Image showing levels of risk and a finger about to push a button to assess risk.

Conducting Risk Assessments: What are the minimum best practices?

By Neil Kumar | June 15, 2023

Time out! Have you read this blog entry: “Mitigating Real-Time Fraud: What are the minimum best practices?”  If not, we recommend starting there to ensure you’re seeing the multi-layered big picture of fraud prevention strategies. This blog post will provide a step-by-step approach to conducting a comprehensive fraud risk assessment and why that’s critical for preventing fraud, especially when deploying a new product offering such as real-time payments.

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OFAC Sanctions Screening for FedNow

OFAC Sanctions Screening for FedNow℠: What are the obligations of participating financial institutions?

By Neil Kumar | May 23, 2023

Up until recently, it’s been unclear whether FedNow℠ instant payments will face OFAC (Office of Foreign Assets Control) sanctions screening. Financial institutions anticipated FedNow℠ instant payment would face similar regulations as The Clearing House’s RTP® network, where financial institutions are required to integrate to sanctions screening in real time. However, Operating Circular No. 8 – “Funds Transfers Through the FedNow℠ Service” – includes clarification on sanctions screening obligations for FedNow℠ participants.  

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