On February 10, the Council of the European Union published a press release stating that agreement had been reached with the European Parliament regarding the Fourth Money Laundering Directive (MLD4) and the proposed revised...more
On August 18, the New York DFS announced an agreement with a bank consulting firm to resolve allegations related to certain services it performed for a bank charged last year with sanctions violations. The consulting firm...more
Recent security breaches have focused attention on the allocation of risk associated with fraudulent payments. The recent U.S. 8th Circuit Court of Appeals decision in Choice Escrow & Land Title, LLC v. BancorpSouth Bank...more
On June 15, the Council of the EU published a note (dated June 13, 2014) outlining the general approach of the Presidency of the Council of the EU to the proposed Fourth Money Laundering Directive (MLD 4).
On June 15,...more
Council of EU Agrees on General Approach on the Fourth Money Laundering Directive and Revised Wire Transfer Regulation -
On June 15, the Council of the EU published a note (dated June 13, 2014) outlining the general...more
On January 2, the United Kingdom House of Commons Scrutiny Committee published its 28th Session 2013-2014 report. In particular, the report considers the European Commission’s proposed MLD4 Directive on money laundering and...more
The Bureau has updated its examination manual with procedures to be followed when examining institutions that make remittance transfers for consumers. A remittance transfer is a wire transfer sent by a consumer in the United...more
Recently, Standard Chartered Bank (SCB) was in the news again for stripping original wire details so that payments would go undetected by the U.S. Department of Treasury's Office of Foreign Assets Control (OFAC)....more
I recently wrote about banks behaving badly. Currently, Exhibit A in that list is HSBC. In December, 2012, the UK banking giant HSBC agreed to pay a fine of $1.92 billion for its transgressions involving money laundering....more
On December 7, the Conference of State Bank Supervisors announced a joint effort with the U.S. Secret Service (Secret Service) and the Financial Services-Information Sharing and Analysis Center (FS-ISAC) to assist financial...more
This Wall Street Journal Article features Bernstein Shur Attorney Dan Mitchell.
Banks typically are responsible for losses when personal accounts are hacked. But commercial clients that fall victim to cyber theft have...more
This BDN Maine article features Bernstein Shur Attorney Dan Mitchell.
SANFORD, Maine — A recent court ruling involving a Sanford construction company and its bank could have nationwide implications as attorneys and...more
In a case that we have written about, People’s United Bank of Maine has agreed to pay about $ 390,000 to settle a claim that its security practices allowed unauthorized persons to withdraw funds from a construction company’s...more
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