Money Laundering

News & Analysis as of

White Collar Crime in Europe Themes and Trends: November 2015

There continues to be an increasing appetite amongst authorities around the world to investigate corporates and banks for a range of criminal offices. Governments are also introducing new criminal offences aimed at...more

Anti-Money Laundering Update: HM Treasury Advisory Notice on Money Laundering and Terrorist Financing Controls

On November 12, HM Treasury published an advisory note on money laundering and terrorist financing controls in jurisdictions outside the European Union. The advisory note identifies that on October 23, the Financial Action...more

DOJ Unveils “Yates Memo” Revisions to US Attorneys’ Manual

Speaking to a November 16 Money Laundering conference jointly sponsored by the American Banking and Bar Associations, Deputy AG Sally Yates unveiled revisions to the Department of Justice’s U.S. Attorneys’ Manual (“USAM”)....more

Treasury updates ML advisory

Treasury has updated its advisory on money laundering (ML) and terrorist financing controls in overseas jurisdictions. It continues to advise that North Korea, Iran and Myanmar are high risk, and firms should apply enhanced...more

FSB reports on correspondent banking

FSB has published a report to G20 on actions taken to assess and address the decline in correspondent banking. It claims correspondent banking is essential for individuals, businesses and banks themselves. The report updates...more

ICO upholds FCA FOI disclosure refusal

ICO has upheld the FCA decision to refuse to disclose certain information under the Freedom of Information Act 2000 (FOI) relating to countries FCA deems to present a high money laundering risk. FCA had been asked to disclose...more

Former executive sentenced to 18 months in prison, $500,000 fine for insider trading

A former executive who pleaded guilty to insider trading was sentenced to a year and a half in prison and a $500,000 fine. The sentencing occurred on June 26, 2015, the defendant having pleaded guilty last July. In addition...more

The Supreme Court Preview, Part III: A Couple Spare Parts

While the Court’s review of bedrock principles of class action litigation and the continuing struggle to enforce arbitration clauses in the face of hostile state law are two important topics to watch, they are not the only...more

Is Money Being Laundered Through Your Financial Institution Using Daily Fantasy Sports Sites?

This alert addresses the explosion in popularity of daily fantasy sports (“DFS”) sites and the money-laundering potential that DFS sites may offer to criminals around the world. It then explains potential legal liability...more

DOJ Announces Sentencing of Former DEA Agent for Criminal Involvement in Silk Road Investigation

On October 19, the DOJ announced that a former DEA agent was sentenced to 78 months in prison for crimes he committed while working as an undercover agent in the Silk Road investigation. On July 1, the former DEA agent...more

FATF reports on emerging terrorist financing risks

FATF has published its report on emerging terrorist financing risks. It provides an overview of the various financing mechanisms and financial management practices used by terrorists and terrorist organisations. ...more

FATF updates guidance

FATF has published the outcomes of its plenary meeting in Paris. The main issues dealt with by this plenary were: - combating terrorist financing, which remains the top priority for FATF...more

Alert: Privy Council rules that 'backwards tracing' can be used to recover bribes

In a landmark ruling the Judicial Committee of the Privy Council (the court of final appeal for the UK overseas territories and Crown dependencies) has, for the first time, allowed the equitable process of tracing to be...more

European Supervisory Authorities Consult on AML-CFT Guidelines

On October 21, the joint committee of the three European Supervisory Authorities (ESAs, comprising the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational...more

Orrick's Financial Industry Week in Review

Barclays and Wachovia Settle with NCUA - On October 19, 2015, Barclays PLC and Wachovia Capital Markets LLC agreed to pay $325 million and $53 million, respectively, to settle claims brought by the National Credit Union...more

Joint Committee of ESAs Consults on Risk-Based Supervision and Risk Factors Guidelines

On October 21, 2015, the Joint Committee of the European Securities and Markets Authority, the European Banking Authority and the European Insurance and Occupational Pensions Authority (together, the European Supervisory...more

ESAs consult on AML/CTF

The European Supervisory Authorities (ESMA, EBA and EIOPA jointly) have launched a public consultation on two anti-money laundering and countering the financing of terrorism (AML/CFT) guidelines, to be made under the fourth...more

FinCEN Renews South Florida Geographic Targeting Order

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has announced that it is extending its Geographic Targeting Order (GTO) focused on trade-based money laundering schemes in South Florida. When the GTO...more

Re-thinking What We Think We Know About Bitcoin (Part I)

It’s no surprise that, as the way we exchange information continues to evolve at an ever-increasing pace, the way we exchange value is rapidly evolving too. This two-part series explores the Bitcoin evolution occurring in...more

Exchange International: Financial Services Regulation Newsletter - Issue 27

DLA Piper’s Financial Services International Regulatory Team welcomes you to the twenty-seventh edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in...more

Treasury publishes ML NRA

Treasury has released its first national risk assessment (NRA) on the domestic risks of money laundering (ML) and terrorist financing within the regulated sector. This includes the risks associated with cash, new payment...more

OFAC Announces Honduras-Based Bank as Specially Designated Narcotics Trafficker

On October 7, OFAC announced the designation of a Honduras-Based bank (the Bank) as a Specially Designated Narcotics Trafficker. According to the Department of the Treasury, this announcement “marks the first time that OFAC...more

Investment Management Update - October 2015

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. Schwab...more

Foreign Corrupt Practices Act 2015 Update

Despite a decline in enforcement actions by the Securities Exchange Commission (“SEC”) and the Department of Justice (“DOJ”), the first half of 2015 has continued to highlight the relevance and ever-evolving effects of the...more

AML Trends Signal Changing Times For Regional Banks

Recent activity involving state and federal bank regulators reflects an upswing in enforcement actions against regional and super-regional banks for Bank Secrecy Act/anti-money laundering compliance failures. Bank of Mingo,...more

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