Marjorie Peerce

Marjorie Peerce

Ballard Spahr LLP

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Stemming Human Trafficking with AML/CFT Controls

Banks stand to advance the fight against human trafficking and modern slavery by reporting suspicious transactions and other financial activity that raise red flags, according to a report on March 15, 2017. Published by the...more

3/22/2017 - AML/CFT Banking Sector DHS Financial Institutions Human Rights Human Trafficking Money Laundering Slavery

The Philippines Now a “Major Money-Laundering Country”

The Philippines has been identified by the U.S. as a “major money-laundering country” in the 2017 International Narcotics Control Strategy Report (“Report”), published this month. The country now joins 87 others as one “whose...more

3/8/2017 - Anti-Money Laundering Banking Sector BSA/AML Drug Trafficking Financial Institutions Money Laundering Narcotics Philippines Popular

Mossack Fonseca Founders Arrested and Detained on Money Laundering Charges

The founders of Panamanian law firm Mossack Fonseca were arrested on Saturday, following their indictment on money-laundering charges allegedly tied to the ever-widening Petrobas corruption scandal in Brazil. Kenia...more

2/14/2017 - Brazil Bribery Corruption Criminal Investigations Indictments Kickbacks Money Laundering Mossack Fonseca Offshore Banks Offshore Funds Oil & Gas Panama Panama Papers Petrobras Tax Evasion Tax Shelters

Coinbase the Latest to Obtain New York BitLicense

The New York State Department of Financial Services (“DFS”) has issued its fifth BitLicense to date, continuing a marked effort to bring legitimacy and controls to the virtual currency (“VC”) industry, whose advantages in...more

2/9/2017 - Banking Sector Bitcoin BitLicense Currency Exchange Digital Currency Licensing Rules NYDFS Virtual Currency

2016 Year in Review: Money Laundering (Part Two)

In part two of our review of the 2016 developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues, we discuss four additional key...more

2/7/2017 - Anti-Money Laundering Bank Secrecy Act Banking Sector Banks Bitcoin BSA/AML Civil Forfeiture Currency Transaction Reports (CTR) Digital Currency Financial Institutions Forfeiture Money Laundering Virtual Currency

2016 Year End Review: Virtual Currency: DOJ and IRS Broadly Seek Virtual Currency Account User Information

Under Internal Revenue Code section 7609(f), the IRS may issue a “John Doe” administrative summons to discover the identities of unknown taxpayers. A “John Doe” summons can be a powerful enforcement tool because it allows the...more

2/7/2017 - Bitcoin Digital Currency DOJ Enforcement Actions Financial Sector Financial Services Industry Internal Revenue Code (IRC) IRS John Doe Investigation Money Laundering Summons Swiss Banks Tax Evasion Technology Virtual Currency

2016 Year in Review: Money Laundering (Part One)

2016 was a busy year for developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues. In part one of our year-in-review, we discuss six key...more

2/3/2017 - Anti-Money Laundering Bank Secrecy Act Banking Sector Banks BSA/AML Casinos Consumer Lenders Customer Due Diligence (CDD) FATF Financial Institutions FinCEN Fines Gambling Gaming Geographic Targeting Order Money Laundering Mortgage Lenders Mortgages NYDFS Offshore Funds Panama Papers Popular Real Estate Market Suspicious Activity Reports (SARs) Tax Evasion

SCOTUS to Decide Constitutionality of State "No Credit Card Surcharge" Laws

The U.S. Supreme Court has agreed to decide whether state laws that prohibit merchants from imposing a surcharge on credit card purchases violate the First Amendment. The petition for certiorari granted by the Supreme Court...more

10/3/2016 - Credit Card Surcharges Credit Cards Debit and Credit Card Transactions First Amendment Free Speech Merchants Petition for Writ of Certiorari Purchase Price Retail Market Retailers

NY DFS Brings First Data Security Action

The New York State Department of Financial Services (DFS) has announced that it has entered into a consent order with an online payday loan lead generator and its chief executive officer (CEO) (collectively, respondents) to...more

3/25/2016 - Consent Order Consumer Financial Products Corporate Counsel Data Security Notification Requirements NYDFS Online Marketplace Lending Payday Loans Personally Identifiable Information Popular Usury

Envelope’s Display of Internal Tracking Number Does Not Violate FDCPA, New York Federal Court Rules

A federal district court in New York has ruled that a debt collector did not violate the Fair Debt Collection Practices Act (FDCPA) by sending a collection letter in an envelope that allegedly revealed an internal tracking...more

11/19/2015 - Corporate Counsel Debt Collection FDCPA FTC Motion for Judgment

Second Circuit Rejects Constitutional Challenge to New York “No Credit Card Surcharge” Law

A New York state law that prohibits merchants from imposing a surcharge on credit card purchases does not violate the First Amendment or the Due Process Clause, the U.S. Court of Appeals for the Second Circuit recently ruled....more

10/16/2015 - Appeals Credit Card Surcharges Credit Cards Debit and Credit Card Transactions Due Process Financial Institutions First Amendment Fourteenth Amendment Free Speech Merchants Payment Systems Retail Market Retailers

D.C. Circuit to Decide Scope of Judges’ Authority in Approval Process for Deferred Prosecution Agreements

A federal judge exceeded his authority when he rejected a deferred prosecution agreement (DPA) entered into earlier this year by the U.S. Department of Justice (DOJ) and a Dutch aerospace company, the DOJ and company will...more

9/11/2015 - Aerospace Aircraft Equipment Appeals Compliance Criminal Investigations Criminal Prosecution Deferred Prosecution Agreements DOJ DPA Export Controls Internal Investigations Iran Sudan Terrorism Funding

Federal, State Law Preempts New York City Responsible Banking Act, Federal Court Rules

New York City’s Responsible Banking Act (RBA) is preempted by federal and state law, a federal court has ruled. Pursuant to the New York City Charter, only financial institutions that are designated “deposit banks” by the...more

8/18/2015 - Banking Industry Regulations Banking Sector Banks Compliance Financial Institutions Preemption Small Business

New York City Can Regulate Attorney Debt Collection Conduct, Second Circuit Rules

New York City can regulate the conduct of attorneys engaged in debt collection, the U.S. Court of Appeals for the Second Circuit has ruled. In Eric M. Berman, P.C. and Lacy Katzen, LLP v. City of New York, et al., the...more

8/10/2015 - Consumer Financial Contracts Debt Collection Debt Collectors Licensing Rules Popular Preemption Young Lawyers

Vassar College Prevails in Respondent’s Title IX Lawsuit

A judge in the Southern District of New York recently granted summary judgment to Vassar College in a case brought by a former student accused of sexual assault. The plaintiff alleged that Vassar violated Title IX and various...more

4/10/2015 - Educational Institutions Sex Discrimination Sexual Assault Summary Judgment Title IX

‘Operation Ruse Control’ Announcement Highlights Importance of Auto Finance Compliance

The Federal Trade Commission—and numerous other federal, state, and local law enforcement agencies in the United States and Canada—recently announced that an enforcement initiative dubbed “Operation Ruse Control” has resulted...more

4/1/2015 - Automotive Industry Automotive Loans Car Dealerships Consumer Financial Products Consumer Lenders Enforcement Actions FTC Strategic Enforcement Plan

New York Federal Court Denounces Debtor’s Attempt To Induce FDCPA Violation

A New York federal district court recently issued a strong denunciation of the practice of debtors attempting to induce debt collectors into committing violations of the Fair Debt Collection Practices Act (FDCPA). Finding...more

2/26/2015 - Audio Recording Debt Collection FDCPA Federal Rules of Civil Procedure

New York Issues Guidance on New Third-Party Debt Collector and Debt Buyer Regulations

The New York Department of Financial Services has issued guidance about its new Third-Party Debt Collector and Debt Buyer Regulations in the form of Frequently Asked Questions (“FAQs”). The FAQs provide insight on the scope...more

2/23/2015 - Debt Buyers Debt Collectors New Guidance NYDFS

NY Attorney General To Propose Bill To Strengthen Cybersecurity

New York Attorney General Eric Schneiderman is proposing an "overhaul [of] New York's data security law [that would] require new and unprecedented safeguards for the personal data of consumers." The proposal would create new...more

1/28/2015 - Attorney Generals Breach Notification Rule Cybersecurity Data Protection Personally Identifiable Information Proposed Legislation

Petitioner Opposes NY Regulator’s Motion To Dismiss Lawsuit Seeking Access to Database of Alleged Illegal Payday Lenders

The consumer financial services attorney (the petitioner) who sued the New York State Department of Financial Services (DFS) and its superintendent, Benjamin Lawsky, to obtain access to DFS’s database of alleged illegal...more

12/17/2014 - Consumer Lenders FOIA Motion to Dismiss Payday Loans

New York Issues Far-Reaching Debt Collection Regulations

The New York Department of Financial Services (DFS) published its final debt collection regulations on December 3, 2014, following an extensive rulemaking period. The regulations impose requirements on third-party debt...more

12/8/2014 - Debt Buyers Debt Collection Department of Financial Services Disclosure Requirements Electronic Communications FDCPA New Regulations Prior Express Consent

Federal Court Dismisses Industry Challenge to NYC Responsible Banking Law but Leaves Door Open For Future Lawsuit

A federal judge recently dismissed a complaint brought by the New York Bankers Association (NYBA) seeking to invalidate the New York City Responsible Banking Act (the Responsible Banking Act). In New York Bankers Ass’n Inc....more

9/23/2014 - Banking Reform Banks Department of Financial Services OCC

N.Y. Announces New Rules To Govern Default Judgments in Consumer Collection Lawsuits

The New York Court System has adopted new rules effective October 1, 2014, to obtain a default judgment in a consumer collection action, Chief Judge Jonathan Lippman announced recently. Debt collectors and debt buyers should...more

9/23/2014 - Debt Buyers Debt Collection Default Judgment Document Retention Policies Final Rules Recordkeeping Requirements

NY Attorney General Files Redlining Lawsuit Alleging Mortgage Discrimination

The New York Attorney General filed a complaint this week in a New York federal court against a national bank headquartered in the state and its holding company alleging that the defendants violated the federal Fair Housing...more

9/5/2014 - Attorney Generals Bank Holding Company Banks Discrimination Disparate Impact DOJ Fair Housing Act (FHA) HMDA Mortgages Redlining

Standard Chartered To Pay $300M To Settle AML Charges in New York

For the second time in two years, Benjamin Lawsky, the Superintendent of the New York State Department of Financial Services (DFS), has settled another matter with Standard Chartered Bank for alleged “anti-money laundering...more

8/25/2014 - Anti-Money Laundering Banks Enforcement Actions Settlement Standard Chartered Bank

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