Kivu, a leading cyber security solutions provider and trusted partner to insurance carriers and law firms, this week announced their registration as a Money Services Business, or MSB, as regulated by the US Treasury’s Financial Crimes Enforcement Network (FinCEN). As an MSB, Kivu becomes a regulated non-banking entity that is able to provide upfront payments for ransoms, giving them and their partners greater capacity to respond to increasingly large ransom demands in a manner fully compliant with US Federal regulators.
The accreditation makes Kivu the only full-service cyber security firm with this capability.
With this payment facility, Kivu adds a crucial service to its consultancy portfolio, which includes industry-leading incident response, proactive risk management and advanced digital forensics. “Kivu becoming a registered Money Services Business is a huge step for us and our clients,” says Winston Krone, Global Managing Director. “While we strive to resolve ransomware attacks without having to pay a ransom, sometimes it’s the only commercially viable option for our clients. As an MSB, we can carry out the payment immediately, with a full AML and due diligence process, and in compliance with the US laws governing entities engaged in crypto currency transactions.”
Krone adds, “Compliance and transparency feature heavily in our company ethos, so we have put in place the most thorough due diligence and anti-money laundering program in the ransomware industry.”
As an MSB, Kivu will also be able to file Suspicious Activity Reports (SARs) with FinCEN, in addition to Kivu’s ongoing commitment to working with law enforcement globally.
Kivu’s full suite of ransomware response services, including forensic analysis and technical remediation, is offered through Kivu’s North American and European offices.