, adaptable approach.

Financial Crimes 52

Financial Crimes Crime Due Diligence Compliance 52

PYMNTS

JUNE 10, 2019

In addition to the check issues, Deutsche Bank is looking into other “critical” and “significant” failings found by auditors, including client due-diligence name list screening practices in Hong Kong, Singapore and India, and staff sending sensitive information over WhatsApp or personal emails.

AML 55

AML Money Laundering Process Due Diligence 55

PYMNTS

APRIL 23, 2019

If someone’s average bet is $10 for a long time, then all of a sudden they’re betting $10,000 – that’s something we would look at to ensure we’re doing due diligence to understand if there’s a problem or not,” Aguiar said. .

Money Laundering 43

Money Laundering SWIFT Security Account Takeovers 43

The Fintech Times

JUNE 20, 2024

“We are pleased to partner with Sumsub, following a rigorous due diligence process. ” Increasing regulatory scrutiny in Asia-Pacific The banking sector in Asia-Pacific has been experiencing increasingly stringent regulatory requirements due to the rise of evolved financial crimes.

Compliance 59

Compliance Process APACS Money Laundering 59

The Fintech Times

MARCH 27, 2024

Advanced analytics and AI-powered systems can provide valuable insights into risks related to fraud and shell companies, empowering banks to make swift, informed decisions to protect their customers and assets. Financial institutions must enhance their due diligence to scrutinise new business accounts for potential shell company red flags.

Money Laundering 93

Money Laundering Financial Crimes Crime Due Diligence 93

The Fintech Times

DECEMBER 26, 2023

Three investment trends we’re observing in Brazil have to do with the following industries: Infrastructure for PIX payments: Brazil’s real-time payments network, PIX , has witnessed swift adoption, surpassing India’s UPI, which was launched earlier.

B2B 64

B2B Due Diligence AI Central Bank 64

Nanonets

DECEMBER 13, 2023

The audit trail acts as a comprehensive record, demonstrating due diligence in regulatory adherence. Moreover, AI contributes to effective disaster recovery planning by monitoring data backups and facilitating swift recovery processes.

AI 102

AI Process Fraud Detection Compliance 102

PYMNTS

OCTOBER 26, 2018

In fact, identitii’s own research estimates that as much as 8 percent of SWIFT network messages are held up every day because there is not enough information linked to a payment for an institution to be able to process it (that equates to 2.4 “That’s a big expense for banks,” he noted.

Remittance Data 60

Remittance Data ACH Request for Information RTP 60

PYMNTS

JUNE 17, 2020

The bank stands accused of failing to assess money laundering and terrorism financing risks; regulators said record-keeping was faulty and the company failed to monitor customer due diligence on transactions that may have been tied to child exploitation and endangerment.

AML 75

AML Money Laundering Compliance Financial Crimes 75

Fintech News

FEBRUARY 7, 2024

The acquisition was eventually scrapped in 2022 due to regulatory issues after a due diligence exercise found numerous issues. BitKub reported revenue of THB 2.85 billion (US$79.6 million) in 2022, down 48% from the previous year amid a crypto winter. million).

FinTech 109

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

Finovate

APRIL 9, 2024

Swift is building instant international payments to replace the archaic correspondent banking infrastructure. GovernGPT is an AI-based database that pre-populates due diligence questionnaires with recent and trusted data. Infinity is a banking and payments platform for cross-border businesses in India.

FinTech 52

FinTech Cross-Border Due Diligence Gateways 52

The Fintech Times

SEPTEMBER 19, 2024

By continuously monitoring for emerging threats and vulnerabilities, organisations can take swift action to mitigate risks before they escalate into a full-blown crisis. Previously, the AML focus was primarily on conducting due diligence during the onboarding of new customers and periodically throughout the customer lifecycle.

Risk 59

Risk Financial Crimes AML Risk Management 59

PYMNTS

MARCH 22, 2016

There were still five transactions that went through which were, according to the documents: “subsequently flagged for due diligence review.” SWIFT uses a multilayered authentication process for financial institutions, which involves sending and receiving millions of messages each day between one another.

Fed 40

Fed Federal Reserve FRB Money Laundering 40

Fintech News

FEBRUARY 7, 2024

The acquisition was eventually scrapped in 2022 due to regulatory issues after a due diligence exercise found numerous issues. BitKub reported revenue of THB 2.85 billion (US$79.6 million) in 2022, down 48% from the previous year amid a crypto winter. million).

FinTech 98

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

Seon

MAY 10, 2024

When classified as high risk, Enhanced Due Diligence (EDD) is performed to provide a deeper analysis of the potential risks. Digging Deeper: AML Compliance Screening and Monitoring Part of AML compliance includes screening to help pinpoint individuals who may pose a higher risk due to their positions, associations or past behaviors.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

Stax

SEPTEMBER 17, 2024

To initiate a wire transfer, the sending bank sends a message with the payment instructions to the recipient’s bank via a secure wire transfer network, such as Fedwire or the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Domestic wire transfers are often settled immediately or after any routine due diligence.

Wire Transfer 88

Wire Transfer Wire Wires ACH 88

Seon

JULY 10, 2024

Enhanced Identity Verification : Financial institutions strengthen fraud prevention by using identity verification processes such as Know Your Customer (KYC) checks, Know Your Business (KYB) checks, AML screening, regular Customer Due Diligence (CDD), Enhanced Due Diligence (EDD) and multi-factor authentication.

Transactions 52

Transactions Fraud Prevention Regulatory Compliance Payments 52

The Fintech Times

JUNE 20, 2024

As organisations rely on third-party vendors for various services like cloud computing, payment processing or customer service, these external relationships can introduce vulnerabilities if proper oversight and due diligence aren’t conducted.

Risk 59

Risk Cybersecurity Data Breach Ransomware 59

Payment Savvy

AUGUST 7, 2023

Although more effort is required in terms of research and due diligence, in comparison to something like the grocery industry. In exchange for facilitating these transactions, wholesalers earn a profit margin ranging from a few thousand dollars to tens or even hundreds of thousands. The reasons for this are, again, quite logical.

On-Demand 98

On-Demand Due Diligence Economy Legal 98

Nanonets

APRIL 30, 2024

Due Diligence: Automating the extraction of data from corporate documents, regulatory filings, and financial statements to conduct due diligence during mergers, acquisitions, or investment transactions. Enhanced Accuracy: AI minimizes human error and increases the precision of the extracted data.

AI 52

AI Due Diligence Automation Use Case 52

The Fintech Times

MAY 10, 2024

Although deforestation as an issue is on financial institutions’ radars, they are not taking swift enough action to reduce their exposure to risk both within their own businesses and in their portfolios. Anna Roberts, head of market development at iov42 “Deforestation accounts for around 12 per cent of global carbon emissions.

Service Provider 59

Service Provider Payment APIs and Integration Due Diligence Risk 59

Seon

MAY 31, 2024

Costs Associated with Compliance Fraud and anti-money laundering compliance costs have been rising sharply, driven by factors like new regulations, evolving financial crimes and the need for enhanced due diligence and monitoring capabilities.

Fraud Prevention 52

Fraud Prevention Fraud Detection Compliance Money Laundering 52

EBizCharge

JULY 3, 2024

Third-party billing services can optimize this through meticulous invoicing and swift collection practices, resulting in more predictable revenue streams and improved financial forecasting. Improved Cash Flow Management Effective cash flow is vital to any business’s health.

Regulatory Compliance 52

Regulatory Compliance Due Diligence Process Breach 52

Seon

APRIL 11, 2024

Regulators are beginning to promote FRAML as a best practice and a comprehensive framework that aligns with broader regulatory expectations for due diligence, risk assessment and compliance.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

PYMNTS

MAY 12, 2017

So, in 2014, MangoPay partnered with Currencycloud to offer its customers payments in 28 countries, convert 30 currencies and send quick payments via SWIFT to 212 countries. We have to do enhanced due diligence on each customer.”. MangoPay now has over 250 customers and handles 11,000 payments a month. Taking an API approach.

B2B 43

B2B API Cross-Border Cross-Border Payments 43

The Fintech Times

FEBRUARY 19, 2024

For years, banks and payment providers have had to rely on SWIFT in Europe to transfer funds which can be costly and time-consuming. . “Concurrent with reach, it’s essential to look at processing fees, conversion fees, and transaction speed, all of which can seriously hamper cash flow.

Cross-Border Payments 69

Cross-Border Payments Cross-Border Stablecoins Multi-Currency 69

EBizCharge

JUNE 20, 2024

Follow-Up Any dispute can delay payment, so swift resolution is essential. This due diligence reduces the risk of bad debt and strengthens financial planning and risk management strategies. For example, a company can implement a dispute management procedure that includes the following steps: Step 1. Reporting the Dispute Step 2.

Best Practices 52

Best Practices Accounts Disputes Procedures 52