On June 29, 2022, the European Parliament, the Commission, and the Council reached a provisional agreement on the European Union proposal to update Regulation 2015/847 on information accompanying the transfer of funds ("TFR")...more
2021 was a precedent-setting year for anti-money laundering (“AML”) enforcement and legislation. The digital assets industry continued to grow exponentially, driving the associated AML risks to the forefront of regulatory...more
3/10/2022
/ AML/CFT ,
Anti-Money Laundering ,
BSA/AML ,
Corruption ,
Cryptoassets ,
Economic Sanctions ,
Financial Crimes ,
FinCEN ,
Justice Against Sponsors of Terrorism Act (JASTA) ,
Terrorist Financing Regulations ,
Virtual Currency
On June 30, 2021, FinCEN announced the first set of government-wide AML/CFT Priorities, as required by the Anti-Money Laundering Act of 2020 ("AML Act"). Consistent with the National Strategy for Combating Terrorist and Other...more
7/14/2021
/ AML/CFT ,
Anti-Corruption ,
Anti-Money Laundering ,
BSA/AML ,
Compliance Management Systems ,
Convertible Virtual Currencies (CVCs) ,
Corruption ,
Cross-Border Transactions ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Terrorism Funding ,
Terrorist Financing Regulations
On June 30, 2021, FinCEN announced the first set of government-wide AML/CFT Priorities, as required by the Anti-Money Laundering Act of 2020 ("AML Act"). Consistent with the National Strategy for Combating Terrorist and Other...more
7/9/2021
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Cooperative Compliance Regime ,
Cyber Crimes ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Money Laundering ,
New Guidance ,
Policy Statement ,
Suspicious Activities ,
Terrorist Financing Regulations
The Situation: On January 1, 2021, the U.S. Congress enacted the most significant reforms to U.S. anti-money laundering laws in decades. The Anti-Money Laundering Act of 2020 ("AMLA") and the Corporate Transparency Act...more
The Situation: The U.S. Congress recently passed landmark anti-money laundering ("AML") legislation for the first time since enactment of the USA PATRIOT Act in 2001. The Anti-Money Laundering Act of 2020 ("AMLA") passed both...more
The Situation: The European Commission issued an Action Plan on Anti-Money Laundering/Combating the Financing of Terrorism ("AML/CFT") in response to recent money laundering scandals and concerns of an increase in crime due...more
6/19/2020
/ AML/CFT ,
AMLD V ,
Banking Sector ,
Criminal Investigations ,
Cross-Border Transactions ,
EU Action Plans ,
European Banking Authority (EBA) ,
European Commission ,
Financial Intelligence Unit (FIU) ,
International Data Transfers ,
Law Enforcement
In Short: Since the Cum-Ex Files were released in 2018, the European Banking Authority ("EBA") has been conducting research, through surveys sent to competent authorities, about the risks posed by dividend trading arbitrage...more
The Situation: Following the enactment earlier in 2019 of new French legislation to regulate activities related to digital assets (including cryptocurrency but excluding tokenized securities), final regulatory provisions were...more
1/2/2020
/ AML/CFT ,
Cryptocurrency ,
Digital Assets ,
Financial Instruments ,
Financial Statements ,
France ,
Initial Coin Offering (ICOs) ,
Investment ,
New Legislation ,
Popular ,
Regulatory Oversight ,
Token Sales ,
Virtual Currency
The Situation: In response to recent cases of money laundering in European banks, the European Union has released an action plan to reinforce its recently proposed anti-money laundering ("AML") and Countering Financing of...more