Federal banking regulators continue their emphasis on bank oversight and management of risk from third party relationships through a series of guidance and proposed guidance published in the third quarter of 2021. The Federal Reserve, FDIC and OCC published proposed interagency guidance on managing risk of third-party relationships in July 1 and a guide for … Read more
Blog Author: Thomas J. Canova Co-Founder, CMO – Modevity Third-Party Vendor Risk Management (VRM) is an important part of the overall risk management landscape for enterprise organizations. Most corporations have thousands of suppliers: The fast-moving consumer goods company Proctor and Gamble states that it has over 75,000 suppliers. These suppliers are responsible for everything from … Read more
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
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
West Chester, PA – Monday, March 22, 2021 Modevity, LLC, a leading Commercial Intelligence company established in 2004 specializing in Investigative Due Diligence Research Services, announced today that the company has expanded its Vendor Risk Assessment System to offer complete “Vendor Risk Management as a Service.” The Modevity Vendor Risk Management Platform provided as an outsourced service will provide clients … Read more
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, 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
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
Research also showed that the global pandemic crisis has dramatically changed attitudes to risk. Interesting to see recent research from Orange Business Services uncovered that the supply chains in 40% of multinational corporations were unable to cope with the crisis created by the pandemic. Also, tech providers of Big Data Analytics, Artificial Intelligence (AI), Cloud, … Read more
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
With CLEAR’s third-party risk management software, the Modevity team can help our clients mitigate their corporate and reputational risk through billions of data points and a scalable consistent process and powerful reports. West Chester, PA USA – Tuesday, January 5, 2021 Modevity, LLC, a leading Commercial Intelligence company established in 2004 specializing in Investigative Due Diligence Research Services, announced … Read more
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
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