In this episode, co-host Michael Dawson and Partner Kelly Dunbar discuss Loper Bright Enterprises v. Raimondo, the recent decision that overturned Chevron v. Natural Resources Defense Council. In the initial 1984 decision,...more
In this episode, co-host Michael Dawson is joined by Noah Rosenblum, an assistant professor of law at NYU and former WilmerHale summer associate, to discuss the Supreme Court’s decision in Securities and Exchange Commission...more
In the Public Interest is excited to present its second annual miniseries examining notable decisions recently issued by the US Supreme Court. In this episode, co-host Michael Dawson is joined by WilmerHale Senior Counsel...more
In this episode of In the Public Interest, podcast co-host Michael Dawson sits down with WilmerHale Partner Ariel Soiffer to discuss the current artificial intelligence (AI) landscape. Ariel shares his perspective after...more
On May 28, 2024, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced amendments to 31 C.F.R. Part 515, the Cuban Assets Control Regulations (CACR), expanding access to certain financial and...more
On April 24, 2024, President Biden signed into law H.R. 815, an emergency appropriations package billed as authorizing $95 billion in foreign aid to Ukraine and Israel (the Act). While the Ukraine and Israel aid provisions...more
4/30/2024
/ Appropriations Bill ,
Biden Administration ,
China ,
Economic Sanctions ,
EU ,
Export Controls ,
Exports ,
Federal Budget ,
FinCEN ,
Foreign Financial Institutions (FFI) ,
Israel ,
Russia ,
TikTok ,
UK ,
Ukraine
On March 6, 2024, the U.S. Departments of the Treasury, Commerce, and Justice jointly issued a Tri-Seal Compliance Note titled “Obligations of Foreign-Based Persons to Comply with U.S. Sanctions and Export Control Laws”...more
On May 19, in response to Russia’s ongoing invasion of Ukraine, the United States, in coordination with allies and partners, announced new sanctions restrictions and export controls targeting Russia’s evasion networks,...more
6/5/2023
/ Asset Freeze ,
Avoidance ,
Banking Sector ,
Biden Administration ,
Bureau of Industry and Security (BIS) ,
Economic Sanctions ,
Energy Sector ,
EU ,
Executive Orders ,
Export Controls ,
General Licenses ,
Military Conflict ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List ,
UK ,
Ukraine
On April 25, 2023 four federal agencies—the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), the United States Department of Justice (DOJ), and the U.S. Equal Employment Opportunity Commission...more
5/2/2023
/ Algorithms ,
Anti-Discrimination Policies ,
Artificial Intelligence ,
Automation Systems ,
Bias ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Equal Employment Opportunity Commission (EEOC) ,
Federal Trade Commission (FTC) ,
Hiring & Firing ,
Job Applicants ,
Joint Statements ,
Machine Learning
The year since Russia’s invasion of Ukraine has been marked by the development of a multi-jurisdictional, multi-agency sanctions regime in the United States, the United Kingdom and the European Union. Although coordination...more
4/28/2023
/ Asset Freeze ,
Asset Recovery ,
Compliance ,
Economic Sanctions ,
Enforcement ,
Enforcement Authority ,
EU ,
G7 ,
Member State ,
Military Conflict ,
Office of Financial Sanctions Implementation (OFSI) ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Oversight ,
Russia ,
UK ,
Ukraine
This Article discusses the recent plea agreement between the United States and Danske Bank. It argues that the Department of Justice has advanced a new and evolving theory of liability for foreign banks that access the U.S....more
4/10/2023
/ Anti-Money Laundering ,
Bank Fraud ,
Banking Sector ,
Banks ,
Conspiracies ,
Criminal Conspiracy ,
Criminal Liability ,
Department of Justice (DOJ) ,
Financial Institutions ,
Foreign Banks ,
Fraud ,
Liability ,
Plea Agreements ,
Popular ,
Statutory Violations
On Sunday evening, the U.S. Department of the Treasury, Federal Reserve, and the Federal Deposit Insurance Corporation announced measures to (1) prevent losses to all depositors — including all uninsured depositors — after...more
3/17/2023
/ Banking Sector ,
Banks ,
Biden Administration ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Insolvency ,
Receivership ,
Relief Measures ,
Silicon Valley ,
U.S. Treasury
On Sunday evening, the Department of the Treasury (Treasury), Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) announced measures to (1) prevent losses to all depositors—including all uninsured...more
3/14/2023
/ Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
FDIC ,
Federal Reserve ,
Insolvency ,
Receivership ,
Relief Measures ,
Silicon Valley ,
U.S. Treasury
On January 23, the New York State Department of Financial Services (DFS or the Department) issued guidance clarifying its expectations for New York-based virtual currency businesses regarding the custody of customer assets...more
On January 3, the Board of Governors of the Federal Reserve (FRB), Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) issued a Joint Statement on Crypto-Asset Risks to Banking...more
1/9/2023
/ Banking Sector ,
Commercial Bankruptcy ,
Cryptoassets ,
Cryptocurrency ,
FDIC ,
Financial Regulatory Agencies ,
FRB ,
Joint Policy Statements ,
NYDFS ,
OCC ,
Prudential Standards ,
Risk Alert ,
Risk Assessment
Western sanctions against Russia have continued to broaden substantially into new areas of trade, especially in the energy sector. Policymakers in Washington DC, Brussels, London and other allied capitals also continue to...more
3/18/2022
/ Asset Freeze ,
Belarus ,
Blocked Entities ,
Blocked Person ,
Cryptocurrency ,
Economic Sanctions ,
EU ,
Export Controls ,
General Licenses ,
Imports ,
Most-Favored Nations ,
Russia ,
Trade Relations ,
Trade Restrictions ,
UK ,
Ukraine
On November 1, 2021, the President’s Working Group on Financial Markets (PWG) - along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) - published the Report on...more
11/16/2021
/ Anti-Money Laundering ,
Blockchain ,
CFTC ,
Cross-Border ,
Cryptocurrency ,
Exchange Rates ,
FDIC ,
FinCEN ,
FSOC ,
Information Reports ,
Legislative Agendas ,
OCC ,
Payment Systems ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Risk Assessment ,
Securities and Exchange Commission (SEC) ,
Stablecoins
On September 21, 2021, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) levied its first sanctions against a Russian-operated virtual currency exchange involved in ransomware payments and published an...more
9/24/2021
/ Advisory Opinions ,
AML/CFT ,
Anti-Money Laundering ,
Compliance ,
Cryptocurrency ,
Currency Exchange ,
Cybersecurity Information Sharing Act (CISA) ,
Economic Sanctions ,
FinCEN ,
Know Your Customers ,
Office of Foreign Assets Control (OFAC) ,
Ransomware ,
Russia ,
SDN List ,
U.S. Treasury ,
Virtual Currency
The Financial Crimes Enforcement Network (“FinCEN”) has continued a spate of regulatory activity related to financial crimes compliance matters in the first year of the Biden Administration, recapped in its recent report...more
7/15/2021
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Biden Administration ,
Compliance ,
Cybersecurity ,
Drug Trafficking ,
Enforcement Priorities ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Human Trafficking ,
No-Action Letters ,
Nonbank Firms ,
Ransomware ,
Significant Transnational Criminal Organization ,
Terrorism Funding ,
Virtual Currency
From June 2 to June 4, leading central bankers, policymakers, regulators, private sector CEOs, civil society members and academics gathered for the Green Swan 2021 Global Virtual Conference.
The conference was co-hosted...more
6/8/2021
/ Banking Sector ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
European Central Bank ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
Financial Reporting ,
Insurance Industry ,
International Financial Reporting Standards ,
International Monetary Fund ,
Paris Agreement ,
Professional Conferences ,
Risk Assessment ,
Risk Management ,
Sustainability ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
Transparency ,
United Nations
On May 20, President Biden issued his Executive Order on Climate-Related Financial Risk (“Order”) which requires federal agencies to assess the potential impacts of climate change on public and private financial institutions...more
On April 29, 2021, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced two settlements of potential civil liability with two companies over their apparent violations of its regulations. The...more
5/7/2021
/ Bureau of Industry and Security (BIS) ,
Civil Monetary Penalty ,
Compliance ,
Department of Justice (DOJ) ,
Due Diligence ,
Economic Sanctions ,
Enforcement Actions ,
Export Administration Regulations (EAR) ,
Export Controls ,
Exports ,
Money Transfer ,
Moneygram ,
Non-Prosecution Agreements ,
Office of Foreign Assets Control (OFAC) ,
Pass-Through Entities ,
SAP SE ,
SDN List ,
Settlement ,
Subsidiaries ,
Third-Party Risk ,
Voluntary Disclosure
On April 15, 2021, President Biden signed a new executive order, Blocking Property with Respect to Specified Harmful Foreign Activities of the Government of the Russian Federation, escalating US sanctions against the Russian...more
It’s been an eventful week for the marijuana industry. After years of false starts, New York legalized the use of recreational marijuana on March 31 - just hours later, New Mexico legislators passed a bill to do the same....more
4/5/2021
/ Banking Sector ,
Canada ,
Coronavirus/COVID-19 ,
Decriminalization of Marijuana ,
Financial Institutions ,
Marijuana ,
Marijuana Related Businesses ,
Mexico ,
New Legislation ,
Recreational Use ,
SAFE Act ,
State and Local Government ,
Tax Revenues
Anti-money laundering (“AML”) issues have been a focus of regulators and law enforcement for the past decade and will likely continue to be a priority issue area for the Biden Administration. The AML landscape is shifting...more
2/12/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
BSA/AML ,
Customer Due Diligence (CDD) ,
Financial Institutions ,
FinCEN ,
Money Laundering ,
NDAA ,
Patriot Act ,
Risk Assessment ,
Suspicious Activity Reports (SARs)