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Finance & Banking › Criminal Law › Administrative Law

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

News & Analysis as of May 24, 2013

Jonathan Foxx

FinCEN: Accountant and Elder Abuse

by Jonathan Foxx on 5/17/2013

We have been keeping track of FinCEN's SAR Activity Review – Trends, Tips & Issues virtually from its inception. In its just issued May 2013 report, FinCEN provides new information regarding two areas of importance: 1)...more

Morgan Lewis

Select Broker-Dealer, Investment Adviser, and Investment Company Enforcement Cases and Developments: 2012 Year in Review

by Morgan Lewis on 2/6/2013

This Outline highlights key U.S. Securities and Exchange Commission (the "SEC" or the "Commission") and Financial Industry Regulatory Authority ("FINRA") enforcement developments and cases regarding broker-dealers during...more

Bloomberg Law

Should Wall Street Fear Mary Jo White? [Video]

by Bloomberg Law on 2/1/2013

Feb. 1 (Bloomberg Law) -- Mary Jo White has spent decades as both a federal prosecutor and later as outside counsel for many financial institutions. If the Senate confirms her as SEC chair, will Wall Street be facing a lawyer...more

Dechert LLP

The Financial Services Act 2012 – Misleading Statements, Impressions and Financial Promotions

by Jonathan Angell, Sean Geraghty, Amy Grammer | Dechert LLP on 1/18/2013

Background - In our previous DechertOnPoints, The Draft Financial Services Bill in the Contextof the Proposed New UK Financial Regulatory Structure and Draft UK Financial Services Bill and the New UK Financial...more

Thomas Fox

The HSBC AML Settlement - Lessons Learned for the AML Compliance Practitioner

by Thomas Fox on 1/14/2013

I recently wrote about banks behaving badly. Currently, Exhibit A in that list is HSBC. In December, 2012, the UK banking giant HSBC agreed to pay a fine of $1.92 billion for its transgressions involving money laundering....more

BuckleySandler LLP

OCC Issues Alert On DDoS Cyber Attacks

by BuckleySandler LLP on 1/8/2013

On December 21, the OCC issued Alert 2012-16, which provides a general description of recent distributed denial of service (DDoS) attacks directed at national banks and federal savings associations, along with risk mitigation...more

BuckleySandler LLP

DOJ Announces LIBOR-Related Criminal Charges And Penalties, Regulators Announce Parallel Civil Enforcement Actions

by BuckleySandler LLP on 12/26/2012

On December 19, both federal law enforcement and U.S. and foreign regulatory authorities announced that a Japanese bank and its Swiss bank parent company agreed to pay more than $1.5 billion to resolve criminal and civil...more

BuckleySandler LLP

U.S. Law Enforcement Authorities And Regulators Resolve Significant Money Laundering And Sanctions Investigations

by BuckleySandler LLP on 12/21/2012

On December 11, a major international bank holding company announced agreements with U.S. law enforcement authorities and federal bank regulators to end investigations into alleged inadequate compliance with anti-money...more

Thomas Fox

Is It the End of the (Compliance) World?

by Thomas Fox on 12/21/2012

Today the Mayans predicted the world would end. I must say that I find the Mayans had a complete lack of courtesy, indeed if not foresight, as they did not identify the time the world would end and further did not specify if...more

Shipkevich PLLC

Four Banks Fined $120 Million For ‘Mis-Selling’ Derivatives In Milan

by Elan Mendel | Shipkevich PLLC on 12/20/2012

On Wendesday an Italian court found Depfa Bank, UBS (UBSN.VX), JPMorgan (JPM.N) and Deutsche Bank (DBKGn.DE) guilty of fraud. The banks were found guilty of “mis-selling derivatives” (Reuters) to Milan; the four banks were...more

Orrick - Structured Finance Group

Insider Dealing

by Orrick - Structured Finance Group on 12/19/2012

On December 13, the FSA published a press release announcing that Thomas Ammann, a former investment banker and FSA Approved Person at Mizuho International plc, had been sentenced to 2 years and 8 months imprisonment for two...more

Spilman Thomas & Battle, PLLC

Bank Liability to Non-Customers in a Ponzi Scheme

by Timothy R. Moore | Spilman Thomas & Battle, PLLC on 12/18/2012

The morning news reports flashes a report that your customer was actually a Ponzi scheme and defrauded numerous people. Of course, this is terrible news for the innocent victims, but, you ask yourself, could my bank be...more

Davis Wright Tremaine LLP

Record Fines against HSBC for Repeated Bank Secrecy Act and OFAC Violations

by John Dodge | Davis Wright Tremaine LLP on 12/17/2012

Following on the heels of the $15 million settlement against First Bank of Delaware for significant Bank Secrecy Act/Anti-Money Laundering violations (as we reported on here), the Treasury Department and three federal...more

Michael Volkov

The FCPA Guidance And Voluntary Disclosures

by Michael Volkov on 12/17/2012

The FCPA Guidance is an advertisement for the government’s voluntary disclosure program. DOJ and SEC repeat their message – if you voluntarily disclose, you will get a benefit. As demonstrated in the declinations, companies...more

Ballard Spahr LLP

Record $1.92 Billion in Fines and Penalties Levied against HSBC

by Keith R. Fisher, Alan S. Kaplinsky, Beth Moskow-Schnoll | Ballard Spahr LLP on 12/14/2012

HSBC Holdings, London, and two of its U.S. subsidiaries have been ordered to pay a record $1.92 billion in fines and penalties for anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) violations....more

Shipkevich PLLC

CFTC Charges Arista LLC With $9.5 Million Commodity Pool Fraud

by Felix Shipkevich | Shipkevich PLLC on 12/13/2012

The U.S. Commodity Futures Trading Commission (CFTC) today filed an enforcement action against Arista LLC, a registered commodity pool operator (CPO) based in California....more

Michael Volkov

Rising From The Dead: Anti-Corruption Enforcement In Canada

by Michael Volkov on 12/13/2012

I find the so-called “vampire” cultural phenomena scary – I do not understand what is so entertaining about “ordinary” people who can suddenly turn into vampires, let alone enter into “serious” relationships with each other...more

BuckleySandler LLP

FinCEN Releases Summaries Of Customer Due Diligence Roundtable Meetings

by BuckleySandler LLP on 12/11/2012

This week, FinCEN published summaries of a series of roundtable meetings held to obtain stakeholder feedback on the agency’s proposed rulemaking on customer due diligence. The meetings, held in September and October in Los...more

Michael Volkov

FINCEN And Bank Secrecy Act Enforcement

by Michael Volkov on 12/10/2012

The Financial Crimes Enforcement Network (FinCEN) is a new, imposing figure in the world of financial regulatory enforcement. As originally created, FinCEN served as an information and intelligence support system for...more

Michael Volkov

Asian Companies Playing With FCPA Enforcement Fire

by Michael Volkov on 12/7/2012

In the midst of all this hullabaloo about the FCPA Guidance, an important survey was recently released by Kroll which confirmed my worst fears – despite all of the enforcement actions, all of the FCPA Paparazzi fear...more

Sheppard Mullin Richter & Hampton LLP

Smaller FCPA Story But We’re Sure You’re Following It: DOJ Issues New Opinion Procedure Releases

by Thad McBride, Cheryl Palmeri | Sheppard Mullin Richter & Hampton LLP on 12/6/2012

While the FCPA world – and this blog – has been abuzz thanks to the new FCPA Guide, on a relatively mundane note, the U.S. Department of Justice (DOJ) also recently issued two Opinion Procedure Releases (OPRs) with respect to...more

Michael Diaz Jr. - Diaz Reus International...

Outsourcing of AML Compliance: How Far Can A Financial Institution Go?

by Arti Sangar | Michael Diaz Jr. - Diaz Reus International... on 12/5/2012

Several banking giants, such as HSBC and Standard Chartered, are currently being investigated by US regulators for alleged failings in anti-money laundering (AML) compliance. What is the reason for these large banks’...more

Lowenstein Sandler LLP

IRS Announces Revised FATCA Implementation Timelines

by Richard J. Horne, Christina M. Iafe, Brian Silikovitz | Lowenstein Sandler LLP on 11/29/2012

The Foreign Account Tax Compliance Act (“FATCA”) was enacted in 2010 as part of an effort to combat tax evasion by U.S. taxpayers holding investments in offshore accounts and through offshore intermediaries. FATCA creates a...more

Dechert LLP

Imminent Thematic Review by FSA of Asset Managers in the UK

by Dechert LLP on 11/28/2012

The Financial Services Authority is shortly to embark on a thematic review of asset managers. Its focus will be on the risks of bribery and corruption, sanctions and money laundering. Twenty two firms have already been...more

Reed Smith

Private Equity Newsletter - November 2012

by Reed Smith on 11/27/2012

In this issue: - Private Equity Sound Bite – Anti-Bribery - Private Equity Practice Recognition - Transaction Highlights - Global Expansion - Private Equity Events Across the Region An...more

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