On January 1, 2021, Congress enacted a broad range of anti-money laundering (“AML”) reforms within the Anti-Money Laundering Act of 2020 (the “AML Act”), as part of the National Defense Authorization Act for Fiscal Year 2021...more
2/4/2021
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Corruption ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Money Laundering ,
Terrorist Financing Regulations ,
Whistleblowers ,
White Collar Crimes
On October 8, 2020, the U.S. Attorney General’s Cyber-Digital Task Force released its Cryptocurrency Enforcement Framework. The Framework makes clear that, in addition to prosecuting bad actors who use cryptocurrency to...more
Anti-money laundering authorities are proposing a significant revision to the federal AML regulatory scheme with the aim of making it more effective while providing greater clarity to covered institutions. ...more
10/9/2020
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Anti-Corruption ,
Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Corruption ,
Financial Crimes ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Public Comment ,
Regulatory Agenda ,
Risk Assessment ,
White Collar Crimes
The Financial Crimes Enforcement Network (FinCEN) and federal banking regulators recently issued a Joint Statement intended to clarify the due diligence obligations of banks under the Bank Secrecy Act (BSA) regarding...more
9/17/2020
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Customer Due Diligence (CDD) ,
FFIEC ,
Financial Institutions ,
Financial Regulatory Reform ,
FinCEN ,
Joint Statements ,
Politically Exposed Person (PEPs) ,
Regulatory Requirements ,
Risk-Based Approaches
Earlier this month, senior officials of the global money laundering and terrorist financing watchdog—the Financial Action Task Force (FATF)—issued a paper identifying challenges, good practices, and policy responses to new...more
I. Background -
Sweden’s financial supervisory authority (“SFSA”) recently fined Swedbank AB a record 4 billion Swedish kronor (approximately $386 million) for deficiencies in its anti-money laundering (“AML”) processes...more
4/19/2020
/ Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Corruption ,
Cross-Border Transactions ,
Enforcement Actions ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Know Your Customers ,
Money Laundering ,
Sweden ,
White Collar Crimes
Earlier this month, Danske Bank A/S – Denmark's largest bank – announced that the United States Department of Justice ("DOJ") has initiated a criminal investigation relating to the bank's Estonian branch....more
10/30/2018
/ BSA/AML ,
Corruption ,
Criminal Investigations ,
Denmark ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Estonia ,
Financial Institutions ,
Financial Transactions ,
Jurisdiction ,
Money Laundering ,
Popular ,
White Collar Crimes