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 Department of Justice (DOJ) announced last week and earlier this month civil forfeiture actions brought by the United States Attorney’s Office for the District of Columbia to seize stolen or laundered virtual currency...more
9/2/2020
/ Corruption ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Financial Crimes ,
Financial Transactions ,
Forfeiture ,
Hackers ,
Money Laundering ,
Money Services Business ,
North Korea ,
Popular ,
Terrorist Financing Regulations ,
Virtual Currency ,
White Collar Crimes
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