Recently, an American bank entered into a deferred prosecution agreement requiring it to pay over US$610 million in penalties. The plea agreement was based on “impos[ing] hard caps on the number of transactions subject to AML...more
On October 25, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued an advisory (the “Advisory”) explaining the obligations a “financial institution” might have under the Bank Secrecy Act (“BSA”) regarding...more
Under Securities and Exchange Commission (“SEC”) authorization, the Financial Industry Regulatory Authority (“FINRA”) is “responsible for regulating (1) all securities firms that do business with the public[,]” (2) key stock...more
4/25/2016
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Broker-Dealer ,
Compliance ,
Corporate Culture ,
Enforcement Actions ,
Examination Priorities ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
Risk Management ,
Securities and Exchange Commission (SEC)
This alert addresses the explosion in popularity of daily fantasy sports (“DFS”) sites and the money-laundering potential that DFS sites may offer to criminals around the world. It then explains potential legal liability...more
11/2/2015
/ Advertising ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Banks ,
BSA/AML ,
Compliance ,
Department of Justice (DOJ) ,
Fantasy Sports ,
Financial Institutions ,
FinCEN ,
Football ,
Gambling ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Online Gaming ,
Online Platforms ,
SAR ,
Sports ,
Sports Gambling ,
Suspicious Activity Reports (SARs) ,
Unlawful Internet Gambling Enforcement Act (UIGEA) ,
Venture Capital