VCFO

AUGUST 16, 2023

Money Laundering Prevalence and Practices When bad actors possess large sums of cash that they want to place into the financial system without raising flags, money laundering techniques such as “structuring” are used. In short, money laundering needs to be discussed and assessed as part of risk management policy in all companies.

Compliance 87

Compliance Banking Risk Management Currencies 87

Future CFO

NOVEMBER 15, 2023

Integration and Automation CFOs should integrate spreadsheets with other financial systems and applications to ensure seamless data flow and reduce the risk of errors during manual data transfers. This might involve implementing automated compliance checks and utilising tools that provide real-time alerts for potential risks.

Financial Planning and Analysis (FP&A) 52

Financial Planning and Analysis (FP&A) Leverage Communication Compliance 52

PYMNTS

SEPTEMBER 17, 2020

According to Woods, organizations and their finance teams must be strategic about how they reduce their reliance on physical paper and invest in the technologies that can optimize document management without adding any extra pain. Technology Plays Catch-Up. A (Digital) Document Deluge. Take the electronic invoice, for example. "I

Accounts Payable 63

Accounts Payable Compliance Invoicing Finance 63

PYMNTS

AUGUST 14, 2019

Cooperation in an environment that is rapidly advancing on many technological fronts was the theme when FinCEN Director Kenneth A. When it came to technology, Blanco was specifically interested in – and concerned about – two main areas. and around the world. This includes offering sports betting through a mobile app.”.

Compliance 65

Compliance Currencies Financial Systems Budgeting 65

PYMNTS

NOVEMBER 30, 2020

WatchDOG AML is a “holistic” anti-money laundering ( AML ) solution that works to prevent financial crime by “identifying suspicious activity in real time with an enterprise transaction monitoring system,” the companies said in a statement on Monday (Nov.

Risk Management 63

Risk Management Compliance Financial Systems Leverage 63

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.

Compliance 52

Compliance Leverage Financial Systems Finance 52

PYMNTS

OCTOBER 25, 2016

25) a partnership to integrate its Trusted Digital Identity online fraud prevention and compliance automation platform with Neoway’s Advanced Data solution. And second, it will help us further advance Trusted Digital Identities worldwide by collaborating with each other’s core technology on identity modeling and analytics.”.

Compliance 72

Compliance Financial Systems Banking Technology 72

PYMNTS

NOVEMBER 2, 2020

The ministry’s AML and CFT policies incorporate the suggested policies set by the Financial Action Task Force (FATF) and will be monitored by the Caribbean Financial Action Task Force (CFATF). During phase one, VASPs will have to demonstrate their compliance with these standards, according to the release.

Banking 64

Banking Risk Management Compliance Currencies 64

PYMNTS

DECEMBER 28, 2020

The news agency said that while Pan stopped short of calling for Ant’s breakup, officials want the firm to set up a separate holding company to ensure its capital adequacy and regulatory compliance.

Restructuring 67

Restructuring Foreign Exchange Compliance Financial Systems 67

PYMNTS

AUGUST 21, 2019

The drive to eliminate paper in the accounts payable process, to cut the steps that lead to inefficiencies, continues to get a boost from technology. Through the use of artificial intelligence and machine learning, the high cost of purchasing and the implementation of data capture technology have gone away,” Flynn told PYMNTS.

Accounts Payable 46

Accounts Payable Invoicing Financial Systems Compliance 46

Future CFO

MAY 2, 2023

Deloitte FutureCFO spoke to Mike Polaha , senior vice president for finance solutions and technology at BlackLine , for his take on how CFOs and other finance leaders can improve the odds of successful transformation. Digital technologies aid in managing the workload of existing employees by relieving the burden of repetitive backend work.

Finance 52

Finance Benchmarking Leadership Communication 52

PYMNTS

SEPTEMBER 18, 2019

To that end, the Bank for International Settlements (BIS) said in a paper titled “Embedded supervision: how to build regulation into blockchain finance” that distributed ledger technology (DLT) could be a part of bank infrastructure and could be used to automate supervision.

Banking 43

Banking Compliance Finance Financial Systems 43

PYMNTS

NOVEMBER 10, 2020

Many consumers move to new countries to pursue economic opportunities, but adjusting to these locations also requires learning the ins and outs of new financial systems — a transition that can be filled with friction. customers to recipients in Asia and Europe. Check out the Tracker® to read more. About The Tracker.

Banking 86

Banking Compliance Currencies Financial Systems 86

Michigan CFO

JUNE 7, 2023

CFOs play a pivotal role in strategic decision-making, ensuring the financial health and stability of the business. Evolution of the Virtual CFO Concept With the rise of remote work and advancements in technology, the concept of a virtual CFO has gained significant traction.

CFO 52

CFO Problem Solving Budgeting Communication 52

PYMNTS

JANUARY 18, 2019

“The most advanced technology is [electronic data interchange (EDI)].” The technology first emerged in the 1970s. ” The reliance of B2B eCommerce on EDI technology demonstrates the importance of digital data in the sector. . Dibachi explained that the company deploys the technology in three key ways.

B2B 78

B2B eCommerce B2C Communication 78

PYMNTS

AUGUST 4, 2019

Cryptocurrency compliance company Elliptic has released the Elliptic Data Set, which aims to identify crypto transactions associated with money laundering. A big problem with compliance, in general, is false positives. However, the majority of the transactions, around 77 percent, remained unclassified. “A

Compliance 46

Compliance Currencies Financial Systems Startups 46

PYMNTS

MAY 26, 2017

From relying on physically walking into a bank to withdraw cash to snapping a photo of a check for deposits, technology has played a great part in the way financial transactions have evolved within the last thirty years. With the various advances in technology, many issues have come to light from the use of blockchain.

Financial Systems 46

Financial Systems Benchmarking Finance Technology 46

PYMNTS

SEPTEMBER 24, 2019

These are attempts, and, often because of diligent work by bank compliance officers, do not represent actual losses. financial system have had some information about themselves … compromised at some point.”. “FinCEN is seeing around 5,000 account takeover reports each month involving approximately $350 million,” he said.

Compliance 71

Compliance Financial Systems Accounting Securities 71

PYMNTS

MAY 24, 2019

The Financial Crimes Enforcement Network ( FinCEN ) is launching an initiative called the FinCEN Innovation Hours Program, as a call to private sector companies that have developed tech to fight money laundering and terrorist financing, the organization said in a release. The meetings will usually be held on the second Thursday of the month.

Finance 49

Finance Compliance Financial Systems Technology 49

PYMNTS

JULY 1, 2019

Millions of smartphones are equipped to handle the technology, and verification via the method often takes mere seconds. A growing number of devices are equipped with biometric authentication technology, meaning an increasing number of mobile banking customers can use these tools to access their accounts.

Banking 75

Banking Securities Compliance Communication 75

PYMNTS

FEBRUARY 26, 2020

The China government is enforcing strict transparency and reporting laws for all financial institutions (FIs) within the country’s borders, as well as foreign entities wishing to access Chinese markets. It’s ushering in a new era of regulation and compliance – and there will be ramifications. Machine Learning to the Rescue.

Compliance 52

Compliance eCommerce Financial Systems Banking 52

CFO Thought Leader

MAY 21, 2023

Staloch: Fundrise is a technology company. Very broadly, our mission is to build a better financial system for the individual. In the meantime, though, we were able to get really good at the regulatory compliance and rigor required by Regulation A.

CFO 52

CFO Investments Accounting Accounting Standards 52

PYMNTS

JULY 26, 2017

“Today, the federal banking system remains healthy,” he continued. “As As outlined in the report, however, the OCC again identifies issues related to strategic, credit, operational and compliance risks as top concerns.”. Compliance. As is often the case with banks, risks of non-compliance remain high, the OCC noted.

Banking 46

Banking Compliance Currencies Concentration 46

PYMNTS

FEBRUARY 24, 2020

billion-strong, high-spending consumers and their willingness to adapt to new technologies, trends and products may represent the economy of the future for many banks and businesses, but it is notoriously difficult for firms to enter and compete in this market. Confronting the Chinese Privacy Myth . he remarked.

Compliance 64

Compliance Banking Securities Financial Data 64

Future CFO

SEPTEMBER 10, 2020

trillion dollars in annual losses, said SWIFT and BAE Systems Applied Intelligence which recently released together a report titled Follow the Money. . Activities by cyber attackers and gangs across the world are estimated to result in more than US$1.5 Experience.

Compliance 40

Compliance Advertising Financial Systems Securities 40

PYMNTS

FEBRUARY 20, 2019

“Blockchain intelligence is increasingly important in the crypto ecosystem, and is necessary to achieve our mission of bringing the open financial system to the world,” wrote Varun Srinivasan, engineering director at Coinbase, in a blog post.

Analyzing Data 65

Analyzing Data Compliance Financial Systems Investments 65

PYMNTS

JUNE 18, 2019

” Other industry trends have shifted the buyer-supplier relationship, too, not the least of which is the acceleration of financial and payment technology. “Data is scattered across supplier-relationship applications, ERP systems, financial systems and into production,” he explained. ”

Compliance 50

Compliance Securities Invoicing Currencies 50

PYMNTS

SEPTEMBER 21, 2018

.” Suplari’s AI capabilities enable automation of contract, spend and supplier management, as well as the ability to analyze data stemming from those processes, he noted, pointing to opportunities to enhance profit, risk and compliance efforts. billion by 2022.

Analyzing Data 53

Analyzing Data Finance Compliance Financial Systems 53

PYMNTS

JUNE 4, 2019

The goal is to provide expanding digital identification capabilities to encourage more seamless financial services onboarding and Know Your Customer (KYC) tasks for people and small businesses that might otherwise go without. Of course, big challenges remain for the growth of digital ID technology and processes.

Compliance 50

Compliance Banking Financial Systems Technology 50

PYMNTS

JUNE 20, 2019

Carney’s comments were part of a larger speech that discussed a major review of Britain’s future financial system, with the aim of cutting costs for customers and making it easier for smaller businesses to borrow money, as well as reducing compliance costs for banks. “To remain a dominant player we in the U.K.

Compliance 46

Compliance Financial Systems Banking Finance 46

PYMNTS

AUGUST 15, 2019

Justin Ferrabee, chief operating officer of Canadian payments clearing and settlement system operator Payments Canada, told PYMNTS in a recent interview that reliable data is also key to supporting anti-money laundering (AML) and know your customer (KYC) compliance efforts. . Interoperability And Adoption .

Treasury 58

Treasury Prioritization Compliance B2B 58

PYMNTS

OCTOBER 19, 2016

. “Having experienced several years of increasingly onerous compliance burdens, several treasurers express frustration with some pieces of regulation that are seen as creating a lot of work without delivering any perceived benefits, such as greater transparency or stability in the financial system,” the report noted.

Treasury 70

Treasury Prioritization Economics Leadership 70

PYMNTS

JUNE 23, 2016

The technology is typically used by financial institutions to help prevent fraud when customers open a new bank account or when issued credit or debit cards. But it can also be utilized in applications across fraud prevention and compliance to help businesses adhere to anti-money laundering (AML) regulations.

Investments 42

Investments Securities Compliance Financial Systems 42

PYMNTS

OCTOBER 10, 2016

Whether it’s getting paid by corporate buyers with the sluggish paper check or facing the stamp of rejection on a bank loan application, SMEs aren’t in the easiest of spots to invest in new technology and human capital as the final quarter of 2016 commences.

Investments 74

Investments B2C B2B Risk Management 74

Future CFO

JULY 20, 2020

Technology has become an important influence and enabler of business – no matter the size and industry. The challenge for many organisations today rests more on which technology to prioritise the limited resources – especially during a crisis like what we are experiencing now.

CFO 52

CFO Leadership Finance Corporate Finance 52

Spreadym

JUNE 27, 2023

Compliance and Regulation: Financial Planning and Analysis ensures compliance with financial regulations, accounting standards, and reporting requirements. Data Management and Systems: FP&A analysts are responsible for managing financial data and ensuring data integrity.

Financial Planning and Analysis (FP&A) 52

Financial Planning and Analysis (FP&A) Planning Financial Analysis Budgeting 52

PYMNTS

NOVEMBER 21, 2018

There is significant room for improvement in the cross-border payments space,” said Scott Hendry, Bank of Canada’s senior special director of financial technology, in another statement. Reuters reported earlier this month that the Financial Stability Board (FSB) counted a 4.1

Benchmarking 49

Benchmarking Banking Compliance Financial Systems 49