Patriot Act

News & Analysis as of

FinCEN Offers Red Flags Guidance On Human Trafficking And Smuggling

On September 11, in FIN-2014-A008, FinCEN advised financial institutions on how to detect and report suspicious financial activity that may be related to human smuggling and/or trafficking. The advisory describes the...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

FinCEN Designates Foreign Private Bank Under Patriot Act

On July 17, FinCEN named FBME Bank Ltd., formerly known as the Federal Bank of the Middle East, as a foreign financial institution of primary money laundering concern pursuant to Section 311 of the USA PATRIOT Act....more

FinCEN Doubles Down on Casinos with Heightened Regulatory Expectations - Casino Managers and Tribal Gaming Commissioners Need to...

For the second time in nine months, Financial Crimes Enforcement Network (FinCEN) Director Jennifer Shasky Calvery has publicly addressed FinCEN's increasing concerns regarding casino compliance with the Bank Secrecy Act...more

How to Comply with your Export and Anti-Corruption Obligations Without Offending Your Customers and Foreign Partners – Blame the...

More and more companies are understanding the federal anticorruption, Patriot Act, and export due diligence requirements to “know your customer”. However, I am asked over and over how much information is really needed. Do you...more

The Twelve Days of Surveillance

It seems like a new revelation about mass surveillance by the U.S. government and our allies occurs on an almost daily basis, each one more astounding than the last. Don’t be surprised if those jingling bells you hear on your...more

Bitcoin: Current US Regulatory Developments

In recent months Bitcoin has become a hot topic in the financial, regulatory and legal community and has received widespread attention from newspapers such as The Wall Street Journal and The New York Times. Katten Muchin...more

FinCEN Encourages Information Sharing Between Financial Institutions

On October 31, FinCEN issued a fact sheet to highlight Section 314(b) of the USA PATRIOT Act, which provides financial institutions with the ability to share information with one another under a safe harbor that offers...more

Drone Privacy Claims on the Horizon

The headlines these days have focused on revelations that the government has conducted telecommunication dragnets from domestic networks on a regular basis. The issue has garnered attention because of sensitivity to...more

Is Edward Snowden a Whistleblower?  [Video]

June 14 (Bloomberg Law) -- Trevor Timm, writer and activist at the Electronic Frontier Foundation, talks with Bloomberg Law's Lee Pacchia about recent intelligence leaks surrounding the NSA's surveillance of American...more

Money Laundering through Virtual Currency Provider Shut Down

The U.S. Department of the Treasury has targeted Liberty Reserve S.A. as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act (Section 311). According to Financial Crimes...more

Privacy & Cybersecurity Update: President Issues Cybersecurity Executive Order

On February 12, 2013, President Obama signed both an executive order and a presidential directive that together set forth the administration’s approach to two key cybersecurity related issues: (i) regulating critical...more

FBAR Penalties and the Reasonable Cause Defense

Some taxpayer’s who think that they have properly relied on the advice of professionals and should therefore be able to avoid FBAR penalties need to consider what constitutes “reasonable cause”. First, the reasonable cause...more

Outsourcing by Canadian Companies: Another Look at the USA PATRIOT Act

Cloud computing and data outsourcing has been embraced by many Canadian companies. In a recent poll, the adoption rate of cloud-based services by Canadian businesses experienced one of the highest year-over-year increases....more

How to Ensure That Your Company’s Data Doesn’t Get Lost in the Clouds: Part II

Cloud computing has become an increasingly popular option for businesses to cheaply and efficiently manage their data systems. Businesses interested in utilizing these services should be cautious, however, when entering into...more

Cloud Computing and the USA Patriot Act: Canadian Implications

A perennial issue in Canadian privacy law is what to do about the USA Patriot Act. Just when we think we have things reasonably sorted out, issues pop up again in a new context. This time, it is cloud computing....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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