SDNY U.S. Attorney Details BSA/AML Enforcement Plans

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On January 27, during a speech to certified AML compliance specialists, the U.S. Attorney for the Southern District of New York, Preet Bharara, stressed BSA/AML enforcement as a top priority for his office. Mr. Bharara focused on three issues: (i) the importance of holding institutions accountable for misconduct; (ii) the need for law enforcement to stay ahead of rapidly changing markets and technologies; and (iii) organizational changes within his office to bring the needed resources to bear. With regard to enforcement against institutions, the U.S. Attorney rebutted arguments that prosecutors should focus on individuals and described the full spectrum of tools available to hold institutions accountable—ranging from pursuing criminal prosecutions to seeking monetary fines and restitution through civil actions. He stressed the need to employ the full range of tools against institutions, especially in the AML context where many of the anti-money laundering laws and BSA provisions are specifically directed at institutions. The U.S. Attorney also announced that his office’s Criminal Division’s Asset Forfeiture Unit will be renamed the Money Laundering and Asset Forfeiture Unit to reflect his office’s commitment to dedicate more physical and human resources to addressing money laundering crimes and BSA violations.

Topics:  Anti-Money Laundering, Bank Secrecy Act, Banking Sector, Compliance, Enforcement

Published In: Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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