What Are the Drastic Ramifications of the New York State Anti-Money Laundering Actions and Penalty Enforcement?

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Recent actions by the state of New York Department of Financial Services (NYDFS) regarding anti-money laundering (AML) fines and other sanctions imposed should cause financial institutions and their advisors to take notice, because New York has substantially increased the potential fines and sanctions that these institutions can face. These actions have included levying fines in excess of hundreds of millions of dollars against foreign bank entities operating in New York, and the unprecedented one-year bar of Deloitte LLP from See more +
Recent actions by the state of New York Department of Financial Services (NYDFS) regarding anti-money laundering (AML) fines and other sanctions imposed should cause financial institutions and their advisors to take notice, because New York has substantially increased the potential fines and sanctions that these institutions can face. These actions have included levying fines in excess of hundreds of millions of dollars against foreign bank entities operating in New York, and the unprecedented one-year bar of Deloitte LLP from soliciting new consulting work from New York-chartered financial institutions for its role in the Standard Chartered Bank money laundering case. These penalties are typically in addition to, and often are not coordinated with, any action by the federal government arising out of the same controversy.

This webinar features an animated conversation between Pepper partner Timothy R. McTaggart and Jonathan Winer, a senior director with APCO Worldwide. Mr. McTaggart is the former Delaware state bank commissioner and Mr. Winer is the former U.S. deputy assistant secretary of state for international law enforcement and former chief counsel and principal legislative assistant to U.S. Senator John F. Kerry.

The webinar will recap the recent actions by the NYDFS, discuss the risks that financial institutions face that focus solely on the federal ramifications of anti-money laundering rules and discuss where to go from here in this new world of AML enforcement. The webinar will also discuss what financial institutions can do to proactively avoid these circumstances, and, if they are concerned about their situation, how to mitigate some of the potential penalties levied by state and federal agencies.

Speakers

Timothy R. McTaggart, partner, Pepper Hamilton LLP

Jonathan Winer, senior director, APCO Worldwide See less -

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Topics:  Anti-Money Laundering, Banks, Foreign Banks, Penalties, Personal Liability, White Collar Crimes

Published In: Finance & Banking Updates, International Trade Updates, Securities 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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