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
Last year, as employees clicked away at home amid the COVID-19 pandemic lockdown, ransomware attacks surged, with hospitals and other health care providers the top target. This year will be worse—2021 has already seen more...more
11/12/2021
/ Bitcoin ,
Cryptocurrency ,
Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Economic Sanctions ,
Hackers ,
Office of Foreign Assets Control (OFAC) ,
Ransomware ,
Risk Management ,
Virtual Currency
While global media outlets have focused attention on election security, major U.S. healthcare facilities have been under direct cyberattacks in recent months. This follows disruptive cyberattacks on municipalities earlier...more
Nine months after the emergence of the COVID-19 pandemic in the United States, how has the litigation landscape been transformed? Join Manatt for a discussion of key trends that have come and gone—and those to prepare for in...more
11/30/2020
/ Best Practices ,
Business Disruption ,
Continuing Legal Education ,
Contract Disputes ,
Contract Negotiations ,
Coronavirus/COVID-19 ,
Court Closures ,
Enforcement Actions ,
Financial Stimulus ,
Force Majeure Clause ,
Government Agencies ,
Investigations ,
Re-Opening Guidelines ,
Remote Depositions ,
Risk Mitigation ,
Virtual Litigation ,
Waiver of Liability ,
Webinars
Picture this: At some point in the next six months, you lose access to your files. Even worse, your company loses access to its files. And you are told that if you want access to them again, you will have to pay a sizable...more
On August 13, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency (collectively, the...more
Complimentary webinar with the DEA on Controlled Substances!
During this global pandemic, the Diversion Control Division is working to assure that there is an adequate supply of controlled substances in the United States,...more
5/26/2020
/ Continuing Legal Education ,
Controlled Substances ,
DEA ,
Drug Distribution ,
Due Diligence ,
Guidance Documents ,
Health Care Providers ,
Pharmaceutical Industry ,
Physicians ,
Prescription Drugs ,
Supply Chain ,
Webinars
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
We hope this alert finds you, your families and your colleagues healthy and safe in these challenging times. The professionals in Manatt’s investigations, compliance, strategic response and white collar defense practices...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
The payroll advance industry is the subject of a newly announced multistate investigation seeking information to enable regulators to determine whether there is unlawful lending by online companies engaged in this business....more
Shining the light on previously undisclosed examination practices, federal banking regulators and other entities issued an important joint statement addressing their risk-focused approach to BSA/AML examinations....more
The newly formed House Financial Services Committee’s Task Force on Financial Technology (Committee) recently held its first hearing, and it included some interesting perspectives from both U.S. and U.K. regulators....more
In regulatory oversight news, the New York Department of Financial Services (DFS) announced the creation of a new Cybersecurity Division and the Financial Crimes Enforcement Network (FinCEN) launched an Innovation Hours...more
Putting an end to a 2014 lawsuit filed by payday lenders challenging the actions of federal regulators in Operation Choke Point, the Federal Deposit Insurance Corporation (FDIC) announced a resolution to the action....more
The Financial Crimes Enforcement Network (FinCEN) has released new guidance on cryptocurrency, an attempt to “provide regulatory certainty for businesses and individuals” engaged in the burgeoning field of financial activity....more
Support continues to build for the Secure and Fair Enforcement (SAFE) Banking Act, with a coalition of 38 state and territorial Attorneys General as well as the American Bankers Association (ABA) writing to lawmakers to urge...more
In recent enforcement actions, the Board of Governors of the Federal Reserve System announced an order with a Japanese bank over weaknesses with respect to its New York branch’s Bank Secrecy Act / anti-money laundering...more
Reminding financial institutions that a multitude of enforcers are at their doorstep, the Securities and Exchange Commission (SEC) announced a $3 million deal with an online lender....more
State attorneys general (AGs) remain busy in the financial services industry, with an almost $500 million settlement between a for-profit college and the AGs of 48 states and Washington, D.C....more
While major enforcement actions against foreign banks for U.S. sanctions violations appear to have ebbed over the past three years, the recent settlement of sanctions-related claims, which included imposition of $1.34 billion...more
Could investigative reporting into merchant cash advances lead to enforcement action against companies that make these advances, or to potential legislation to ban certain practices inherent in this industry?...more
On November 29, 2018, Deputy Attorney General Rod Rosenstein announced revisions to U.S. Department of Justice (DOJ) policies that expand prosecutors’ discretion in awarding cooperation credit to companies facing criminal or...more
On October 23, 2018, the Office of the Comptroller of the Currency (OCC) assessed a $100 million civil money penalty against a national bank primarily known for its issuance of credit cards, for failing to comply with a 2015...more
A Kentucky bank must pay $4.75 million in restitution pursuant to a consent order with the Board of Governors of the Federal Reserve System in an enforcement action involving add-on products.
The relatively unusual action...more