Most regulated firms understand the importance of risk assessments. Business-Wide Risk Assessments (BWRAs) and Customer Risk Assessments (CRAs) are well-established parts of a firm’s financial crime framework, helping identify where risks exist and ensuring controls remain proportionate. Many firms consider their financial crime risk assessments robust, supported by documented processes, annual reviews and board [...]
The Bank of Canada has issued a reminder to all payment service providers (PSPs) registered under the Retail Payment Activities Act (RPAA) of their ongoing reporting obligations. The Bank states that these requirements are critical to its supervision of PSPs under the RPAA and support the safety, soundness, and integrity of Canada’s retail payments [...]
Recent proposals and commentary from the Financial Crimes Enforcement Network (FinCEN) have highlighted several areas where firms are continuing to fall short of existing AML/CFT expectations. While many of the proposed regulatory changes are not expected to take effect until next year, the findings provide a useful indication of where regulators are already seeing [...]
The Financial Crimes Enforcement Network (FinCEN) has proposed a rule that may significantly change how financial institutions design and manage AML/CFT programs under the Bank Secrecy Act. The proposal marks a shift from volume-driven compliance to a focus on measurable effectiveness in combating financial crime. Key Points: What You Need to Know FinCEN is [...]
Launching a card or e-wallet program offers significant opportunities, but many fintechs underestimate the complexity involved. Securing an issuing bank, completing due diligence, and coordinating multiple partners can cause even well-funded programmes to stall before launch. In this interview, Reiner Vanooteghem, Chief Commercial Officer at Neopay Global, shares his insights. With over 20 years [...]
Safeguarding of client funds continues to be a high priority in the payments markets globally and the new RPAA rules require all Canadian Payment Service Provides to have a written Fund Safeguarding Framework describing their systems and controls; policies and procedures; monitoring and oversight; and other relevant documentation to ensure end user finds are [...]
Protect against potential costly FinCEN fines and penalties. Contact Neopay Global’s AML experts today to review your AML compliance program. Treasury deploys cutting-edge technology to target potential money laundering breaches US Treasury Secretary, Scott Bessent, has issued a serious video warning to MSB's, Banks and all Financial Institutions, cautioning that potential cartel related money [...]
For many organizations, Anti-Money Laundering (AML) training is just another requirement. It’s mandatory, often repetitive, and usually focused more on theory than on real-world application. But effective AML training shouldn’t hold your teams back. It should help them become stronger, more confident, and better prepared to protect your business. Across North America, regulators such [...]
With the 2025 year-end approaching, now is an ideal time for payments, money services, and e-money firms across the US and Canada to review their compliance priorities and prepare for upcoming regulatory changes. This is a practical moment to evaluate where your firm stands — from financial crime and online risk controls to safeguarding, [...]
In today’s fast-changing regulatory world, AI is a major topic in compliance, and it’s easy to see why. Machine learning and automation help analyse large amounts of data, spot patterns, and flag risks quickly. AI is helpful, but it can’t replace human judgment, practical insight, or the real-world experience needed for AML compliance. The [...]
