Patriot Act

News & Analysis as of

FinCEN Proposes New Rule Requiring Anti-Money Laundering Programs for Registered Investment Advisers

On August 25, 2015, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) that would define investment advisers registered (or required to be registered) with the Securities and...more

FinCEN Proposes Anti-Money Laundering Rules for Registered Advisers

The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) on August 25, 2015 proposed rules to require SEC- registered investment advisers to adopt and maintain anti-money laundering (AML) programs and to...more

FinCEN Proposes AML Program Rule for Investment Advisers

The Financial Crimes Enforcement Network (FinCEN) has issued a proposed rule that would subject certain investment advisers to AML requirements under the Bank Secrecy Act (the BSA). In proposing the rule, FinCEN cited...more

FinCEN Proposes Extending Anti-Money Laundering Compliance Requirements to Investment Advisers

On Tuesday, the United States Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would require SEC-registered investment advisers, including private equity and hedge funds, to comply...more

FinCEN Proposes Rule Requiring Investment Advisor AML Compliance

Investment advisors may soon face increased costs and scrutiny thanks to a proposed rule issued by the Financial Crimes Enforcement Network (FinCEN). On Tuesday, August 28, FinCEN proposed a rule that would require many...more

German Federal IT Committee Issues New Restrictions for Cloud Service Providers

Last month the German Federal Government IT Advisory Committee ("Federal IT Committee") issued new cloud computing service criteria for all prospective vendors to German Federal Agencies. Cloud services providers who offer,...more

FinCrimes Update - July 2015 Summary Volume 2, Issue 7

AML/BSA & OFAC: OFAC PROVIDES GUIDANCE TO FINANCIAL INSTITUTIONS TO HELP COMPLY WITH CRIMEA SANCTIONS REGULATIONS - On July 30, OFAC issued a “Crimea Sanctions Advisory,” highlighting certain actions that have been...more

FinCEN Issues Final Rule Imposing Special Measure Five Against FBME Bank Ltd.

On July 23, FinCEN issued a final rule pursuant to Section 311 of the USA PATRIOT Act to impose “special measure five” against FBME Bank Ltd. (“FBME”), formerly known as the Federal Bank of the Middle East. Special measure...more

Rand Paul And The Expiration Of The Patriot Act

During the last weekend in May, Kentucky Senator Rand Paul did something that is not easy to do – he managed to anger most Republicans and Democrats, the Senate Majority Leader (who is also the senior senator from Kentucky),...more

The USA Freedom Act: What it Changes and (Mostly) Doesn’t for Cloud Services – And is it Really the Issue

The recent showdown over renewal of certain provisions of the USA Patriot Act (often called simply the Patriot Act) and the subsequent enactment of the USA Freedom Act have raised a number of questions about the ongoing...more

Telephone Surveillance Hang-Ups: Second Circuit Asks Parties in ACLU v. Clapper to Brief Whether the USA Freedom Act Moots...

Not long after striking down the National Security Agency’s telephone surveillance program in ACLU v. Clapper, the Second Circuit is asking the parties to assess whether recently passed federal legislation has rendered the...more

The USA Freedom Act: What it Changes and (Mostly) Doesn't for Cloud Services--And is it Really the Issue

The recent showdown over renewal of certain provisions of the USA Patriot Act (often called simply the Patriot Act) and the subsequent enactment of the USA Freedom Act have raised a number of questions about the ongoing...more

Outsourcing by Canadian Companies after the USA PATRIOT Act

Wondering about outsourcing your data to the U.S.? What follows is an update to one of our most popular posts: Outsourcing by Canadian Companies: Another Look at the USA PATRIOT Act, originally written in January 2013....more

USA Freedom Act To End NSA Bulk Data Collection

On June 2, the President signed into law the USA Freedom Act of 2015 (“the Act”) after the Senate passed the bill by a vote of 67-to-32. As King & Spalding previously reported, the Act amends the Patriot Act and prohibits...more

U.S.A. Freedom Act passed into law

On June 4, 2015, President Obama and his administration signed into law the U.S.A. Freedom Act, which “reform[s] the authorities of the Federal Government to require the production of certain business records, conduct...more

The Future Of The NSA’s Bulk Telephone Metadata Program

Section 215 of the Patriot Act expires today. Section 215 addresses the Federal Bureau of Investigation’s ability to gather business records. In 2006, after passage of amendments to the Patriot Act, the Bush administration...more

Privacy & Cybersecurity Update - May 2015

In This Issue: - Second Circuit Rules Patriot Act Does Not Authorize Bulk Metadata Collection; Congress Reconsiders Certain Patriot Act Authorities - SEC Issues Cybersecurity Guidance for Investment Companies...more

Future Unclear For NSA’s Bulk Telephone Metadata Collection Program

Fast approaching is the June 1 expiration of certain provisions of the Patriot Act, including § 215 (codified as 50 U.S.C § 1861), which is the basis for the National Security Agency’s (NSA) bulk telephone metadata collection...more

Second Circuit Rules PATRIOT Act Does Not Authorize Government's Bulk Telephone Metadata Collection Program

In yet another reminder of the importance of maintaining the privacy of personal information, the Second Circuit Court of Appeals, in ACLU v. Clapper, issued a unanimous decision striking down the National Security Agency’s...more

Patriot Act Reauthorization Debate Delays Cybersecurity Legislation

In This Issue: - Industry Liability Protections and Standards - Legislative Timeframe - Additional Notification Bill Expected - Conclusion - For More Information - Excerpt from Industry...more

Wake-Up Call: Second Circuit Declares NSA’s Mass Telephone Surveillance Program Illegal; Defers Injunction While Congress Ponders...

Whatever your opinion of Edward Snowden, the shockwaves from his leaks of classified material continue to roil all three branches of the federal government. The latest wave broke last week when the United States Court of...more

Second Circuit Rules National Security Agency’s Collection of Phone Data Unlawful Under USA PATRIOT Act

In ACLU et al. v. Clapper et al., No. 14-42-CV, — F.3d —-, 2015 WL 2097814, (2d Cir. May 7, 2015), the Second Circuit reversed a lower court’s ruling that the NSA’s bulk collection of phone data can be lawfully conducted...more

Snowden Strikes Back: Mass Collection of Telephony Metadata Struck Down By the Second Circuit

As post-Snowden America well knows, for some years now the National Security Agency (NSA) has been collecting bulk telephone metadata under the authority of Section 215 of the PATRIOT Act and aggregating it into data banks...more

Whistleblower's Legacy: President Reforms Key Surveillance Law; Europe Questions Safe Harbor Regime

Nearly two years ago, Edward Snowden, a contractor working with the U.S. National Security Agency (“NSA”), revealed startling details of widespread surveillance practices by the U.S. government into telephone and Internet...more

FinCEN Blacklists Banca Privada d’Andorra

On March 10, 2015, FinCEN designated Banca Privada d’Andorra, based in the Principality of Andorra, as a foreign financial institution of primary money-laundering concern pursuant to Section 311 of the USA PATRIOT Act...more

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