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

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 HOW WELL DO YOU KNOW YOUR SUPPLIERS AND CHANNEL PARTNERS?

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 GLOBAL BANKS DEFY U.S. CRACKDOWNS ON AML INITIATIVES

RANSOMWARE ATTACKS GROWING IN NUMBER, SEVERITY: WHY EXPERTS BELIEVE IT WILL GET WORSE

Law enforcement and federal experts discuss recent ransomware trends and challenges of fighting the attacks Industry security experts are extremely concerned that Ransomware has become the most persistent and severe threat to digital networks.   It is interesting to note that 41% of all cybersecurity insurance claims are for ransomware attacks, it’s no surprise that ransomware is always … Read more RANSOMWARE ATTACKS GROWING IN NUMBER, SEVERITY: WHY EXPERTS BELIEVE IT WILL GET WORSE

FINCEN SEEKS COMMENTS ON ENHANCING THE EFFECTIVENESS OF ANTI-MONEY LAUNDERING PROGRAMS

Immediate Release September 16, 2020 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 pertaining to potential regulatory amendments under the Bank Secrecy Act (BSA).  The proposals under consideration are intended to provide financial institutions greater flexibility in the allocation of … Read more FINCEN SEEKS COMMENTS ON ENHANCING THE EFFECTIVENESS OF ANTI-MONEY LAUNDERING PROGRAMS

MODEVITY IMPLEMENTS NEW AI DATABASE TECHNOLOGY SOLUTIONS TO SUPPORT INVESTIGATIVE DUE DILIGENCE RESEARCH SERVICES

MALVERN, Pa., August 4, 2020 — Modevity, LLC, is a leading Commercial Intelligence company established in 2004 that provides Investigative Due Diligence research reporting services.  Modevity provides these services to support several market segments and organizational use cases including, Legal, M&A Portfolio Management, Law Enforcement, Supply Chain, Executive Due Diligence and KYC. At Modevity, we recognize … Read more MODEVITY IMPLEMENTS NEW AI DATABASE TECHNOLOGY SOLUTIONS TO SUPPORT INVESTIGATIVE DUE DILIGENCE RESEARCH SERVICES