FINANCIAL SERVICES FIRMS AND BANKS FACE CHALLENGES AGAINST CRYPTO MONEY LAUNDERERS

Virtual currencies such as Bitcoin are becoming mainstream and many traditional banking customers are regularly transacting with cryptocurrency exchanges.  The senior compliance management teams at the institutions must implement robust anti-money laundering (AML) and other customer and vendor risk management solutions in this area to avoid severe fines and potential jail time for executives. Banking … Read more

FINCEN LAUNCHES REGULATORY PROCESS FOR NEW BENEFICIAL OWNERSHIP REPORTING REQUIREMENT

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions related to the implementation of the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA). This ANPRM is the first in a series of regulatory actions that FinCEN will undertake … Read more

PRESIDENT BIDEN ORDERS COMPREHENSIVE SUPPLY CHAIN REVIEW

President Biden will sign an executive order that will require the government to produce unclassified assessments of key industries and their supply chains, including semiconductor manufacturing, electric car batteries, medical supplies, and rare earth elements such as the ones used in iPhones and military systems. The executive order, mentioned by White House press secretary Jen … Read more

MODEVITY INVESTIGATIVE DUE DILIGENCE SERVICES SUPPORTS STANFORD UNIVERSITY IN THEIR KNOW YOUR DONOR PROGRAM

Modevity, LLC, a leading Commercial Intelligence company established in 2004 specializing in Investigative Due Diligence Research Services, announced that the company supports Stanford University for their ‘Know Your Donor’ international due diligence. Modevity continues to expand our Investigative Due Diligence Research Reporting support to Universities in their ‘Know Your Donor’ program initiatives. “University Compliance and Legal professionals recognize … Read more

CURRENT STATE OF ANTI-MONEY LAUNDERING INTERNATIONAL INITIATIVES

It is surprising to consider that roughly 2% of global GDP is laundered annually, amounting to between $800B – $2T. Banks spend around $8B annually combating Money Laundering activities but affect only 0.1% of criminal finance. KYC 360 wrote about this AML problem recently and this blog highlights their findings and commentary. In their findings … Read more

FINCEN ANNOUNCES $390,000,000 ENFORCEMENT ACTION AGAINST CAPITAL ONE, NATIONAL ASSOCIATION FOR VIOLATIONS OF THE BANK SECRECY ACT

Immediate Release January 15, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced that Capital One, National Association (Capital One) has been assessed a $390,000,000 civil money penalty for engaging in both willful and negligent violations of the Bank Secrecy Act (BSA) and its implementing regulations. Specifically, FinCEN determined and Capital One admitted to willfully failing to … Read more

MODEVITY ANNOUNCES OUR GENERAL SERVICES ADMINISTRATION – GSA MULTIPLE AWARD SCHEDULE (MAS) CONTRACT

Modevity, LLC, a leading Commercial Intelligence company established in 2004 specializing in Investigative Due Diligence Research Services, announced today that the company received approval by General Services Administration for GSA Multiple Award Schedule (MAS) MAS Contract. Modevity professional Investigative Due Diligence services under the GSA Multiple Award Schedule (MAS) MAS Contract is for NAICS Code 561611 … Read more

HOW WELL DO YOU KNOW YOUR SUPPLIERS AND CHANNEL PARTNERS?

By: Tom J. Canova, Co-Founder, CMO, Modevity  In Today’s complex business ecosystem, companies rely more and more on third-party supplier relationships and a growing supply chain to meet organizational objectives. It is vital for any company to manage these relationships and apply due diligence to onboard new vendors and apply third-party risk analysis and continuous … Read more

US SANCTIONS COMPANIES BACKING ASSAD OF SYRIA, AS CAESAR ACT DESIGNATIONS CONTINUE

Companies based in Syria and Lebanon have crated joint ventures with the Assad government to build oil refineries. This past week the US Government imposed sanctions on firms seeking to revive the Syrian oil sector, as part of its ongoing effort to prevent the country’s government from benefiting from new and restarted reconstruction projects. The … Read more

OPEN SOURCE INTELLIGENCE IS CRITICAL TO INVESTIGATIVE RESEARCH & ANALYSIS

There continues to be accelerated expansion of new AI enabled data platforms and long-standing data providers, as well as new Open Source investigative tools, they are becoming a vital resource to critical investigations and intelligence operational strategies. Traditional intelligence sources include Human Intelligence (HUMINT) and Signals Intelligence (SIGINT). HUMINT and SIGINT have dominated the intelligence … Read more

U.S. BANKS TRAVERSE UNEVEN REGULATIONS TO SERVE CANNABIS BUSINESSES

It is interesting to now see that many financial institutions are looking to offer banking services to the expanding number of legal cannabis growers and distributors in the U.S. even though the young industry continues to be limited by inconsistent regulations and expensive compliance requirements. The inconsistencies between federal and state laws governing the use … Read more

GLOBAL BANKS DEFY U.S. CRACKDOWNS ON AML INITIATIVES

The FinCEN Files show trillions in tainted dollars flow freely through major banks, swamping a broken enforcement system. ICIJ International Consortium of Investigative Journalists has published an insightful article on the continued concerns about Global Banks to have defied money laundering crackdowns by moving excessive amounts of illicit cash for questionable characters and criminal networks that … Read more