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Bank Secrecy Act › White Collar Crimes

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 -
Jones Day

Federal Agencies Highlight Benefits of Self-Disclosure, Emphasize Enforcement of Trade Violations in Tri-Seal Compliance Note

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In a coordinated announcement, federal agencies stress the benefits of voluntarily disclosing potential trade violations while emphasizing increased enforcement....more

Perkins Coie

Mapping Future Enforcement in US Gaming Law Based on Recent UK Enforcement

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Regulated gaming is booming in the United States. This is particularly true of newer forms of gambling, such as skill games, fantasy sports, and social casino games played on the internet and mobile applications. In fact,...more

Skadden, Arps, Slate, Meagher & Flom LLP

In the First Use of Its Section 9714 Powers, the U.S. Treasury Designated Bitzlato as a Russian-Linked Primary Money Laundering...

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On January 17, 2023, U.S. law enforcement authorities in Miami arrested Anatoly Legkodymov, a Russian national and the founder and majority owner of Hong Kong-based virtual currency exchange Bitzlato Ltd., on charges of money...more

Freeman Law

The Federal Crime of Money Laundering

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Money laundering is the process of disguising criminal proceeds—that is, the process of cleansing the taint from the proceeds of crime. Money laundering, as a very general matter, occurs when a person or organization earns...more

Lowenstein Sandler LLP

Trends in White Collar Crime Enforcement: Looking Back on 2021 and Ahead to 2022

Lowenstein Sandler LLP on

Theranos, Trump Organization, Operation Varsity Blues, DEI, ESG and More: Experts Expect SEC and DOJ Actions to Ramp Up in 2022- 2022 will likely be a lot like 2021, only more so. With most key federal positions filled,...more

Proskauer Rose LLP

White Collar Crime Investigation & the Biden Administration

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In 2015, then-Deputy Attorney General Sally Yates issued a memorandum to the attorneys of the Justice Department articulating departmental policy on corporate misconduct. This memo became popularly known as the Yates Memo. It...more

The Volkov Law Group

The Transformative Role of “National AML Priorities” for Compliance in the AML Act of 2020

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It would be the height of folly to claim that a single theme dominates the AML Act of 2020 (Act). The new law, enacted on January 1 of this year, is an extraordinarily wide-ranging and long overdue reform of the Bank Secrecy...more

Skadden, Arps, Slate, Meagher & Flom LLP

Closer Scrutiny Expected of Corporate Conduct

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The Biden administration is widely expected to be tougher on corporate wrongdoing than its predecessor. Although there have not yet been significant changes to existing policies, key nominations to date and early enforcement...more

K2 Integrity

Federal Agencies Clarify Application of Model Risk Management Guidance to BSA/AML Compliance and Request Information from Industry

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On April 9, 2021, U.S. federal regulators issued an Interagency Statement addressing the application of existing model risk management guidance (MRMG) to systems or models used by banks to comply with Bank Secrecy Act (BSA)...more

Arnall Golden Gregory LLP

“Modernized” and “Improved” Systems and Processes: How the Anti-Money Laundering Act of 2020 Changes the Landscape for Government...

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With bipartisan support and overriding (for the first and only time during the Trump presidency) a presidential veto, Congress passed the National Defense Authorization Act (“NDAA”) on January 1, 2021.1  As part of the NDAA,...more

Orrick, Herrington & Sutcliffe LLP

FinCEN Seeks Public Comment on Proposed Changes to Regulations Enforcing the Bank Secrecy Act

Orrick, Herrington & Sutcliffe LLP on

Anti-money laundering authorities are proposing a significant revision to the federal AML regulatory scheme with the aim of making it more effective while providing greater clarity to covered institutions. ...more

The Volkov Law Group

United Bank Risk Officer Agrees to $450k Penalty for AML Compliance Failures

The Volkov Law Group on

Compliance professionals face extraordinary risks – not just for the enterprise but personal risks.  CCOs should not panic or overreact when the government brings an enforcement action against a compliance officer for a...more

Foodman CPAs & Advisors

Instituciones Financieras y el FCPA

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La Ley de Prácticas Corruptas en el Extranjero (“Foreign Corrupt Practices Act – FCPA”) prohíbe el pago de sobornos a funcionarios extranjeros para ayudar a obtener o retener negocios.  Exige que las empresas cuyos valores se...more

Foodman CPAs & Advisors

Financial Institutions and the FCPA

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The Foreign Corrupt Practices Act (FCPA) prohibits payment of bribes to foreign officials to assist with obtaining or retaining business.  It requires companies whose securities are listed in the US to maintain books and...more

Proskauer Rose LLP

D.C. Circuit Expands U.S. Prosecutors' Reach Over Foreign Bank Documents

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In a recent decision, the U.S. Court of Appeals for the D.C. Circuit unanimously affirmed a district court order compelling three Chinese banks (not currently identified) to produce financial records in response to subpoenas...more

K2 Integrity

Will AML Collaboration Really Address Heightened Risk and Increasing Costs?

K2 Integrity on

A joint statement by five federal agencies on October 3, 2018, that details how smaller financial institutions can share resources to improve their anti-money laundering (AML) and Bank Secrecy Act (BSA) compliance is welcome...more

Ballard Spahr LLP

The BSA Civil Penalty Regime: Reckless Conduct Can Produce “Willful” Penalties

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Conduct Performed Without Knowledge Still Can Lead to the Most Serious Penalties - Under the Bank Secrecy Act (“BSA”), the most onerous civil penalties will be applied for “willful” violations....more

Orrick, Herrington & Sutcliffe LLP

The SEC's Authority to Enforce the BSA Is Challenged

Orrick, Herrington & Sutcliffe LLP on

In the past few years, the SEC has become increasingly active in bringing enforcement actions based on broker-dealers' alleged failures to comply with requirements of the Bank Secrecy Act (BSA), in particular that requirement...more

Blank Rome LLP

Record-Setting Prosecutions in the Money Transmitting Business: Ways to Avoid Compliance Violations

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In the first several months of 2017, we have seen significant anti-money laundering settlements and penalties in the money transmitting business arising from lax compliance programs, including the record-setting Western Union...more

Carlton Fields

AML Update: The NYDFS’s New Anti-Money Laundering Regulation and its Annual Compliance Certification Requirement

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This summer, one of the nation’s top state regulators for finance announced a major new AML regulation, providing a critical hook for regulatory liability for companies that lack effective anti-money laundering controls. An...more

Cadwalader, Wickersham & Taft LLP

FinCEN Issues Final Rules for Customer Due Diligence Requirements

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On May 11, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued the final version of its long-awaited “Customer Due Diligence Rules” under the Bank Secrecy Act. The final rules impose a new requirement on...more

Carlton Fields

FinCEN Unveils “Fifth Pillar” of Anti-Money Laundering Compliance

Carlton Fields on

The idea that a “fifth pillar” of Anti-Money Laundering (“AML”) compliance – customer due diligence requiring U.S. banks, broker-dealers, mutual funds, commodity futures merchants, and introducing brokers (“covered financial...more

BakerHostetler

AML and Investment Advisers: Understanding FinCEN's New Anti-Money Laundering Rules

BakerHostetler on

On August 25, 2015, the Financial Crimes Enforcement Network (FinCEN) proposed rulemaking that would require registered investment advisers, including certain hedge funds and asset managers, to establish anti-money laundering...more

Manatt, Phelps & Phillips, LLP

Corporate Investigations & White Collar Defense - May 2015

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It’s an Absolute Privilege to Meet You! Texas Supreme Court Rules That Internal Investigation Report Provided by Shell Oil to DOJ Enjoys “Absolute Privilege” - Why it matters: On May 15, 2015, the Texas Supreme Court...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Regulators Renew Their Focus on Anti-Money Laundering Compliance"

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A resurgence in anti-money laundering (AML) enforcement over the last few years reflects a renewed post-crisis focus on compliance with the regulatory requirements of the Bank Secrecy Act (BSA) imposed on banks (AML...more

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