Internal Controls

OTP Token

What Is an OTP Token. An OTP token is a device or software-based tool that generates a unique code used to verify a user’s identity during login or a transaction. The term OTP token comes from the idea of a one-time password (OTP), which is valid for only one session or a short period of time.

Know Your Employee (KYE)

What is Know Your Employee (KYE). Know your employee (KYE) is an organizational framework designed to thoroughly vet and monitor employees throughout their employment lifecycle.

Cryptography

What is Cryptography. Cryptography is the practice of securing information by transforming it into a form that can only be read or processed by intended parties. It plays a foundational role in modern digital systems by protecting data, verifying identities and ensuring trust in online interactions

Cryptographic Key

What is Cryptographic Key. A cryptographic key is a string of data used within cryptographic algorithms to secure information, authenticate users and authorize transactions.

Data Security

What is Data Security. Data security refers to the protection of digital information from unauthorized access, alteration, corruption, or theft throughout its lifecycle.

Data Encryption and Decryption

What is Data Encryption and Decryption. Data encryption and decryption are processes designed to protect digital information from unauthorized access.

CryptoNote Protocol

What is CryptoNote Protocol. Cryptonote protocol is a blockchain protocol designed to provide strong privacy and anonymity for cryptocurrency transactions.

Governance

What is Governance. Governance refers to the structured system of rules, practices, and processes used to direct and control an organization. It establishes how authority is exercised, how decisions are made, and how accountability is enforced.

Role-Based Access Control (RBAC)

What is Role-Based Access Control (RBAC) Role-Based Access Control (RBAC) is a systematic approach to managing and regulating access to computer systems, network resources, and sensitive information based on the roles assigned to individual users within an organization.

Maker-Checker

What is Maker-Checker The maker-checker concept in banking, payments and finance is a dual-control principle designed to ensure the accuracy, completeness and authenticity of financial transactions.

Institutional Memory (IM)

What is Institutional Memory. Institutional memory refers to the collective knowledge, experience, processes and lessons accumulated by an organization over time. It includes documented policies, informal practices, historical decisions and cultural norms that shape how an organization operates.

Whistleblowing

What is Whistleblowing Whistleblowing is the act of exposing wrongdoing, unethical behavior, or illegal activities within an organization. It involves reporting misconduct to internal authorities, regulators, or the public to prevent harm, promote accountability, and ensure ethical practices.

Whistleblower

What is Whistleblower A whistleblower is an individual who reports misconduct, illegal activities, or unethical behavior within an organization.

General Data Protection Regulation (GDPR)

Dive into an extensive analysis of the General Data Protection Regulation (GDPR) and its significant impact on the banking, payments, and financial services sectors globally. Explore GDPR's origins, importance, implementation challenges, and future trends in data privacy and protection.

Custody of Funds (COF)

What is Custody of Funds (COF). Custody of funds (COF) refers to the responsibility of holding, managing and safeguarding money or assets on behalf of clients.

Onion Routing (OR)

What Is Onion Routing. Onion routing is a privacy‑focused method of sending information across a network in a way that hides a user’s identity and activity.

One-Time Password (OTP)

What Is a One‑Time Password (OTP). A one-time password (OTP) is a temporary, automatically generated code used to verify a user’s identity during a login or transaction. Unlike a regular password that stays the same, a one-time password (OTP) works only once and usually expires within a short time.

Crypto Mixers or Crypto Tumbler

Dive into the world of cryptocurrency mixers with our comprehensive guide. Explore their origins, how they work in payments, different types, and their application in everyday life. Understand their importance, advantages, and ethical considerations in the financial sector.

Compliance Officer

What is Compliance Officer A Compliance Officer is a professional responsible for ensuring that an organization operates in accordance with all applicable laws, regulations, and internal policies.

Client Money Account(CMA)

What is a Client Money Account. A client money account is a specially designated account used by regulated businesses to hold money on behalf of their clients. Unlike standard business accounts, a CMA is structured to ensure that client funds are kept separate from the firm’s own operational money.

Active, Inactive & Deleted User

What is Active, Inactive & Deleted User. An active, inactive (dormant), & deleted user classification is a way organizations define and manage users based on how recently and frequently they interact with a platform, service, or product.