News & Analysis as of

Patriot Act

High-Profile Spanish Money Laundering Investigation of Chinese Bank Raises Questions About Future of Similar U.S. Enforcement

by Ballard Spahr LLP on

As widely reported, the Spanish police raided last year the Madrid offices of the Chinese state-run Industrial and Commercial Bank of China (“ICBC”), the world’s biggest bank by assets. In the nearly 18 months following that...more

A Message to China? New U.S. Sanctions and AML Measures for North Korea

On June 29, 2017, the U.S. Treasury Department announced new steps applying pressure on North Korea in relation to its proliferation activities. Specifically, this involved (1) sanctions designations against Chinese shipping...more

Blockchain Week in Review - June 2017 #5

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Proposed Legislation Would Combat Terrorist Financing, Money Laundering

by Bass, Berry & Sims PLC on

- Proposed legislation targets current gaps in U.S. financial crime law and enforcement - Bi-partisan Senate legislation would likely expand compliance obligations for banks and others in financial services industry -...more

A “Death Sentence” for Financial Institutions: the D.C. Circuit Dismisses Andorran Bank Shareholders’ Challenge to FinCEN’s...

by Ballard Spahr LLP on

On May 23, the federal court of appeals for the District of Columbia Circuit rejected an appeal by the majority shareholders in Banca Privada d’Andorra S.A. (“BPA”) regarding claims that FinCEN violated the Administrative...more

Still Following the Money: FinCEN, Money Laundering, and the Bank Secrecy Act

Late last week, Congressional intelligence committees reportedly received some information from the U.S. Financial Crimes Enforcement Network (FinCEN) related to investigations into Russia’s attack on the 2016 U.S....more

The New Paradigm: Proposed Reforms of the AML/CFT Regime by The Clearing House

by Ballard Spahr LLP on

Today we are very pleased to welcome guest blogger Greg Baer, who will address a series of significant issues posed by a detailed paper published by The Clearing House, a banking association and payments company that is owned...more

Bank Loses Stay of Court Judgment Upholding Broad FinCEN Discretion

by Ballard Spahr LLP on

“Sometimes, the third time really is the charm” wrote the District Court for the District of Columbia on April 14, 2017. In its opinion, the court upheld FinCEN’s imposition of the Patriot Act’s fifth special measure against...more

Paying for the Wall: Will President Trump’s Administration Scrutinize, Tax, or Seize Remittances?

by K&L Gates LLP on

One of the most significant post-election questions for the financial-services industry—particularly global financial institutions that move money across borders—is what is the status of President-elect Trump’s proposal to...more

The Financial Report, Volume 5, Number 21 - November 10, 2016

by DLA Piper on

Many people reading this issue of The Financial Report will be very surprised by the results of the Presidential election and, as always, many will also be disappointed. But, as typically happens every four years, the...more

New Cybersecurity Reporting Requirements? FinCEN Advisory Identifies Cybersecurity Events for Financial Institutions to Report

by Orrick - Trust Anchor on

Last week, FinCEN (Financial Crimes Enforcement Network) issued a formal Advisory to Financial Institutions and published FAQs outlining specific cybersecurity events that should be reported through Suspicious Activity...more

Lifting of Myanmar sanctions

by DLA Piper on

On October 7, 2016, U.S. President Barack Obama issued an executive order lifting U.S. sanctions against Myanmar (also known as Burma) imposed under earlier executive orders and setting aside other statutory blocking and...more

US Terminates Burma Sanctions Program, Accompanied by Limited FinCEN Relief

by White & Case LLP on

On October 7, 2016, President Obama signed an Executive Order terminating the national emergency with respect to Burma (Myanmar), revoking the Burma sanctions Executive Orders, and waiving other statutory blocking and...more

After Nearly 20 Years, US Lifts Burma Sanctions

After nearly two decades, the United States has formally ended economic sanctions on Burma (Myanmar). Citing substantial efforts undertaken to promote democracy, President Barack Obama issued an executive order, on October 7,...more

What Happens When My Company Receives a National Security Letter? A Primer

by Orrick - Trust Anchor on

Even today, most companies—even technology companies—do not think they have information that the U.S. Government wants or needs, particularly as it might relate to a national security investigation. The reality is that as...more

De-Risking 101

by Foodman CPAs & Advisors on

Bank Secrecy Act of 1970 - Requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering by keeping records of cash purchases of negotiable instruments, and file reports...more

U.S. Announces End of Myanmar Sanctions – What Will Go and What Remains?

On September 15, 2016, President Obama announced that U.S. economic sanctions on Myanmar (also known as Burma) would end, but the announcement left many questions as to what would change and what sanctions might remain. On...more

Cashed Cannabis: Required Reports for Amounts Exceeding $10,000

Is your cannabis business ready for an IRS exam? IRS examinations are increasingly focused on IRS Form 8300 reporting requirements. These requirements are the result of USA PATRIOT Act provisions requiring all trades or...more

Banking Through Shell Companies Just Got Harder

by Sanford Millar on

For many U.S. and non-U.S. persons access to the U.S. banking system is key to preservation of the wealth or operation of their business. Anyone looking for banking security and liquidity will maintain an account in a U.S....more

FinCEN Proposes AML Program Requirement for Banks without a Federal Functional Regulator

by Goodwin on

FinCEN has proposed extending its anti-money laundering (AML) program requirement for banks to banks that are not subject to regulation by a federal functional regulator, including state chartered limited purpose trust...more

New FinCEN Proposal Will Extend AML Rules to Currently Exempt Banks and Other Institutions

by Cozen O'Connor on

Seeking to close a perceived “gap” in regulations intended to facilitate the government’s efforts to curb money laundering and the financing of terrorism, the U.S. Department of the Treasury’s Financial Crimes Enforcement...more

US Financial Crimes Enforcement Network Identifies the Democratic People’s Republic of Korea as a Jurisdiction of Primary Money...

by Shearman & Sterling LLP on

The US Financial Crimes Enforcement Network, pursuant to authority contained in the USA PATRIOT ACT, found “reasonable grounds” to conclude that the Democratic People’s Republic of Korea is a jurisdiction of primary money...more

North Korea Designation Targets Chinese Banks (IRB No. 554)

by Bryan Cave on

On May 25, the U.S. Treasury Department issued a finding designating North Korea as a jurisdiction of “primary money laundering concern.” On the same date, Treasury, through FinCEN, issued a notice of proposed rulemaking...more

FinCEN Finalizes Customer Due Diligence Rule for Legal Entity Customers

by Morrison & Foerster LLP on

On May 11th, 2016, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the Department of the Treasury, published a Final Rule (the “Rule”) on customer due diligence after a four-year rulemaking process. The Rule...more

US Federal Financial Institution Regulatory Agencies Release Guidance to Issuing Banks on Applying Customer Identification Program...

by Shearman & Sterling LLP on

The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency and Financial Crimes Enforcement Network issued...more

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