Abrigo

JULY 27, 2023

Would you like other articles on fraud and AML/CFT compliance in your inbox? Using regtech in banking With new federal regulatory and compliance challenges like the CFPB rule on the horizon, more and more community financial institutions are exploring regtech in banking and finance. What is regtech?

Technology 195

Technology Fraud Compliance Regulation 195

Abrigo

JULY 27, 2023

Would you like other articles on fraud and AML/CFT compliance in your inbox? Using regtech in banking With new federal regulatory and compliance challenges like the CFPB rule on the horizon, more and more community financial institutions are exploring regtech for banks to enhance their processes. What is regtech?

Technology 195

Technology Fraud Compliance Regulation 195

PYMNTS

AUGUST 21, 2020

As Wirecard AG’s global operations close following its bankruptcy filing, the German payment company has agreed to sell what’s left, the Financial Times reported. In addition, he noted that the sale of some of the company’s operations in Britain and North America could be announced soon. billion euros ($2.1

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Operations America Cards Compliance 222

PYMNTS

SEPTEMBER 24, 2020

Reducing fees for remittances might push price points low enough that more consumers could resume sending money home, though, and some researchers believe that money transfer service providers could make such price adjustments if they are able to reduce their own expenses through more robust and cost-effective regulatory compliance measures. .

Compliance 223

Compliance Tools Fraud Regulation 223

PYMNTS

OCTOBER 6, 2020

Keeping customers' digital payment data safe and secure is a critical part of doing business in the digital economy, and following Payment Card Industry (PCI) compliance guidelines is an effective way for firms to accomplish this. Getting Up to Speed on Compliance. This can be particularly burdensome for smaller firms.

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Compliance Meeting Payments Cards 178

PYMNTS

JANUARY 22, 2020

The nationwide debit/ATM network PULSE has tapped Jennifer Schroeder to serve as its executive vice president for product management, the company announced Wednesday (Jan. Jim Lerdal will take over the position of executive vice president of operations. Lerdal was vice president of fraud operations and compliance for PULSE.

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Operations Management ATM Fraud 131

PYMNTS

JANUARY 24, 2019

With third-party due diligence and supply chain security as increasingly critical components of organizations’ procurement operations, compliance executives are finding important positions in their firms’ purchasing processes. That’s only if analysis of that data can be done correctly, however.

Compliance 191

Compliance Risk Management Training Analysis 191

PYMNTS

JANUARY 22, 2020

The nationwide debit/ATM network PULSE has tapped Jennifer Schroeder to serve as its executive vice president for product management, the company announced Wednesday (Jan. Jim Lerdal will take over the position of executive vice president of operations. Lerdal was vice president of fraud operations and compliance for PULSE.

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ATM Operations Management Fraud 130

PYMNTS

OCTOBER 15, 2020

We had already identified that we wanted to grow out of being a point solution and become more of an end-to-end compliance and identity proofing platform,” Pointner said. “We The world saw this during the 2008-09 financial crisis, he pointed out, when fraud attempts doubled and, in some cases, tripled.

Company 243

Company Fraud Compliance Course 243

PYMNTS

SEPTEMBER 12, 2019

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. Financial Companies’ Security And Regulatory Obligations . resources.

Fraud 189

Fraud Fintech Compliance Regulation 189

PYMNTS

SEPTEMBER 23, 2020

He explained that the cloud can help FIs swiftly respond to compliance and security challenges during the pandemic. The Cloud And Compliance Challenges. Such rules determine how different entities can access the data banks hold, Schmidt explained, including standards for private companies and law enforcement agencies.

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Compliance Regulation Guidelines Security 225

PYMNTS

SEPTEMBER 24, 2020

Staying abreast of these various compliance shifts can be costly and challenging for banks, but doing so is necessary to ensure that financial institutions’ (FIs) operations can run smoothly and ward off cyberattacks. Compliance, Cybercrime And The Cloud . Failing to secure such information could open up FIs to fraud.

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Compliance Fraud Regulation Security 151

PYMNTS

JULY 15, 2020

After weeks of relentless headlines on the collapse of Wirecard , the High Court of Justice in London handed the German payments company a victory on Wednesday (July 15), the Financial Times (FT) reported. Judges dismissed a civil suit that alleged Wirecard of fraud weeks after the company filed for insolvency in a Munich court.

Fraud 160

Fraud Taxes Groups Compliance 160

PYMNTS

SEPTEMBER 23, 2019

Credit scoring and analytics company FICO is launching the FICO Falcon X and the FICO Financial Crimes Studio to help data scientists leverage artificial intelligence (AI) technology to help with the detection of financial crimes, according to a release by the company.

Fraud 131

Fraud Analytics Compliance Regulation 131

PYMNTS

DECEMBER 23, 2019

” As a regulatory initiative aimed at combatting financial crime, KYC requirements are growing ever-more complex, leading corporates and their banks to demand new technologies and services that can address their compliance challenges. .” About $2 million in fraudulent invoices were reportedly sent to the U.S.

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Fraud Maryland Payments New York 131

PYMNTS

DECEMBER 23, 2020

According to Evans, “instead of needing to have payments expertise in house — and having to build that expertise — payments orchestration allows businesses to outsource” that expertise to another firm, while avoiding the operational challenge of having to work with and integrate several payment and fraud prevention providers.

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Company Payments Fraud Online 274

PYMNTS

NOVEMBER 9, 2018

MoneyGram shares sank as much as 25 percent during intraday trading on Friday (November 9), as the company reported results that reflected the impact of new compliance rules to stop fraudulent transactions, which has hurt top line momentum — and which will continue. The company expects to spend an additional $2.5 million to $5.5

Compliance 160

Compliance Fraud Operations Management 160

PYMNTS

SEPTEMBER 23, 2019

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.

Compliance 164

Compliance Software Risk Management Management 164

Abrigo

FEBRUARY 5, 2021

You might also like this webinar: "Detecting PPP Fraud: Optimizing Your AML Solution". Takeaway 1 To prevent the kind of fraud that plagued the Paycheck Protection Program in 2020, the SBA has put new measures in place that have created challenges. PPP fraud-prevention challenges arise. New Guidance Out. mail, Craig said.

Fraud 195

Fraud Lending Taxes Regulation 195

PYMNTS

AUGUST 5, 2019

Fraud comes in many flavors, and a payments-related lawsuit arising from the growing business of legal, recreational marijuana is proof of that point. According to a new lawsuit, though, one company allegedly found a way around that. The good news? Onboarding Stage.

Company 163

Company Payments Fraud Meeting 163

Perficient

SEPTEMBER 16, 2022

Consumer protection – Concern for the consumer was emphasized throughout the letter as the FRB highlighted risks to the public due to price volatility, misinformation, fraud, as well as the outright loss or even theft of assets. The letter highlighted mandatory compliance with the following federal regulations: The Bank Holding Company Act.

Compliance 275

Compliance Risk Management System Regulation 275

PYMNTS

OCTOBER 30, 2020

Slow compliance checks and sluggish processing times are commonplace, especially on the legacy systems still used by many banks around the world. Automating Compliance. Most customers bypass dealing with merchants entirely when trying to stage chargeback fraud, with 76 percent of cardholders going directly to the payment card issuer.

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Operations Payments Compliance System 228

PYMNTS

JANUARY 26, 2021

Add “lobby and visitor management” to the list of tech industries that have seen a spike in demand as companies contend with an ever-changing list of COVID-19-era requirements needed to safely and swiftly move people and packages in and out of their businesses. They're looking to figure out when, and how they can safely do so.”.

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Management Company US Compliance 291

PYMNTS

MARCH 17, 2020

As more firms worldwide push for workers to hunker down from home in order to fend off the spread of the coronavirus , people are advised to be vigilant of online fraudsters, according to Compliance Week. Companies worldwide are requiring or recommending that employees work off-site as a way to contain the coronavirus.

Company 130

Company US Compliance Study 130

Banking Exchange

FEBRUARY 26, 2020

Online payment fraud could cost companies more than $200 billion over four years, finds Juniper Research Risk Management Technology AML & Fraud Cyberfraud/ID Theft Compliance/Regulatory Operational Risk Big Data Security Online Cards BSA/AML Feature3 Feature Financial Research Payments.

Fraud 97

Fraud Big Data Risk Management Compliance 97

Abrigo

AUGUST 7, 2023

Assessing and preparing for staffing needs AML and fraud compliance is an essential obligation for financial institutions. Safeguarding the integrity and effectiveness of a financial institution’s anti-money laundering (AML) program is paramount to ensuring regulatory compliance and detecting illicit activity.

Training 195

Training Fraud Leadership Resources 195

PYMNTS

SEPTEMBER 6, 2018

Compliance and risk? Automating that compliance is now a “need to have.”. The age of technology is, of course, well upon us, with Software-as-a-Service (SaaS) a key conduit to making sure that at least some business operations — once the province of spreadsheets and reams of paper — can be streamlined.

Compliance 133

Compliance Fintech Regulation Knowledge Base 133

CFPB Monitor

JUNE 30, 2022

Of special note, the OCC also believes compliance risk is “heightened” for Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and Office of Foreign Assets Control (OFAC) compliance because of world events and compliance staffing concerns. BSA/AML Compliance Risks. Cybersecurity Risks.

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Compliance Fraud Technology Operations 78

PYMNTS

MARCH 11, 2020

This year also kicked off the implementation of the Fifth Anti-Money Laundering Directive (5AMLD), which included among its provisions requirements that cryptocurrency companies be more vigilant in preventing financial crimes from being committed over their platforms. Taking A Local Approach To Fighting Money Laundering, Fraud Worldwide.

Fraud 150

Fraud Payments Guidelines Regulation 150

PYMNTS

APRIL 29, 2019

Indianapolis-based freight trucking company Celadon Group has agreed to pay its investors $42.2 In addition, some of the company’s quality-management executives allegedly lied to independent auditors in early 2017. million after filing false financial statements and lying to auditors. In addition, Celadon also agreed to a $7.5

Fraud 108

Fraud Indianapolis New York Operations 108

PYMNTS

JANUARY 24, 2021

One facet of helping with compliance is the automatic recording of journal entries. The new version supports accounting for multiple companies working in multiple currencies, among other aspects, the report stated. India uses its Invoice Registration Portal to track business activity and ensure compliance with tax laws.

Taxes 178

Taxes Compliance Software Fraud 178

PYMNTS

JUNE 5, 2017

Amid the embrace of artificial intelligence across financial services, one big bank is adopting AI to streamline compliance efforts. The newswire stated that the company seeks to automate anti-money-laundering investigations, taking those tasks from human eyes and hands.

Compliance 117

Compliance Fintech Digital Strategies Strategy 117

PYMNTS

DECEMBER 7, 2020

Today in B2B payments, Revolut launches a new solution for its business customers, and MonetaGo collaborates to combat trade finance fraud. and EEA card payment acceptance at no additional charge, the company said on Friday (Dec. Both companies are based in Singapore. Revolut Launches Acquiring Solution For Business Customers.

Fraud 159

Fraud Capital Regional Security 159

PYMNTS

JUNE 18, 2019

But what makes companies like eBay, Tableau and Netflix popular is ease and speed of use. Unfortunately, platforms that are designed to be seamless are also often attractive targets for fraud. Companies often get into trouble working around the tension between ease of use and impenetrability for fraudsters. A lower number (62.0

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Fraud System Strategy Payments 128

PYMNTS

JANUARY 25, 2019

Meanwhile, to help along some of the companies that are still confused about how to comply with GDPR and PSD2, the European Data Protection Board (EDPB) has issued regulatory guidance on the topic. In the past, typically retailers — not just travel companies — had to make a choice really between frictionless [payments] and security,” he said.

Operations 195

Operations Regulation Data Trends 195

PYMNTS

DECEMBER 7, 2018

7), Canadian prosecutors officially accused Huawei Chief Financial Officer Meng Wanzhou of sanctions fraud. Meng used a Hong Kong company known as Skycom Tech to do business with telecom companies based in Iran from 2009 to 2014. The company allegedly used Skycom as recently as 2013 as an “unofficial subsidiary” to import U.S.

Fraud 116

Fraud United States New York Compliance 116

PYMNTS

MARCH 5, 2019

A charity run by Prince Charles received donations from a company used to transfer large amounts of cash from Russia. from a Russian-operated network of 70 offshore companies in one of the largest banking leaks. He added that he had no knowledge that Troika companies received funds related to fraud. billion ($4.6

Company 129

Company Fraud Compliance Regulation 129