Financial Crimes

News & Analysis as of

Prevent Financial Misconduct Before it Begins: Five Steps to Building an Effective Business Conduct Programme in the U.K.

In the third of three posts on the future enforcement of U.K. financial crimes, we explore how to prevent misconduct before it begins by implementing an effective business conduct programme... Each of the four trends...more

FinCrimes Update - October 2014 Summary, Volume 1, Issue 8

BSA/AML & OFAC: LESSONS LEARNED FROM ARAB BANK'S U.S. ANTI-TERRORISM ACT VERDICT On September 22, 2014, following a two-month trial, a federal jury in the Eastern District of New York ruled in favor of a group of...more

Jail Time & Multi-National Cooperation in Investigations: Clues to Future Enforcement of U.K. Financial Crimes

In the first of three posts on the future enforcement of U.K. financial crimes, we explore the implications of enforcement actions in the U.K. To see all four clues and a roadmap for implementing an effective business conduct...more

Belgian Tax on the conversion of bearer securities incompatible with EU-legislation

The Law of 14 December 2005 on the abolition of bearer securities provided (a.o.) in the obligation to convert the bearer securities into dematerialized securities or registered securities, by no later than 31 December 2013....more

Financial Crimes Enforcement Network Issues GTO

Following the September 10, 2014 historic seizure of $100 million in cash from the execution of approximately 70 business search warrants in the Los Angeles Fashion District, the Financial Crimes Enforcement Network (FinCEN)...more

This Week In Securities Litigation

The Commission prevailed on summary judgment in an action against a broker which alleged he misappropriated client funds. The agency also filed actions centered on: an audit failure; the EB-5 immigration program; undisclosed...more

FinCEN Seeks to Turn Beneficial Ownership Disclosure of Private Entities on its Head

My colleagues over at our banking blog have highlighted proposed regulations by the Financial Crimes Enforcement Network, or FinCEN, under the Bank Secrecy Act which are meant to combat illicit financial activity, including...more

Increase in Elder Financial Abuse Requires Vigilance, Careful Planning

This May, Ohio Attorney General Mike DeWine launched an initiative aimed at prosecuting abuse of elderly Ohioans. This initiative comes as no surprise, as the incidence of financial exploitation of the elderly is becoming...more

Firms Charged with Both Bribery and Financial Crime Hit Hardest by FCPA Enforcement

Although passed in 1977, the Foreign Corrupt Practices Act (FCPA) was not significantly enforced until 2005. Since then, the U.S. Department of Justice (DOJ) and Securities and Exchange Commission (SEC) have made up for the...more

FINRA Sanctions a Broker for Violating Japanese Insider Trading Law

On July 2, 2014, FINRA announced that it barred a former equity trader from the securities industry based on its finding that he violated Japanese insider trading law by trading in the securities of a Japanese company listed...more

FinCrimes Update - Summary, Volume 1, Issue 4

FDIC RESTRICTS BANK’S CARD BUSINESSES PENDING BSA COMPLIANCE ENHANCEMENTS - On June 5, the FDIC and a Delaware bank entered a consent order that prohibits the bank from entering into any new relationships with...more

Financial Fraud Actions – The New SEC Staple?

With the creation last year of the Financial Reporting and Audit Task Force, the Commission is returning to one of its enforcement staples – financial statement fraud. Following then Chairman Levitt’s “Numbers Game Speech” in...more

Revisiting The Corporate Top-10 FCPA Enforcement Actions

We all like organized lists. Short and sweet is easier to understand and ignore nuances. Even in our FCPA world, we track settlements by a top-10 lost. The concept of a top-10 predated David Letterman’s top-10 lists, and...more

Rogue CFO II – Internal Accounting Controls and Supervision

Our second article in the series, “Rogue CFO,” covers some common sense processes that all too often are missing in smaller businesses – workable controls and verification. ...more

Financial Regulatory Developments Focus - April 8, 2014

In this issue: - Derivatives - Bank Structure - Regulatory Capital - Financial Services - Financial Market Infrastructure - Funds - Financial Crime - People -...more

The Gloves are Off: U.S. Sanctions Block Aggressors in Crimea

In response to Russia’s military presence in the Crimean region of Ukraine, President Obama issued an Executive Order (“EO”) on March 6, 2014, authorizing the blocking of property of individuals and entities involved in the...more

FinCEN Director Reinforces Enforcement And Compliance Themes, Highlights Risks For Securities Firms

On January 30, in remarks to SIFMA’s AML and Financial Crimes Conference, FinCEN Director Jennifer Shasky Calvery stressed the importance of establishing a “culture of compliance” at financial institutions to support...more

N.Y. Attorney General Announces Newly Formed Financial Crimes Bureau, Appoints Its New Chief

New York Attorney General Eric T. Schneiderman recently announced the establishment of a new Criminal Enforcement and Financial Crimes Bureau and the appointment of a veteran financial crimes prosecutor, Gary Fishman, as its...more

New York AG Announces Chief Of New Financial Crimes Bureau

On January 17, New York Attorney General (AG) Eric Schneiderman announced that Gary Fishman will lead a new Criminal Enforcement and Financial Crimes Bureau. The bureau, which expands the Attorney General’s former Criminal...more

Mortgage Crisis Penalty for the Real Wolves of Wall Street Could Top $50 Billion

The real wolves of Wall Street–sixteen of America’s largest banks–could end up shelling out more than $50 billion to secure settlements from the federal government in connection with their alleged roles in the mortgage...more

SEC Settles Financial Fraud Case

Two senior executives at Veolia Environmental Services Special Services, a U.S. subsidiary of Paris based multi-national Veolia Environment S.A., were named in and resolved a financial fraud case with the SEC. SEC v. Hohol,...more

What Compliance Program?

At a recent luncheon, a representative of the U.S. Attorney’s Office in Los Angeles made some remarks that are helpful to all companies, regardless of size or industry. The context for the comments by this Assistant U.S....more

On the 11th Day of Privacy, class counsel served on me……

. . . a data breach class action. Hackers and plaintiffs’ lawyers could combine to make 2014 the year when class actions concerning theft of sensitive information proliferate. On this 11th Day of Privacy, we look...more

FIRREA: The New Weapon of Choice for Federal Prosecutors [Video]

In 2013, the Department of Justice Civil Division has brought several actions claiming violations of The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). Pepper Hamilton recently hosted a webinar...more

Deputy AG Outlines Financial Crimes Enforcement Approach, Compliance Expectations

On November 18, at an American Bar Association/American Bankers Association conference on the Bank Secrecy Act/Anti-Money Laundering (BSA/AML), Deputy Attorney General (Deputy AG) James Cole challenged financial institutions’...more

28 Results
|
View per page
Page: of 2