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Don’t Roll the Dice: FinCEN Assesses Significant Penalties on Regulated Entity for Failing to Implement a Comprehensive AML...

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) imposed a civil money penalty of $12 million against a Nevada based casino, CG Technology, L.P. (CGT) for alleged violations of the Bank Secrecy Act...more

Upping the Ante on Casinos’ AML Compliance

FinCEN focus requires major shift in gaming business practices - Which complex, global industry where billions of dollars exchange hands every day, and where high-net-worth customers park significant sums, is facing...more

Pennsylvania Tax Changes and Tax Amnesty Program

As part of the budget package, the Pennsylvania General Assembly made many significant changes to various Pennsylvania tax laws and the unclaimed property law (including a tax amnesty program) that are estimated to generate...more

Your daily dose of financial news - The Brief – 7.29.16

A federal judge in Idaho has dismissed a $24 billion lawsuit against Credit Suisse alleging that the bank and real estate adviser Cushman & Wakefield ran a “predatory loan-to-own scheme that . . . loaded four luxury ski and...more

Pennsylvania Enacts Tax Bill as Part of Budget Package

Pennsylvania has enacted tax law changes projected to generate $752M in new revenue. The changes include severe restrictions on the vendor sales tax discount for timely filing, imposition of sales tax on digital downloads and...more

Your daily dose of financial news - The Brief – 6.9.16

Breakingviews on the generally disregarded human side of all of the merger mania of late—from the uncertainty over job losses to the potentially unsettling reality of new management...more

Rating Agency Developments

On April 13, Moody’s published its approach to rating obligations with variable promises, where the source of variation is related to non-standard or non-credit-related reference factors. ...more

Trump Hotels investigating second credit card breach

KrebsOnSecurity has reported that sources from the banking industry have advised of a pattern of fraud on credit cards used at Trump Hotel Collection (Trump) properties. Trump has confirmed that it is investigating the...more

Will the FCPA Go Down Under (again)?

We do not often have the chance to go ‘down under’ at the FCPA Compliance and Ethics Blog. However, there is a case brewing that may have some Foreign Corrupt Practices Act (FCPA) implications as well as Australian...more

China Imposes New Restrictions on Internet Content

Rules imposing new restrictions on the publication of online content in China came into effect on March 10, 2016. The new rules, the Online Publishing Service Administrative Rules, were jointly released by the State...more

The man who sold the world: Bowie, bonds and IP securitisation

The loss of David Bowie at the start of this year prompted much discussion of his musical legacy, but less well-publicised was his contribution to finance....more

Texas Film Commission Permitted to Slice and Dice Financial Incentives to Machete Films

It’s been a disappointing few months for Machete, Danny Trejo’s “Mexploitation” character created by Robert Rodriguez. After making powerful enemies in Mexico, former Federale Machete found himself a day laborer and...more

China Imposes Broad New Restrictions on Publication of Internet Content

New rules just published by the PRC impose new licensing and censorship requirements on almost all internet content providers, including publishers and aggregators of news, advertisements, social media content and mobile...more

NHL Scores Big on Attorneys' Fees Against Nondebtors

Last fall, the National Hockey League (NHL) enjoyed a big off-ice victory when the U.S. District Court for the District of Arizona found that it was entitled to recover from Jerry and Vickie Moyes and the Jerry and Vickie...more

Marathon Structured Finance Fund, LP v. Paramount Pictures Corp. - USCA, Second Circuit, December 14, 2015

Second Circuit affirms dismissal of fraud claims against Paramount Pictures, finding that defendant has always used wide mix of co-financing strategies in release of its motion pictures, and plaintiffs, who are sophisticated...more

2016 New Mexico Political Outlook

The 2016 New Mexico Political Outlook provides a basic overview of what clients can expect from the upcoming New Mexico legislative session. Republicans won control of the New Mexico House of Representatives in the election...more

Bulletin: AFTRA Retirement Fund Sending Information Request to JPC Members on Significant Drop in Pension Contributions

To address what it perceives as significant underfunding in its pension plan, the AFTRA Retirement Fund is actively sending information requests to Joint Policy Committee signatories whose contributions have declined over a...more

Rating Agency Developments

On November 2nd, DBRS updated its rating methodology for Companies in the Gaming Industry. On November 2nd, DBRS updated its rating methodology for European Non-Performing Loans Securitizations. On October 30th, Moody’s...more

Is Money Being Laundered Through Your Financial Institution Using Daily Fantasy Sports Sites?

This alert addresses the explosion in popularity of daily fantasy sports (“DFS”) sites and the money-laundering potential that DFS sites may offer to criminals around the world. It then explains potential legal liability...more

The Financial Report - Volume 14, No. 18 - September 2015 (Global)

Casino games are designed with a house advantage. Mathematically, the house advantage is a measure of how much the house expects to win, expressed as a percentage of the player’s wager. The house advantage is the difference...more

Casino Forfeiture a Reminder that FinCEN’s Regulatory Oversight May Involve DOJ and Criminal Penalty

The civil money penalty was surprising for two reasons: first, that FinCEN would investigate and fine a casino unfamiliar even to analysts who cover the gaming industry, on an island chain few knew existed; and second, for...more

Rolling the Dice: Casinos, FinCEN and AML Compliance

FinCEN has many important responsibilities but one of its more interesting assignments is oversight of anti-money laundering compliance by casinos (and card clubs). Casinos are under increasing scrutiny these days for lax AML...more

Corporate Investigations & White Collar Defense - June 2015

The Unfolding FIFA Scandal: Will the DOJ Show the Banks a Red Card? - Why it matters: The worldwide soccer community has for years decried the brazen corruption that permeated FIFA, international soccer’s governing...more

The FIFA Criminal Case – DOJ’s Extensive Criminal Toolbox

Now that the dust has settled a little on the FIFA criminal case, I wanted to throw my two cents into the commentary pot. Those who focus on whether the FIFA case is a “corruption case,” “an FCPA case” or some other...more

Treasury Department Publishes National Money Laundering Risk Assessment and National Terrorist Financing Risk Assessment

On June 12, 2015, Treasury Department issued its National Money Laundering Risk Assessment (NMLRA) and National Terrorist Financing Risk Assessment (NTFRA). This is the Department’s first NMLRA release in a decade and its...more

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