Office of Foreign Assets Control FinCEN

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Red Notice Newsletter - May 2015

Welcome to the May 2015 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month on the anticorruption front, a German engineering firm tests Brazil's recently implemented anticorruption...more

FinCrimes Update - April 2015 Summary, Volume 2, Issue 4

IN THIS ISSUE: AML/BSA &OFAC | FCPA & Anti-Corruption | Criminal Enforcement |...more

Beneficial Ownership and AML, Sanctions and Anti-Corruption Compliance

Sometimes compliance realities outpace enforcement and regulatory requirements. When it comes to FinCEN’s proposal to implement a beneficial ownership rule for financial institutions, global financial institutions do not need...more

FinCrimes Update - February 2015 Summary, Volume 2, Issue 2

On February 25, New York DFS Superintendent Benjamin Lawsky delivered remarks at Columbia Law School focusing on how state bank regulators can better supervise financial institutions in a post-financial crisis era. In his...more

FinCrimes Update - January 2015, Volumn 2, Issue 1

In This Issue: - BSA/AML & OFAC | FCPA & Anti-Corruption | Criminal Enforcement ...more

Financial Services Weekly News Roundup - January 2015 #2

Editor’s Note - Rich Matheny Comments on New Format of OFAC Sanctions List: On January 5, OFAC announced the release of a new format of its Specially Designated Nationals and Blocked Persons (SDN) List. With the new...more

Financial Services Weekly News Roundup - December 2014 #3

Amendment to Swaps Push-out Provision of Dodd-Frank: Section 630 of the recently passed Consolidated and Further Continuing Appropriations Act, 2015 (“Omnibus Spending Bill” – see p. 249) amends Section 716 of the Dodd-Frank...more

FFIEC Releases Revised BSA/AML Examination Manual

On November 26, the Federal Financial Institutions Examination Council (FFIEC) released the revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. ...more

FinCrimes Update - November 2014 Summary, Volume 1, Issue 9

IN THIS ISSUE: BSA/AML & OFAC | Virtual Currency & Payment Systems | FCPA & Anti-Corruption | Criminal Enforcement. ...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

FinCrimes Update - September 2014 Summary, Volume 1, Issue 7

IN THIS ISSUE: BSA/AML & OFAC | Virtual Currency & Payment Systems | FCPA & Anti-Corruption | Criminal Enforcement. BSA/AML & OFAC: FINCEN OFFERS RED FLAGS GUIDANCE ON HUMAN TRAFFICKING AND...more

FinCrimes Update - August 2014 Summary, Volume 1, Issue 6

In This Issue: - BSA/AML & OFAC - Virtual Currency & Payment Systems - FCPA & Anti-Corruption - Criminal Enforcement - Excerpt from BSA/AML & OFAC: FINCEN PUBLISHES LONG-AWAITED...more

FinCrimes Update - July 2014 Summary, Volumn 1, Issue 5

FINCEN PROPOSES CUSTOMER DUE DILIGENCE RULE - On July 30, FinCEN released a proposed rule that would amend BSA regulations to clarify and add customer due diligence (CDD) obligations for banks and other financial...more

FinCrimes Update - Volume 1, Issue 3

On May 8, OFAC released enforcement information regarding “apparent violations” of the Cuban Assets Control Regulations by Canadian subsidiaries of a U.S. insurance company. The U.S. company self-reported 3,560 apparent...more

FinCEN Advisory Addresses Risks Presented By Citizenship-by-Investment Program

On May 20, FinCEN issued Advisory FIN-2014-A004, warning financial institutions about the risk of illicit financial activity conducted by individuals with passports from St. Kitts and Nevis (SKN), which allows individuals to...more

Two Non-U.S. Banks Agree to Pay Penalties Totaling $160 Million for Violations of U.S. Sanctions Laws Resulting from Omnibus...

Recent enforcement actions brought by the U.S. Government against non-U.S. banks for violations of U.S. sanctions laws demonstrate the need for financial institutions, particularly those that act as custodians or financial...more

2012 Bank Enforcement Actions Still High, But Significantly Lower Than 2010-11

Originally published in BNA’s Banking Report, 100 BBR 617 on 04/02/2013. Overall Trends & Outlook - In 2012, the federal banking agencies, including the Federal Deposit Insurance Corporation (‘‘FDIC’’), Office...more

U.S. Law Enforcement Authorities And Regulators Resolve Significant Money Laundering And Sanctions Investigations

On December 11, a major international bank holding company announced agreements with U.S. law enforcement authorities and federal bank regulators to end investigations into alleged inadequate compliance with anti-money...more

Record Fines against HSBC for Repeated Bank Secrecy Act and OFAC Violations

Following on the heels of the $15 million settlement against First Bank of Delaware for significant Bank Secrecy Act/Anti-Money Laundering violations (as we reported on here), the Treasury Department and three federal...more

Federal Bank Secrecy Act Issues for Mobile Payment Systems

In This Presentation: - The BSA from 30,000 Feet - ABCs of the BSA for MSBs - Impact on Customer Acquisition - BSA/AML Enforcement - Current Topics and Resources Excerpt from The BSA from 30,000...more

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