In 2021 FS Vector Grossed 1,747,000 USD from 19 Clients
The Pericles Group LLC (TPG) was founded in 2010 and provides game-based learning solutions for teachers, students, and administrators in various disciplines. The games, known as practomimes, are functionally educational video games that not only teach the same information as traditional texts they make it fun and interactive. TPG hired lobbying firm FS Vector for 40,000 USD to represent their interests in the digital banking and asset market.
Nearly two-thirds of Americans utilize digital banking services. A four percent increase compared to 2018.
FS Vector has been hired by twenty-five clients so far in 2022 to the tune of 2,325,000 USD. The firm specializes in financial services for clients in all stages of establishment, development, and growth in the rapidly evolving economic environment. Two bills of interest have been introduced into the House of Representatives and one in the Senate since March of this year. The first, H.R. 7080, is known as the Nowhere to Hide Oligarch’s Assets Act and was introduced on March 15th. It aims to expand the authority of the Financial Crimes Enforcement Network (FCEN) to allow for the collection of records in financial crimes. Presently, requests for records are restricted by geographic location. This expansion would lift that restriction as well as expand existing record keeping and reporting requirements to include transactions with foreign nationals or institutions.
A second bill, introduced into the House in April, is H.R. 7614. The Digital Commodity Exchange Act of 2022 would allow for the registration and regulation of digital commodity exchanges that are subject to oversight by the Commodities Future Trading Commission. The bill aims to establish baseline regulations and practices for digital communities exchange.
Finally, S. 3867, the Digital Asset Sanctions Compliance Enhancement Act of 2022, proposes additional sanctions on Russia. It calls for specific reporting requirements among digital assets and would require U.S. taxpayers engaged in in offshore digital asset transactions greater than 10,000 USD to file a report annually with the FCEN. Additionally, the Treasury would be required to report any progress on implementation and identify foreign digital asset trading platforms at high risk for money laundering, sanctions evasion, and other illicit activity.
Digital Banking: What is it?
Digital banking gained popularity as consumer demand for more efficient financial transactions and ways to access banking records were on the rise. Rather than drive to the bank to stand in line and make a withdrawal or deposit, anyone with a smart phone can transfer and wire money with just a few taps of the screen. What started as online banking with traditional financial institutions has evolved to a near entirely digital market. The utilization of artificial intelligence to further automate the digital banking market has only streamlined processes further.