On March 11, 2022, President Joe Biden signed Executive Order 14068 (E.O. 14068) imposing new restrictions on imports and exports with respect to Russia as well as on the supply of U.S. dollar-denominated banknotes to the...more
3/22/2022
/ Bank Notes ,
Banks ,
Biden Administration ,
Economic Sanctions ,
Executive Orders ,
Export Controls ,
Exports ,
Financial Institutions ,
Luxury Goods ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Ukraine
The Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, which was signed into law on March 27, 2020, provided for the establishment and expansion of a range of economic assistance programs designed to help...more
5/15/2020
/ Banks ,
CARES Act ,
Congressional Oversight ,
Coronavirus/COVID-19 ,
Criminal Investigations ,
Criminal Penalties ,
Department of Justice (DOJ) ,
Enforcement Actions ,
False Claims Act (FCA) ,
False Statements ,
Financial Regulatory Agencies ,
Financial Stimulus ,
Fraud ,
GAO ,
Government Investigations ,
Inspector General ,
Law Enforcement ,
Lenders ,
Loan Forgiveness ,
Pandemic Response Accountability Committee (PRAC) ,
Paycheck Protection Program (PPP) ,
Regulatory Oversight ,
Risk Management ,
SBA ,
SIGPR
On March 27, 2020, Congress approved the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide financial assistance to individuals and businesses, which in aggregate greatly exceeds the financial package...more
3/31/2020
/ Airlines ,
Banks ,
Capital Markets ,
CARES Act ,
Commercial Tenants ,
Community Banks ,
Coronavirus/COVID-19 ,
Economic Stimulus ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Food Drug and Cosmetic Act (FFDCA) ,
Federal Grants ,
Federal Loans ,
Federal Reserve ,
Food and Drug Administration (FDA) ,
Forbearance Agreements ,
Foreclosure ,
Health Care Providers ,
Health Insurance ,
Landlords ,
Life Sciences ,
Medical Devices ,
Mergers ,
Mortgages ,
National Security ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Personal Protective Equipment ,
Pharmaceutical Industry ,
Prescription Drugs ,
Property Owners ,
Qualified Immunity ,
Relief Measures ,
Small Business ,
Small Business Loans ,
Supply Chain ,
Tax Credits ,
Tax Deductions ,
Tax Deferral ,
Tenants ,
Unemployment Insurance ,
Virus Testing
Effective May 11, 2018, covered financial institutions are required to comply with the customer due diligence rule (the Rule) that the Financial Crimes Enforcement Network (FinCEN) finalized in May 2016. The Rule mandates the...more
5/16/2018
/ Banks ,
Beneficial Owner ,
Compliance ,
Covered Financial Institutions ,
Customer Due Diligence (CDD) ,
Customer Identification Program (CIP) ,
Financial Institutions ,
FinCEN ,
Legal Entities ,
Loans ,
Suspicious Activity Reports (SARs) ,
Trusts ,
Verification Requirements
In a move that could signal a new phase of government enforcement in France, on November 27, 2017, French authorities published a Convention judiciaire d’intérêt public (CJIP) with HSBC Private Bank Suisse SA (HSBC PB), the...more
12/8/2017
/ Anti-Corruption ,
Banks ,
Client Data ,
Compliance ,
Criminal Prosecution ,
Enforcement Actions ,
Financial Crimes ,
France ,
Guilty Pleas ,
HSBC ,
Personally Identifiable Information ,
Remediation ,
Sapin II ,
Settlement ,
Solicitation ,
Tax Evasion ,
Theft
New York state has proposed a new regulation — to go into effect January 1, 2017 — that would require banks, insurance companies and other financial services institutions regulated by the New York State Department of...more
9/15/2016
/ Banks ,
Chief Information Security Officer (CISO) ,
Comment Period ,
Covered Entities ,
Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Protection ,
Data Retention ,
Financial Institutions ,
Gramm-Leach-Blilely Act ,
Hackers ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Insurance Industry ,
NYDFS ,
Popular ,
Proposed Regulation ,
Risk Assessment ,
Risk Management
Financial institutions operating in New York — including New York state licensed banks, trust companies, private bankers, savings banks, savings and loan associations, branches of foreign banks, check cashers, and money...more
In the wake of the Panama Papers controversy, the U.S. government has taken major steps this month to promote financial transparency. First, the Financial Crimes Enforcement Network (FinCEN) finalized its proposed rule issued...more
5/17/2016
/ Anti-Money Laundering ,
Banks ,
Customer Due Diligence (CDD) ,
Due Diligence ,
Economic Sanctions ,
EU ,
Financial Institutions ,
FinCEN ,
Office of Foreign Assets Control (OFAC) ,
Ownership Requirements ,
Popular ,
Transparency ,
White Collar Crimes
Editor’s note: This article was updated on July 23, 2015, to Editor’s note: This article was updated on July 23, 2015, to reflect certain additional information in U.N. Security Council Resolution 2231.
On July 14, 2015,...more
7/21/2015
/ Aircraft ,
Aircraft Equipment ,
Automotive Industry ,
Banks ,
Crude Oil ,
Energy Sector ,
EU ,
Financial Institutions ,
Implementation Day ,
Imports ,
International Atomic Energy Agency ,
Iran ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Metals ,
Non-US Entities ,
Nuclear Power ,
Nuclear Weapons ,
Office of Foreign Assets Control (OFAC) ,
P5+1 Nations ,
SDN List ,
Shipping ,
Software ,
Transition Day ,
United Nations
For financial institutions, customer due diligence may become tougher and costlier in 2015 if the Financial Crimes Enforcement Network's (FinCEN) latest proposed rule is finalized in its current form. On July 30, 2014, FinCEN...more
A resurgence in anti-money laundering (AML) enforcement over the last few years reflects a renewed post-crisis focus on compliance with the regulatory requirements of the Bank Secrecy Act (BSA) imposed on banks (AML...more