Latest news with #FinancialTransparency
Gulf Business
01-08-2025
- Business
- Gulf Business
UAE Central Bank penalises exchange firm over anti-money laundering failure
Image: UAE Central Bank The The action was taken under Article (14) of Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations, following an examination by the CBUAE that revealed significant compliance failures. In a statement, the CBUAE reaffirmed its commitment to maintaining the transparency and integrity of the exchange house sector. The regulator emphasised its supervisory mandate to ensure that all licensed exchange houses, their owners, and employees adhere to the UAE's laws and the standards it has established to protect the country's financial ecosystem.
Khaleej Times
10-07-2025
- Business
- Khaleej Times
UAE: Bank fined Dh3 million for violating anti-money laundering law
The authority said that it works to ensure that all banks and their staff abide by local laws and regulations A bank has been fined Dh3 million by the UAE Central Bank for failing to comply with anti-money laundering laws. The bank failed to keep up with the rules stipulated in Decree Federal Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments, the authority said on Thursday. The authority said that it works to ensure that all banks and their staff abide by local laws and regulations to safeguard the transparency of the banking sector and the UAE financial system.
Globe and Mail
02-07-2025
- Business
- Globe and Mail
IBN Technologies Leads Accounts Receivable Automation in Montana's Logistics Sector
"Accounts Receivable Automation [USA]" USA companies are modernizing receivables with Accounts Receivable Automation to manage growing billing volumes, improve reconciliation, and gain financial transparency. With intelligent follow-ups and real-time dashboards, AR workflows are evolving into strategic assets. IBN Technologies provides custom automation that supports decision-making and reduces manual finance burdens. Miami, Florida - 2 July, 2025 - Rapid improvements in financial infrastructure are shaping how Montana companies manage receivables. From healthcare to logistics, firms are investing in platforms that remove processing delays and streamline invoice workflows. Accounts receivable automation has become a vital element in ensuring these operations can scale, offering consistent performance and reduced cycle times. A regional healthcare network successfully reduced invoice turnaround to just four minutes, unlocking faster cash recognition and more predictable receivables behavior across departments. These enhancements improve ledger accuracy and free teams from repetitive workloads. Now leveraging tools built with AI and automation, Montana businesses are gaining sharper visibility into receivables forecasting, exception tracking, and customer payment behavior. Integrated dashboards make it easier for finance teams to stay ahead of potential bottlenecks. Budget realignment favors intelligent systems that promote long-term planning, data transparency, and workflow flexibility. Finance roles are transitioning toward analysis and strategy rather than administrative tasks. With this shift, firms are not only increasing operational confidence but also supporting more informed decision-making and collaboration across business units. Elevate Cash Flow with AR Automation Support! Request your Free Consultation: Evolving business demands have made it harder for companies to manage AR with speed and precision. Many finance teams still rely on fragmented systems, causing unnecessary friction in receivables processing. This complexity often creates delays, misalignment, and reduced visibility across financial operations. • Shortage of resources for follow-up coordination • Disconnected invoice and reconciliation cycles • Trained team members stuck on daily admin • AR systems fail to grow with business scale • Lack of on-demand performance analytics in receivables Meeting today's financial benchmarks requires stronger operational infrastructure and scalable Accounts Receivable Automation models. IBN Technologies delivers specialized support to simplify receivables processing, improve accuracy, and help businesses stay competitive in dynamic environments. Transforming Finance Through AR Systems A growing number of firms are modernizing AR functions to stay ahead of increased volume and tighter financial cycles. Digital AR systems allow companies to operate faster and respond more effectively to customer payment behaviors. • Automates payment reminders to improve speed and payment consistency • Streamlines invoicing and delivery with real-time processing features • Applies professional controls through structured AR operating models • Supports business scale with robust cloud-enabled architecture • Provides live AR analytics with smart financial performance dashboards These advancements create a more organized and intelligent receivables structure. With simplified processes in place, finance teams are better equipped to allocate time and focus on bigger strategic initiatives. 'Strong AR platforms give finance the edge to act with clarity. Automation improves both day-to-day accuracy and long-term outcomes,' said Ajay Mehta, CEO at IBN Technologies. AR Systems Deliver Measurable Gains Businesses in Montana are experiencing significant value through specialized accounts receivable automation platforms. These tools enable more precise receivables oversight, accelerating workflows, and boosting cash visibility—key outcomes for modern finance operations. A U.S.-based healthcare provider brought invoice processing down to 4 minutes per transaction using automation from IBN Technologies, elevating speed and accuracy across large-scale billing cycles. Multi-channel invoice ingestion helped the organization centralize data handling and strengthen reconciliation, creating greater ledger stability and financial accountability. Custom-configured automation is proving its worth in Montana's evolving business environment. Firms are seeing a shift from manual dependency to consistent, digital-first AR routines. With expert support from IBN Technologies, these solutions can be aligned to strategic needs, improving transparency, compliance, and cash forecasting reliability. Automated Systems Reinforce Receivables With operational efficiency at the forefront, Montana businesses are enhancing receivables strategies through targeted technology initiatives. One healthcare organization in the state adopted a custom platform integrated with Invoice Process Automation (IPA), which helped reduce invoice processing time to just four minutes. The move addressed reconciliation bottlenecks, streamlined communication across billing teams, and boosted transparency in outstanding balances. The platform's ability to centralize and verify multi-source invoice data allowed for stronger financial oversight. By transitioning routine AR tasks into a responsive digital workflow, staff were able to reallocate time toward financial planning and compliance readiness. With guidance from experts like IBN Technologies, companies now tailor accounts receivable automation to match growth trajectories and evolving transaction volumes. These systems not only improve data integrity but also equip finance departments with the agility needed in today's market. Related Services: Robotic Process Automation Services: About IBN Technologies IBN Technologies LLC, an outsourcing specialist with 25 years of experience, serves clients across the United States, United Kingdom, Middle East, and India. Renowned for its expertise in RPA, Intelligent process automation includes AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022, CMMI-5, and GDPR standards. The company has established itself as a leading provider of IT, KPO, and BPO outsourcing services in finance and accounting, including CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries. It offers customized solutions that drive AR efficiency and growth. Media Contact Company Name: IBN Technologies LLC Contact Person: Pradip Email: Send Email Phone: +1 844-644-8440 Address: 66, West Flagler Street Suite 900 City: Miami State: Florida 33130 Country: United States Website:
Fox News
24-05-2025
- Business
- Fox News
WATCH: GOP senators rail against staggering $4.7 trillion in untraceable Treasury payments
Earlier this year, Elon Musk's Department of Government Efficiency (DOGE) uncovered $4.7 trillion in untraceable Treasury Department payments. Prior to the discovery, Treasury Account Symbol (TAS) identification codes were optional for $4.7 trillion in Treasury Department payments, so they were often left blank and were untraceable. The field is now required to increase "insight into where the money is actually going," the Treasury Department and DOGE announced in February. "Of the 1.5 billion payments that we send out every year, they are required to have a TAS, a Treasury Account Symbol. We discovered that more than one third of those payments did not have a TAS number," Treasury Secretary Scott Bessent said before the House Appropriations Subcommittee on Financial Services and General Government earlier this month. Fox News Digital asked Republican senators on Capitol Hill to respond to the approximately 500,000 in untraceable payments made by the Treasury Department each year. "I'm not surprised at all, unfortunately," Sen. Roger Marshall, R-Kansas, said before adding, "They were leaving complete fields undone when they were filling out their financials, so this is a common theme. I'm not surprised." Sen. Eric Schmitt, R-Missouri, called for an investigation into where those payments actually went. "There's so much waste. There's so much fraud, There's so much abuse in our government," Schmitt told Fox News Digital. "I'm glad there was a laser-like focus on it. We ought to make many of those reforms permanent, but there probably ought to be some investigations here about where this money actually went. I mean this is taxpayer money. People work hard." After DOGE and the Treasury Department uncovered $4.7 trillion in untraceable funds, Marshall and Sen. Rick Scott of Florida introduced a bill in March requiring the Treasury Department to track all payments. The Locating Every Disbursement in Government Expenditure Records (LEDGER) Act seeks to increase transparency in how the Treasury Department spends taxpayer money. "When you hear about this story that they didn't know where the money was going, it makes you mad because this is somebody's money, this is taxpayers' money when we have almost $37 trillion in debt, so this makes no sense at all," Scott said. The Congressional Budget projects that interest payments on America's national debt will total $952 billion in fiscal year 2025. That's $102 billion more than the United States' defense budget at $850 billion. "We paid out more last year on our debt, $36 trillion in debt, with $950 billion in interest going to bondholders all over the world, including in China. That $950 billion didn't go to build a bridge or an F-35. We paid more on the interest on debt than we did to fund our military," said Sen. Dan Sullivan, R-Alaska. "That is an inflection point that when most countries hit, you look at history, that's when great powers start to decline. So we have to get those savings."
