On May 13, 2024, the U.S. Department of the Treasury’s (“Treasury”) Financial Crimes Enforcement Network (FinCEN) and the Securities and Exchange Commission (SEC) issued a joint Notice of Proposed Rulemaking (NPRM) that would...more
7/8/2024
/ AML/CFT ,
Bank Secrecy Act ,
Customer Identification Program (CIP) ,
Exempt Reporting Advisers (ERAs) ,
FinCEN ,
Investment Adviser ,
Investment Management ,
NPRM ,
Popular ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury
On March 7, 2024, during her keynote remarks at the American Bar Association’s 39th National Institute on White Collar Crime, Deputy Attorney General Lisa Monaco announced a new Department of Justice (DOJ) Criminal Division...more
3/19/2024
/ Asset Recovery ,
CFTC ,
Corporate Crimes ,
Corporate Misconduct ,
Department of Justice (DOJ) ,
FinCEN ,
Foreign Corrupt Practices Act (FCPA) ,
Money Laundering ,
Non-Prosecution Agreements ,
Pilot Programs ,
Self-Reporting ,
Whistleblower Awards ,
Whistleblowers ,
White Collar Crimes
On February 16, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking, which would require certain real estate professionals to report certain transaction information to FinCEN in...more
In July 2020, a sensitive Federal Bureau of Investigation (FBI) document was leaked to the public. The document outlined the FBI’s suspicions that the private investment funds industry was providing choice money laundering...more
This client alert is an update to an earlier MoFo client alert issued on December 8, 2022. In a final rule implementing the Corporate Transparency Act (the “Final Rule”), the Financial Crimes Enforcement Network (“FinCEN”)...more
2/15/2024
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
Legal Entity Identifiers ,
Limited Liability Company (LLC) ,
Limited Partnerships ,
Popular ,
Real Estate Investments ,
Regulatory Requirements ,
REIT ,
Reporting Requirements
On December 21, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued final rules establishing a framework for accessing, using, and protecting beneficial ownership information (BOI)...more
1/22/2024
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Financial Crimes ,
FinCEN ,
Foreign Corporations ,
Intelligence Services ,
Law Enforcement ,
National Security ,
Reporting Requirements
In 2021, Congress passed the Corporate Transparency Act (CTA), which is designed to bring the U.S. into compliance with international anti-money laundering (AML) standards. The CTA is aimed at combatting anonymous shell...more
On November 8, 2023, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) published a final rule detailing when and how reporting companies can use another entity’s FinCEN identifier in place of...more
Convertible virtual currency (CVC) mixing is in the crosshairs of U.S. national security policy. On October 19, 2023, the Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of the Treasury (“Treasury”)...more
On September 15, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) announced its first “Gap Rule” enforcement action in a Consent Order with Bancrédito International Bank and Trust...more
9/26/2023
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Bribery ,
Consent Order ,
Enforcement Authority ,
Financial Institutions ,
FinCEN ,
Office of Foreign Assets Control (OFAC) ,
Puerto Rico ,
Suspicious Activity Reports (SARs) ,
Terrorism Funding ,
U.S. Treasury
On July 31, 2023, the Securities and Exchange Commission’s (SEC) Division of Examinations (EXAMS) issued a risk alert summarizing observations from its recent anti-money laundering (AML) and counter-financing of terrorism...more
Key Takeaways-
•On March 1, 2023, the Assistant Attorney General (“AAG”) for the Criminal Division of the U.S. Department of Justice (“DOJ”), Kenneth A. Polite, Jr., issued a revised memorandum on the imposition and...more
On March 3, 2023, Kenneth A. Polite, Jr., the Assistant Attorney General (“AAG”) of the Criminal Division of the U.S. Department of Justice (“DOJ”), announced the launch of the Division’s Pilot Program on Compensation...more
On January 17, 2023, the Assistant Attorney General (AAG) for the Criminal Division of the U.S. Department of Justice (DOJ), Kenneth Polite, Jr., announced that DOJ had made “significant changes” to its Corporate Enforcement...more
On January 3, 2023, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the “Agencies”) issued a joint...more
1/13/2023
/ Board of Governors ,
Cryptoassets ,
Decentralized Finance (DeFi) ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
Fraud ,
Joint Statements ,
Misleading Impressions ,
OCC ,
Risk Management ,
Stablecoins ,
Unfair or Deceptive Trade Practices
Under a final rule (the “Final Rule”) recently issued by the Financial Crimes Enforcement Network (“FinCEN”), beginning January 1, 2024, entities that own and operate U.S. real estate must report their “Beneficial Owners”—the...more
On November 16, 2022, the Department of Treasury (“Treasury”) issued a report titled “Assessing the Impact of New Entrant Non-bank Firms on Competition in Consumer Finance Markets” (“Treasury Report”), which, among other...more
12/7/2022
/ Banking Sector ,
Competition ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Executive Orders ,
FDIC ,
Financial Services Industry ,
FinTech ,
Popular ,
Risk Management ,
Supervision ,
U.S. Treasury
On September 29, 2022, the Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing beneficial ownership requirements for certain U.S. and foreign entities registered to do business in the United States,...more