News & Analysis as of

Money Laundering

UK Proposal for Register of Foreign Beneficial Ownership of Real Estate Continues Global Trend Toward Transparency

On 5 April 2017, the UK Department for Business, Energy & Industrial Strategy (the “Department”) issued a call for evidence (the “proposal”) for a public register (the “foreign ownership register”) which would contain...more

Focusing On What Matters: Preventing Money Laundering Should Be the Shared Goal of the Government and the Cannabis Industry

Suffice it to say, the appointment of Jeff Sessions as the United States Attorney General did not remove uncertainty from the cannabis industry. How our new Attorney General will approach the industry remains unclear. Indeed,...more

Hogan Lovells Global Payments Newsletter - March 2017

by Hogan Lovells on

Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more

Civil Forfeiture Under Fire – Part II

by Ballard Spahr LLP on

In this post, we consider the Department of Justice’s (DOJ) Office of the Inspector General report (OIG Report), released on March 29, 2017, evaluating the DOJ’s oversight of its cash seizure and forfeiture operations. This...more

A Money Laundering Nightmare: Western Union Ponies Up $770 Million to Settle with DOJ, FTC and FinCEN

by Michael Volkov on

Earlier this year, in January 2017, Western Union entered into a Deferred Prosecution Agreement with the Justice Department and the FTC, and agreed to pay $586 in forfeiture to settle anti-money laundering and consumer fraud...more

Amendments to the regulation on money laundering prevention and financing of terrorism applicable to financial institutions

by White & Case LLP on

Amendments to the general provisions on money laundering and financing of terrorism applicable to banking institutions, brokerage houses, regulated and unregulated non-bank lending and finance institutions, currency exchange...more

Indictment of Alleged High-Profile Financier of Terror Focuses on Transactions with U.S. Businesses

by Ballard Spahr LLP on

On March 24, 2017, the U.S. Department of Justice unsealed an indictment charging Kassim Tajideen, an alleged prominent financial supporter of the Hizballah terror organization, with evading U.S. sanctions and conspiring to...more

U.S. Supreme Court Agrees To Hear Securities Fraud Omissions Case

by Dorsey & Whitney LLP on

The U.S. Supreme Court will resolve a critical question governing the scope of liability in securities fraud cases which has split the circuit courts to date. The case, Leidos Inc. v. Indiana Public Retirement System, No....more

This Month in Corruption: Smuggled Drugs, Bogus Billing, Tampered Equipment

by PretiFlaherty on

Wrong Way to Keep Prisoners in Line. The office of William D. Weinreb, acting U.S. Attorney for the District of Massachusetts, announced March 3 that two former corrections officers at the Essex County Correctional facility...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - OCC Provides Additional Details to Evaluate Charter Applications From Fintech Companies - On March 15, 2017, the Office of the Comptroller of the Currency ("OCC") issued a "Draft...more

Fourth Money Laundering Directive (MLD4)

by Locke Lord LLP on

The MLD4 will amend and replace the Third Money Laundering Directive (MLD3) on 26 June 2017. This is the date by which all member states are required to bring into force the laws, regulations and administrative provisions...more

European Parliament Publishes Report on Fifth Money Laundering Directive Proposal

On March 9, 2017, the European Parliament published a report on the Fifth Money Laundering Directive (MLD5), this being the same report adopted by the Parliament’s Economic and Monetary Affairs Committee (ECON), as well as...more

Stemming Human Trafficking with AML/CFT Controls

by Ballard Spahr LLP on

Banks stand to advance the fight against human trafficking and modern slavery by reporting suspicious transactions and other financial activity that raise red flags, according to a report on March 15, 2017. Published by the...more

Investor Suits Follow in the Wake of Western Union Settlement of Money Laundering and Fraud Claims

by Ballard Spahr LLP on

On January 19, 2017, the Western Union Company (“Western Union” or the “Company”) entered into a deferred prosecution agreement (“DPA”) with the Department of Justice (“DOJ”), in which Western Union admitted to willful...more

Italy Imposes Record Data Protection Fines

by Alston & Bird on

On March 10, Italy’s data protection authority, Il Garante per la protezione dei dati personali (the “Garante”), announced that it had ordered fines totaling more than €11 million on five companies operating in the money...more

European Parliament: The U.S. is a Haven for Tax Cheats and Money Launderers

by Ballard Spahr LLP on

Earlier this week, we blogged about how the United States recently declared the Philippines to be a “major money laundering country.” On the same day of our post, March 7, the European Parliament (EP) issued a Report which...more

New York Department of Financial Services Intensifies AML Enforcement Under New Superintendent

by King & Spalding on

Superintendent of New York State Department of Financial Services (“NYDFS”), Maria T. Vullo, has focused the Department’s efforts on enforcement of New York’s Anti-Money Laundering (“AML”) laws. Since her confirmation on June...more

Comptroller of the Currency Tom Curry Discusses Fintech Charters

In his remarks at the LendIt Conference in New York, Comptroller of the Currency Tom Curry discussed the special purpose national bank charters to be granted by the OCC to fintech companies and addressed the various...more

The Philippines Now a “Major Money-Laundering Country”

by Ballard Spahr LLP on

The Philippines has been identified by the U.S. as a “major money-laundering country” in the 2017 International Narcotics Control Strategy Report (“Report”), published this month. The country now joins 87 others as one “whose...more

Indictments Spotlight Broad Extraterritorial Reach of U.S. Money Laundering Statutes

by Ballard Spahr LLP on

The U.S. money laundering statutes have a broad global reach and may be used to prosecute cases involving alleged schemes perpetrated almost entirely outside of the United States. These types of allegations seem to be an...more

Will Blockchain Transform Compliance?

by Thomas Fox on

I recently read an article in the MIT Sloan Management Review, entitled “How Blockchain Will Change Organizations”, where authors Don Tapscott and Alex Tapscott speculate that the transformations which blockchain may...more

New York Implements New BSA/AML/OFAC Certification and Monitoring/Filtering Regulation for Banks and Money

by Arnall Golden Gregory LLP on

Financial firms that are chartered or licensed to do business in New York should be aware of an important new regulation that became effective on January 1, 2017. Money laundering and terrorist financing are generally thought...more

Regulation Round Up - February 2017

by Proskauer Rose LLP on

The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more

Automatic exchange of information and insurance companies - a question of compliance

by Hogan Lovells on

Automatic exchange of information (AEOI) regimes, primarily aimed at curbing tax avoidance through the use of foreign accounts and investment platforms, have recently become a global trend, starting with the adoption of the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

FinCEN is extending its campaign to press title insurance companies to reveal the real buyers behind shell companies that pay cash for high-end real estate deals in select cities around the country....more

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Cybersecurity

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