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
Over the past two years, financial regulatory bodies in the United States and Europe have increasingly emphasized consumer due diligence (“CDD”) by financial institutions as a means to combat money laundering and terrorist...more
11/30/2016
/ Anti-Money Laundering ,
Customer Due Diligence (CDD) ,
Department of Justice (DOJ) ,
Due Diligence ,
EU ,
FATF ,
Financial Institutions ,
FinCEN ,
Member State ,
Office of Foreign Assets Control (OFAC) ,
Terrorism Funding ,
Virtual Currency
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
Global tax evasion remains a major problem for governments around the world. At a time when virtually all of the governments from the world’s major economies seek additional revenue, the attractiveness to taxpayers of...more
One of the factors that the U.S. Department of Justice (DOJ) considers in deciding whether to bring charges against a corporation is the existence and effectiveness of the corporation’s pre-existing compliance program. On...more
11/5/2015
/ Anti-Bribery ,
Anti-Corruption ,
Banking Sector ,
Banks ,
Bribery ,
Compliance ,
Corporate Counsel ,
Corporate Fraud ,
Corruption ,
Department of Justice (DOJ) ,
Financial Institutions ,
Government Investigations ,
White Collar Crimes
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