Anti-Money Laundering

News & Analysis as of

New UK AML Action Plan – The Increased Role of the Private Sector

The UK Government has just published an Action Plan setting out extensive reform to the anti-money laundering ("AML") and counter-financing of terrorism ("CFT") regime and in particular the filing of Suspicious Activity...more

Reality and Trend of China’s Regulation on Payment Service by Non-Financial Institutions 2016

Understanding the payments regulatory environment in China—both the existing regime and pending developments—is essential for companies engaged in cross-border payments activities (particularly non-financial institutions). At...more

Blog: Virtual Currency Regulation: The European Parliament’s Box Of Frogs

On 26 April 2016, the European Parliament’s Internal Market & Consumer Protection (IM&CP) Committee published an Opinion about virtual currencies. The Opinion was prepared by Ulrike Trebesius (MEP) and it calls on the...more

FINRA Targets AML Programs and “Culture of Compliance” as 2016 Enforcement Priority, Particularly for High-Risk Broker/Dealers

Under Securities and Exchange Commission (“SEC”) authorization, the Financial Industry Regulatory Authority (“FINRA”) is “responsible for regulating (1) all securities firms that do business with the public[,]” (2) key stock...more

European Banking Authority Opinion on Customer Due Diligence for Asylum Seekers

The European Banking Authority published an Opinion on the application of customer due diligence measures to customers who are asylum seekers from higher-risk third countries or territories. The Opinion, addressed to national...more

FinCEN Director Calvery: All Cash Real Estate Purchases are an AML Gap to Address

On April 12, FinCEN Director Calvery delivered remarks at the ACAMS AML and Financial Crimes conference. Calvery addressed the vulnerabilities of the real estate market to money laundering. Although FinCEN has addressed a...more

An Analysis of the UK’s New Register of Beneficial Owners

The New Register - From 6 April 2016, most UK companies, LLPs and Societas Europaea became required to maintain a register of “persons with significant control” (PSCs). A PSC is defined as an individual who ultimately...more

Federal Regulators Clarify Bank CIP Obligations for Prepaid Cardholders

Banks and credit unions that issue reloadable, general purpose prepaid cards must apply Customer Identification Program (CIP) procedures to those cardholders, according to guidance issued by the federal banking regulators and...more

Blog: The 4th Anti-Money Laundering & Terrorist Financing Directive

The 4th Anti-Money Laundering & Terrorist Financing Directive (4AMLD) came into force on 25 June 2015; and the Member States of the European Union are (currently) obliged to transpose it into their national laws by 26 June...more

Casino AML: FinCEN Fines Former Sparks Nugget Management $1 Million

Attributing observed deficiencies to a lack of a culture of compliance, FinCEN has again targeted a casino for willful violations of the anti-money laundering (“AML”) provisions of the Bank Secrecy Act (“BSA”). This time the...more

FinCEN's New Rules for High-End Real Estate Purchased by Entities

On January 13, 2016, the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) announced Geographic Targeting Orders (GTOs) designed to gather data related to its anti-money laundering efforts in the...more

FinCEN Imposes Civil Money Penalty Against Owner of Kentucky-Based Money Services Business

On March 24, FinCEN assessed a civil money penalty against a Kentucky-based MSB and its owner for violations of the Bank Secrecy Act (BSA). As the designated AML compliance officer of the MSB, the owner willfully violated the...more

FinCEN Enforcement Trends: 2015 Year in Review

A review of FinCEN’s enforcement efforts in 2015 and 2014 reveal a marked trend away from its longstanding focus on depository institutions and toward otherwise unregulated financial institutions, as well as an increased...more

FinCEN Issues Guidance on MSB Obligations to Supervise Agents

On March 11, 2016, the Financial Crimes Enforcement Network (FinCEN) issued guidance to Money Services Businesses (MSBs) to reiterate “the existing anti-money laundering (AML) program requirements on the principals of MSBs to...more

FinCEN Highlights Existing AML Program Obligations on MSB Principal-Agent Relationships

On March 11, FinCEN issued FIN-2016-G001 to provide clarity to money services business (MSB) principals regarding the risks associated with foreign agents’ AML compliance. FinCEN’s guidance, which complements recently issued...more

Investment Management Update - March 2016

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. SEC, FINRA...more

BuckleySandler Counsel Provides Testimony at Digital Currency and Blockchain Technology Hearing

Dana Syracuse, Counsel at BuckleySandler LLP, testified before the U.S. House of Representative Subcommittee on Commerce, Manufacturing, and Trade on March 16, 2016. The hearing was titled “The Disruptor Series: Digital...more

FinCEN’s Recent MSB Guidance Also Has Important Implications for Banks

On March 11, 2016, FinCEN issued Guidance reminding MSBs and their agents of their respective AML obligations and, most importantly, reminding MSBs that they are responsible for their agents’ activities. The Guidance reminds...more

U.S. Expatriates Eligible to Open State Department Federal Credit Union Accounts

Due to a combination of factors, including increased enforcement of U.S. anti-money laundering and trade sanction laws and fear of securities law violations, a number of U.S. financial institutions have closed out existing...more

Nebraska Whistleblower’s Dodd-Frank Suit Settled Before Trial

Julie A. Bussing filed a Dodd-Frank Act claim against COR Clearing on July 9th, 2012 in Nebraska federal court. Now, about three and a half years later, she settled with COR pursuant to dismissal papers. Bussing’s suit...more

2015 Year-End Cross-Border Government Investigations and Regulatory Enforcement Review

Globalization has connected people, companies, and products across national borders more than ever. Goods and services developed in one part of the world are readily available in other parts of the world and technology is...more

Top 10 Financial Institution Considerations for 2016: #2 – Bank Secrecy Act/Anti-Money Laundering and OFAC Compliance

In our initial article announcing our top 10 considerations for financial institutions in 2016, our second consideration was Bank Secrecy Act/anti-money laundering (BSA/AML) and OFAC compliance in 2016. Compliance with the...more

The Future of Chinese Enforcement: From Corruption to AML?

On February 17, 2016, the Spanish headquarters of the Industrial and Commercial Bank of China (“ICBC”) were raided by Europol officers and Spanish law enforcement authorities, on orders of a Spanish judge investigating the...more

2015 Year in Review: Select SEC and FINRA Developments and Enforcement Cases

This Outline highlights key US Securities and Exchange Commission (the SEC or the Commission) and Financial Industry Regulatory Authority (FINRA) enforcement developments and cases regarding broker-dealers, investment...more

U.S. Treasury Department Takes Aim at All-Cash Real Estate Purchases

In an effort to detect money laundering and ill-gotten gains, the U.S. Treasury Department has imposed new rules requiring title companies to identify and disclose the beneficial owners of a corporate entity behind any...more

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