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Bank Secrecy Act › Corporate Counsel

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 -
Holland & Hart LLP

Key Compliance Takeaways for Companies from the DOJ's New Corporate Whistleblower Program

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On August 1, 2024, the U.S. Department of Justice (“DOJ”) announced its new “Corporate Whistleblower Awards Pilot Program” (“DOJ Program”), a three-year initiative managed by DOJ’s Money Laundering and Asset Recovery Section....more

Ballard Spahr LLP

Federal District Court Ruling: The CTA is Unconstitutional

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On March 1, Judge Liles C. Burke of the Northern District of Alabama issued a Memorandum Opinion (“Opinion”) and Final Judgment, finding that the Corporate Transparency Act (“CTA”) is unconstitutional....more

K2 Integrity

SEC Division of Examination Risk Alert Highlights Deficiencies in Broker-Dealers’ AML Compliance Programs

K2 Integrity on

The U.S. Securities and Exchange Commission (SEC) is responsible for protecting investors and ensuring the integrity of the securities markets. As part of this mission, the SEC requires broker-dealers to comply with...more

Jackson Walker

Docket Check: US Supreme Court to Decide Key Criminal and Regulatory Cases This Term

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The U.S. Supreme Court began its new term last week and is poised to answer some major questions in criminal and regulatory law. This term, the Court is tasked with construing the Bank Secrecy Act’s penalty provision, ruling...more

ArentFox Schiff

Biden Administration Offers More Details on Emerging Crypto Regulatory Scheme

ArentFox Schiff on

The Biden Administration, after ordering a series of reports on the risks and potential benefits of cryptocurrency and digital assets in its March 9, 2022, Executive Order (EO), has now published the “Comprehensive Framework...more

Ballard Spahr LLP

BitMEX Co-Founder and Owner Settles with CFTC and Now Faces Criminal Sentencing

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The legal saga involving the civil and criminal cases against the entity and former individual owners of the Bitcoin Mercantile Exchange, or BitMEX—a large and well-known online trading platform dealing in futures contracts...more

BCLP

The Corporate Transparency Act (CTA) is Coming: Creation of a U.S. National Beneficial Ownership Database

BCLP on

Potentially as soon as late 2022 or early 2023, a new U.S. regulatory requirement will come into effect which will affect over 25 million existing business entities and another 3-4 million new entities each year. The...more

American Conference Institute (ACI)

[Virtual Event] Asia Pacific Conference on Economic Sanctions Compliance and Enforcement - May 27th - 28th, 9:00 am - 1:15 pm SGT

American Conference Institute (ACI) on

ACI’s Asia-Pacific Advanced Conference on Economic Sanctions Compliance and Enforcement is the largest sanctions gathering in Asia for financial institutions and global exporters. This unique conference features senior...more

Latham & Watkins LLP

The Anti-Money Laundering Act of 2020: 5 Key Takeaways

Latham & Watkins LLP on

Expanded compliance obligations will have far-reaching implications for regulated financial institutions and most companies operating in the US. On January 1, 2021, Congress overrode President Trump’s veto and enacted the...more

Wilson Sonsini Goodrich & Rosati

New Anti-Money Laundering Legislation Will Create Significant Transparency Compliance Requirements for Businesses and Investors

Wilson Sonsini Goodrich & Rosati on

On December 11, 2020, the Senate passed anti-money laundering (AML) legislation that was passed earlier in the week by the House of Representatives. As enactment appears highly likely, the AML legislation will create...more

Ballard Spahr LLP

CFTC and DOJ Charge BitMEX and Executives With Illegally Trading in Digital Assets and Ignoring BSA/AML Requirements

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Incorporating in the Seychelles but Allegedly Operating in the U.S. Spells Trouble for Company and its Founders - The Bitcoin Mercantile Exchange, or BitMEX, is a large and well-known online trading platform dealing in...more

Vinson & Elkins LLP

FinCEN Releases New Guidelines, Highlighting The Factors To Be Considered When Bringing Enforcement Actions

Vinson & Elkins LLP on

In a significant move toward more transparency, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) released new guidance (the “Guidance”) on August 18, 2020, setting forth its enforcement approach and...more

Ballard Spahr LLP

The Corporate Transparency Act: A Proposal to Expand Beneficial Ownership Reporting for Legal Entities, Corporate Formation...

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In late June, Representatives Carolyn Maloney and Peter King of New York introduced The Corporate Transparency Act of 2017 (the “Act”). In August, Senators Ron Wyden and Marco Rubio introduced companion legislation in the...more

A&O Shearman

Second Circuit Finds That HSBC Monitor's Reports Need Not Be Publicly Disclosed

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On July 12, 2017, the U.S. Court of Appeals for the Second Circuit overturned the district court’s decision to unseal the report of a special monitor charged with supervising HSBC Holdings plc and HSBC Bank, USA, N.A....more

Blank Rome LLP

Cantor Gaming Forced to Pony up Millions for AML Violations: What Lessons Can Be Learned from FinCEN’s Latest Enforcement Action...

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Action Item: Licensed gaming and other entities required to comply with the Bank Secrecy Act should be aware of this recent FinCEN enforcement action, and they must ensure that their compliance programs address the lessons...more

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