On June 3, 2021, the White House issued a memorandum formally establishing the fight against corruption as a core national security interest. The memorandum directed the development of a presidential strategy to, among other...more
12/17/2021
/ AML/CFT ,
Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Biden Administration ,
Bribery ,
BSA/AML ,
Corruption ,
Criminal Prosecution ,
Enforcement Priorities ,
Foreign Corrupt Practices Act (FCPA) ,
Investment Adviser ,
Money Laundering ,
Private Placements ,
Real Estate Transactions ,
Regulatory Reform ,
White Collar Crimes
With many banks and credit unions electing to limit Paycheck Protection Program (PPP) loans to existing customers, many nonbank lenders are scrambling to fill the gap and take part in the $349 billion program prior to the end...more
In Bank Secrecy Act and anti-money laundering (BSA/AML) news, a bipartisan group of lawmakers introduced a bill aimed at updating AML laws that would require companies to disclose their true owners at the time of...more
With FinCEN’s new Beneficial Ownership Rule now in effect, the regulator has quickly provided some important exceptive relief for premium finance lenders. While the exceptions may be narrow, the changes are instructive. We...more
Is the Bank Secrecy Act unconstitutional? Not so, says the Ninth Circuit. This article explains the court’s analysis and why it matters to covered financial institutions....more
Recent enforcement actions demonstrate just how expensive failures with regard to Bank Secrecy Act and anti-money laundering (BSA/AML) compliance can be and how intentional conduct can enhance the severity of a penalty, with...more
Anti-money laundering (AML) violations resulted in a Taiwanese bank and its U.S. branches being hit with a $29 million civil monetary penalty from the Board of Governors of the Federal Reserve System. Separately, the Senate...more