News & Analysis as of

Bank Secrecy Act

The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide... more +
The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -

Blockchain and the Law - Overview of token sales and bitcoin property rights

by Perkins Coie on

On March 29, 2017, Perkins Coie partner Dax Hansen and associate Josh Boehm were invited to the Cyber Initiative at Stanford Law School to deliver a presentation on several cutting-edge legal issues relating to blockchain...more

Weighing Corporate Liability under the Alien Tort Statute: What it Means for AML/CFT Controls

by Ballard Spahr LLP on

The Supreme Court granted certiorari on April 3 to decide whether Jordan-based Arab Bank may be liable for claims including allegations that its New York branch processed transactions for known terrorists. While the central...more

New York Department of Financial Services Intensifies AML Enforcement Under New Superintendent

by King & Spalding on

Superintendent of New York State Department of Financial Services (“NYDFS”), Maria T. Vullo, has focused the Department’s efforts on enforcement of New York’s Anti-Money Laundering (“AML”) laws. Since her confirmation on June...more

Comptroller of the Currency Tom Curry Discusses Fintech Charters

In his remarks at the LendIt Conference in New York, Comptroller of the Currency Tom Curry discussed the special purpose national bank charters to be granted by the OCC to fintech companies and addressed the various...more

FinCEN Enforcement Action Highlights AML Compliance Program Failures and Conflicts of Interest for High-Risk MSB Customers

On February 27, 2017, FinCEN announced a $7 million civil monetary penalty against Merchants for willful violations of the BSA. Additionally, the Office of the Comptroller of the Currency (OCC), Merchants’ federal functional...more

New York Implements New BSA/AML/OFAC Certification and Monitoring/Filtering Regulation for Banks and Money

by Arnall Golden Gregory LLP on

Financial firms that are chartered or licensed to do business in New York should be aware of an important new regulation that became effective on January 1, 2017. Money laundering and terrorist financing are generally thought...more

Mental Impairment as a Defense to Civil Penalties

by Sanford Millar on

There are severe penalties under the Internal Revenue Code (IRC) and Bank Secrecy Act (BSA) for willful failure to file Information Returns. Examples of Information Return are Report of Foreign Bank Account (FBAR) required...more

Bank Whistleblower Suits Highlight Limits of Employee Confidentiality Agreements

by Ballard Spahr LLP on

Employers increasingly face the difficult scenario of employees who misappropriate company data in the pursuit of whistleblower claims alleging misconduct by the employer. Such cases can present a complex mix of regulatory,...more

How Effective is Your Anti-Money Laundering Program?

by Baker Donelson on

At the end of January, Western Union agreed to pay the United States government $586 million to resolve allegations that it failed to maintain an effective anti-money laundering program under the Bank Secrecy Act and aided...more

Combating Money Laundering and Terrorist Financing with a Distributed Ledger

by Ballard Spahr LLP on

Despite the staggering $8 billion figure estimated to be spent on global compliance in 2017, U.S.-based rules regarding Anti-Money Laundering (“AML”) and Combating the Financing of Terrorism (“CFT”) remain anchored in their...more

Do You Know What an IRS Criminal Investigation is?

by Foodman CPAs & Advisors on

The US taxes its citizens and permanent residents on their worldwide income regardless of where they live or how long they’ve lived outside of the US. There is only one other country in the world that operates like the US –...more

2016 Year in Review: Money Laundering (Part Two)

by Ballard Spahr LLP on

In part two of our review of the 2016 developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues, we discuss four additional key...more

2016 Year End Review: Banking Regulators Try to Ease Concerns Over Aggressive AML/BSA Enforcement

by Ballard Spahr LLP on

On August 30, 2016, the U.S. Department of the Treasury and four U.S. federal banking regulators sought to correct a problem—at least in part one of their own creation—by issuing a “Joint Fact Sheet on Foreign Correspondent...more

2016 Year in Review: Forfeiture

by Ballard Spahr LLP on

The field of forfeiture saw significant action in 2016. The IRS offered to return forfeited funds used in structuring, but Congress still may clip its ability to forfeit such funds. Meanwhile, DOJ renewed a controversial...more

2016 Year in Review: Money Laundering (Part One)

by Ballard Spahr LLP on

2016 was a busy year for developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues. In part one of our year-in-review, we discuss six key...more

New York State Department of Financial Services Announces that Anti-Terrorism Transaction Monitoring and Filtering Program...

by Shearman & Sterling LLP on

The New York State Department of Financial Services (NYSDFS) Superintendent Maria T. Vullo announced that the Department’s transaction monitoring and filtering program regulation took effect as of January 1st...more

Yellow Flags Are Not Red Flags: Delaware Court of Chancery Rejects Caremark Claim in Reiter v. Fairbank

by Carlton Fields on

In October 2016, the Delaware Court of Chancery rejected a shareholder derivative lawsuit premised on an alleged lack of oversight by the directors of Capital One Financial Corp., Reiter v. Fairbank, C.A. No. 11693-CB, 2016...more

Cybersecurity: Recent Developments in the Protection of Financial Data

by Shearman & Sterling LLP on

As cybersecurity remains in the headlines moving into 2017, we consider recent developments in public policy concerning cybersecurity in the financial services industry....more

Western Union to Pay $586 Million in Restitution and Civil Penalties for AML Compliance Failure

On January 19, 2017, Western Union Financial Services, Inc. agreed to pay civil penalties and restitution to victims of fraud totaling $586 million to resolve actions brought by the U.S. Treasury Department’s Financial Crimes...more

Western Union on the Hook for $586 Million for Aiding and Abetting Wire Fraud

by Bennett Jones LLP on

Western Union is facing a $586-million settlement, after admitting to aiding criminals in money laundering and fraud. The global money services business, with headquarters in Englewood, Colorado, has entered into...more

Banking Problems for a Whole Industry

by Sanford Millar on

About half of the States have legalized marijuana for either or both medical and recreational use. Despite being legal under various state laws, businesses operating in the marijuana industry continue to encounter federal...more

Paying for the Wall: Will President Trump’s Administration Scrutinize, Tax, or Seize Remittances?

by K&L Gates LLP on

One of the most significant post-election questions for the financial-services industry—particularly global financial institutions that move money across borders—is what is the status of President-elect Trump’s proposal to...more

FinCEN Opens 2017 with SAR Sharing Guidance for Casinos

by McGuireWoods LLP on

Financial institutions’ ability to share suspicious activity reports (“SARs”) within the corporate organizational structure serves as an important tool for Bank Secrecy Act compliance and risk avoidance. FinCEN began 2017 by...more

BSA/AML Violations Trigger $215M Consent Order With New York's DFS

Violations of state anti-money laundering laws tripped up the Agricultural Bank of China, which recently entered into a consent order with New York's Department of Financial Services for $215 million....more

State Ballot Wins Only Amplify Questions About Pot Banking

The 2016 election will be remembered not only for the memorable presidential race but also for what was effectively a national referendum on cannabis. Eight states passed laws allowing its use. Medical marijuana is now...more

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Cybersecurity

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