News & Analysis as of September 21, 2024

Bank Secrecy Act › Corporate Culture

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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 -

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

K&L Gates LLP on 4/25/2016

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

FinCEN Reasserts its Commitment to Casino Oversight and Enforcement

McGuireWoods LLP on 7/7/2015

In a recent post we described a number of steps taken over the last year by the primary federal regulator for casinos – the Financial Crimes Enforcement Network (FinCEN) – that should cause casino operators to have Title 31...more

Austin City Limits and Asking Questions to Boost Your Compliance Program

Thomas Fox - Compliance Evangelist on 4/22/2015

Bill Arhos died recently. While his name is not a household word across the country, his progeny certainly is for he was the founder of the longest running live musical show on PBS television Austin City Limits. As was noted...more

Avoiding personal liability amidst heightened AML enforcement

Bradley Arant Boult Cummings LLP on 3/5/2015

In February 2014, the Financial Industry Regulation Authority (FINRA), the self-regulatory body for the U.S. securities industry, suspended a former global anti-money laundering compliance officer at Brown Brothers Harriman &...more

The Eve of Destruction and Tone at the Top – You Are Who Say You Are

Thomas Fox - Compliance Evangelist on 12/16/2014

In 1965 the single Eve of Destruction was released. It was written by an 18 year old named Phil Sloan and was sung by former member of the New Christie Minstrels named Barry McGuire. To top it off, it was produced by Lou...more

FinCEN’s Culture of Compliance Advisory: A Strong Message

The Volkov Law Group on 10/7/2014

Cynics can easily dismiss FinCEN’s August 11, 2014 Advisory on Promoting a Culture of Compliance (Here). In fact, FinCEN’s Advisory contains several important messages, which need to be emphasized....more

“Culture of Compliance” Urged by FinCEN

Manatt, Phelps & Phillips, LLP on 9/12/2014

Following months of rumors that the Financial Crimes Enforcement Network (FinCEN) is preparing to impose personal liability on officers, directors and employees for shortcomings in their financial institutions’ Bank Secrecy...more

FinCEN Issues Advisory to U.S. Financial Institutions Regarding Promotion of a Culture of Compliance

Goodwin on 8/21/2014

The Financial Crimes Enforcement Network (“FinCEN”) issued an advisory (the “Advisory”) to U.S. financial institutions (“FIs”, and each an “FI”) in which FinCEN highlights “the importance of a strong culture of [Bank Secrecy...more

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