Last year, a group of U.S. military veterans and the relatives of troops killed in Iraq filed a lawsuit against several large international pharmaceuticals, accusing them of aiding and abetting terrorism by selling products...more
8/31/2018
/ AML/CFT ,
Antiterrorism Act ,
Banking Sector ,
BSA/AML ,
Corporate Liability ,
Crime Victims ,
Financial Institutions ,
Foreign Corrupt Practices Act (FCPA) ,
Just Compensation ,
Justice Against Sponsors of Terrorism Act (JASTA) ,
Multinationals ,
Publicly-Traded Companies ,
Risk Mitigation ,
Technology Sector ,
Terrorist Acts ,
White Collar Crimes
As of August 28, 2017, insurance companies, banks, and other financial services companies regulated by the New York Department of Financial Services (“DFS”) must comply with an initial wave of new cybersecurity requirements...more
In its latest effort to combat money laundering within the real estate sector, the Financial Crimes Enforcement Network (“FinCEN”) has issued a new Geographic Targeting Order (“GTO”) broadening its scrutiny of shell companies...more
The Supreme Court in Shaw v. United States recently held that the federal bank fraud statute does not require that defendants cause, or intend to cause, an actual financial loss to the financial institutions they seek to...more
12/20/2016
/ Bank Fraud ,
Bank Fraud Act ,
Banking Sector ,
Banks ,
Criminal Prosecution ,
Cyber Crimes ,
Cybersecurity ,
Financial Institutions ,
Hackers ,
Popular ,
SCOTUS ,
Shaw v United States
On October 11, 2016, the United States Court of Appeals for the D.C. Circuit issued its long-awaited opinion in PHH Corp. v. Consumer Financial Protection Bureau, in which the Court held that the structure of the Consumer...more
10/14/2016
/ Administrative Proceedings ,
Article II ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Due Process ,
HUD ,
Insurance Industry ,
Kickbacks ,
Mortgage Insurance ,
Mortgages ,
PHH Corp. v CFPB ,
Popular ,
Referral Fees ,
Reinsurance ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statute of Limitations ,
Statutory Interpretation
The Consumer Financial Protection Bureau (“CFPB”) last week announced long-awaited proposed rules governing payday loans and other high-cost credit products, including that lenders must take steps to ensure prospective...more
6/9/2016
/ Ability-to-Repay ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Online Marketplace Lending ,
Payday Loans ,
Popular ,
Title Loans
On May 11, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued the final version of its long-awaited “Customer Due Diligence Rules” under the Bank Secrecy Act. The final rules impose a new requirement on...more
5/16/2016
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
BSA/AML ,
Due Diligence ,
Financial Institutions ,
FinCEN ,
Offshore Funds ,
Panama Papers ,
Recordkeeping Requirements ,
Tax Evasion ,
Tax Haven ,
White Collar Crimes
On October 6, 2015, the UK Financial Conduct Authority (“FCA”) issued final rules formalizing whistleblower procedures to be implemented by certain banks, building societies, credit unions, investment firms, and insurance and...more
10/16/2015
/ Anti-Retaliation Provisions ,
Banking Sector ,
Banks ,
Credit Unions ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Insurance Industry ,
Investment Firms ,
Popular ,
Prudential Regulation Authority (PRA) ,
Regulatory Standards ,
Reinsurance ,
Securities and Exchange Commission (SEC) ,
Whistleblower Awards ,
Whistleblower Protection Policies ,
Whistleblowers