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Georgia couple prosecuted for filing fraudulent tax records

The filing of fraudulent tax returns continues to be a serious problem in this country. Last year alone, the IRS has admitted that up to 720,000 taxpayers were victims. Last week, a Georgia couple pled guilty to filing...more

FireEye report shows PoS attacks have compromised more than 20 million cards

FireEye recently issued a report that indicates that bank card data of over 20 million individuals has been compromised since 2014. According to the report, point of sale attacks that have affected the retail and hospitality...more

The Panama Papers & The Tempo of International Corruption Cases  [Video]

An interview on CNBC Powerlunch (April 4th, 2016) where I discuss the implications of the recent Panama Papers leaks. What does this mean for the future of tax havens? Also, will be the appetite for local enforcement in those...more

Cyber prosecutions update

The feds have been busy on the cyber prosecutions front. First, on March 18, 2016, the FBI announced that a multi-agency collaborative effort blew up an identity theft ring whose leader was an inmate in a Georgia prison. The...more

Ukranian cyber hacker pleads guilty

Sergei Vovnenko, a Ukranian hacker, pleaded guilty last week in federal court in Newark, New Jersey to aggravated identity theft and conspiracy to commit wire fraud by using more than 13,000 computers to steal log-in...more

FinCEN Announces Another Geographic Targeting Order

South Florida check cashers will soon be required to obtain additional identifying information about customers cashing federal tax refund checks over $1,000. The Financial Crimes Enforcement Network issued another Geographic...more

Guard Your Sheep, The Dyre Wolf is Coming

IBM announced this week that it had uncovered a highly-sophisticated scheme to steal funds from medium to large U.S.-based companies. The scheme dubbed “The Dyre Wolf” only targets companies, unlike past schemes which also...more

Cyber Extortion: What to Do When Your Data is Being Held for Ransom

Imagine you are the IT systems administrator of a large corporation. Coffee in hand, you sit down one morning and log in. You receive a message that there has been an intrusion into the corporate database, a large amount of...more

New York Proposes Tough New Anti-Money Laundering and Cybersecurity Measures on Financial Services Companies

Action Item: Benjamin Lawsky, the Superintendent of Financial Services for New York State, one of the country’s most aggressive regulators, is seeking to increase regulatory pressures on the financial services industry,...more

Secret Service Raises Warning About Backoff POS Malware

The Secret Service, which investigates financial crimes, issued a security Alert on July 31, 2014, warning of malware named “Backoff” that was being used to steal payment card data from point-of-sale (POS) systems. The Alert...more

Cybersecurity: How well are Latin American banks protected against cyber attacks?

Inter-American Dialogue's Latin America Advisor asked Marcela Cristina Blanco, associate attorney in Diaz Reus’ Bogota, Colombia office: How Well Do Latin American Banks Protect Against Cyber Attacks?...more

Cybercrime Loses Its Right to Silence

In 2012, the director gen¬eral of MI5 revealed that a London-listed company had lost £800 million as a result of a state-backed cyber at¬tack. The company in question has not been publicly identified and no disclosures were...more

FCPA Enforcement As A Security Issue And Implications For The Compliance Practitioner

One of the things that has long puzzled me is what led to the significant rise in the enforcement of the Foreign Corrupt Practices Act (FCPA) beginning in the 2003-2004 time frame? ...more

FinCEN Issues Virtual Currency Guidance

The Financial Crimes Enforcement Network (FinCEN) has issued formal guidance to clarify the anti-money laundering obligations of administrators and exchangers of convertible virtual currency. “Virtual” currency, unlike...more

Bank Agrees to Reimburse Company for Funds Taken Through Online Bank Account Theft

We reported in July on a First Circuit Court of Appeals decision finding that a bank failed to implement commercially reasonable security methods to prevent unauthorized transfers by a criminal that gained the online banking...more

Hack Attack: US Financial Institutions in the Cross-Hairs

Last week the FBI released a fraud alert warning financial institutions that cyber criminals have been using tactics such as spam and phishing emails to obtain employee log-in credentials. After obtaining the credentials the...more

Anti-Money Laundering Program - Preparation is Protection

The Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, recently finalized regulations (Final Rule) requiring non-bank Residential Mortgage Lenders and Originators (RMLOs) to establish...more

California Attorney General Creates Privacy Enforcement and Protection Unit; Increased Enforcement Likely

On July 19th, California Attorney General Kamala D. Harris announced the formation of a new Privacy Enforcement and Protection Unit within the state’s Department of Justice. The move is widely seen as a means of stepping up...more

FBAR Scam

A recent article warns of a current email scam that attempts to trick recipients into sending bank account to the scammers. The email comes with “Report of Foreign Bank and Financial Accounts (FBAR)” in the heading, and...more

FinCEN Proposes New Customer Due Diligence Requirement

On Feb. 29, 2012, the Financial Crimes Enforcement Network (FinCEN) issued an advance notice of proposed rulemaking (ANPR) seeking comments on a proposed customer due diligence (CDD) regulation that would explicitly require...more

FinCEN Proposes Customer Due Diligence Requirement of Beneficial Ownership Identification to Enhance Federal Anti-Money Laundering...

On Feb. 29, 2012, the Financial Crimes Enforcement Network (FinCEN) issued an advance notice of proposed rulemaking (ANPR) seeking comments on a proposed customer due diligence (CDD) regulation that would explicitly require...more

March 28, 2012 - The Federal Crimes Watch Daily

The Federal Crimes Watch Daily is a daily newspaper that discusses current federal criminal issues written by a federal criminal defense attorney....more

January 20, 2012 - The Federal Crimes Watch Daily

The Federal Crimes Watch Daily is a daily newspaper that discusses current federal criminal issues written by a federal criminal defense attorney....more

Financial Institution Facing New Lawsuit For Offshoring Call And Data Center Services

The offshore outsourcing of customer service call center and data center services to locations outside of the U.S. has become a fairly standard business practice in many industries. Now, a consumer class action lawsuit filed...more

FinCEN Publishes a Final Rule and Interpretive Guidance Clarifying the Scope of SARs Confidentiality Provisions

As part of the ongoing effort to increase efficiency and effectiveness of its anti-money laundering (AML) policies, on December 3, 2010, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) published a...more

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