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Bank Secrecy Act › Oppenheimer & Co.

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 -
BakerHostetler

FinCEN Imposes Significant Fines In a Warning to Adhere to Due Diligence Requirements

BakerHostetler on

In its recent decision to impose $20 million in sanctions upon Oppenheimer and Co. for the company’s failure to maintain internal controls to promote enforcement of the Bank Secrecy Act (BSA), FinCEN revealed the emphasis it...more

Manatt, Phelps & Phillips, LLP

FinCEN Hits Repeat Offender with $20M Penalty

Manatt, Phelps & Phillips, LLP on

Why it matters - The $20 million civil money penalty assessed by the Financial Crimes Enforcement Network (FinCEN) against Oppenheimer & Co. is intended to send several strong messages to all types of financial services...more

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