In what is the New York Department of Financial Services’ (NYDFS) first enforcement action against a NYDFS-licensed “virtual currency business,” on August 1, 2022, the agency announced $30 million settlement with...more
With new types of digital assets and related business on the rise, federal authorities have been busy investigating. Recently, the SEC, FinCEN and the CFTC have imposed some notable settlements involving cryptocurrency...more
8/27/2021
/ Bank Secrecy Act ,
BitMEX ,
CFTC ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Enforcement Actions ,
FinCEN ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Transactions ,
Securities Violations ,
Trading Platforms ,
Unregistered Securities ,
Virtual Currency
In 2015, then-Deputy Attorney General Sally Yates issued a memorandum to the attorneys of the Justice Department articulating departmental policy on corporate misconduct. This memo became popularly known as the Yates Memo. It...more
8/4/2021
/ Anti-Corruption ,
Bank Secrecy Act ,
Biden Administration ,
Corporate Misconduct ,
Corruption ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Fraud ,
Government Investigations ,
Healthcare Fraud ,
White Collar Crimes
As the financial services industry prepares for expanded criminal and civil enforcement under the Bank Secrecy Act (“BSA”) with the passage of the Anti-Money Laundering Act of 2020, FinCEN’s recent case against Capital One...more
Summary of the Corporate Transparency Act under the National Defense Authorization Act for Fiscal Year 2021 -
On January 1, 2021, the Corporate Transparency Act (the “CTA”), which is part of the National Defense...more
On August 18, 2020, the Financial Crimes Enforcement Network (FinCEN), which is the primary regulator and administrator of the Bank Secrecy Act (BSA), issued a statement on enforcement of the BSA. The requirements of the BSA...more
9/17/2020
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Compliance ,
Corruption ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Enforcement Guidance ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
National Security ,
Warning Letters
COVID-19 has created many new concerns for private fund managers; however, managers should be particularly mindful of heightened cybersecurity and fraud risks. With increased numbers of employees teleworking, there are...more
3/24/2020
/ Bank Secrecy Act ,
Coronavirus/COVID-19 ,
Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Privacy ,
Data Security ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Fund Managers ,
Fund Sponsors ,
Risk Management ,
Scams
In a recent decision, the U.S. Court of Appeals for the D.C. Circuit unanimously affirmed a district court order compelling three Chinese banks (not currently identified) to produce financial records in response to subpoenas...more
8/26/2019
/ Anti-Money Laundering ,
Attorney General ,
Bank Secrecy Act ,
China ,
Document Productions ,
Federal Reserve ,
Financial Records ,
Foreign Bank Accounts ,
Foreign Banks ,
Government Investigations ,
Patriot Act ,
Subpoenas ,
White Collar Crimes