Existe una propuesta de valor presentable a un cliente cuando un abogado trabaja en conjunto con un contador forense. Los litigios a menudo implican la superposición de múltiples y complejos asuntos legales y contables....more
There is a value added for a client when an Attorney is working in tandem with a forensic accountant. Litigation often involves overlapping complex accounting and legal issues. Working together, Attorneys and Forensic...more
On September 15, 2020, FinCEN issued a Final Rule stating that Banks lacking a Federal Functional Regulator will be required to establish and implement AML programs including policies and procedures, a dedicated compliance...more
11/5/2020
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
BSA/AML ,
CIP ,
Currency Transaction Reports (CTR) ,
Final Rules ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Money Laundering ,
Policies and Procedures ,
Regulatory Agenda ,
Suspicious Activity Reports (SARs)
FinCEN has more than 400 data-access MOUs with federal, state, and local law enforcement regulatory agencies relating to BSA data. It consolidates the information that it receives and shares the consolidated reports with...more
FinCEN issues implementing regulations that “ensure” compliance with the BSA. FinCEN delegates its examination authority to federal agencies. These federal agencies are the “Federal Functional Regulators” who supervise...more
11/4/2020
/ Anti-Money Laundering ,
BSA/AML ,
CFTC ,
Corporate Governance ,
FDIC ,
Federal Reserve ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Information Sharing ,
IRS ,
Money Laundering ,
NCUA ,
OCC ,
Securities and Exchange Commission (SEC)
Section 314 of the USA PATRIOT Act (Sec 314) was drafted by Congress in 2001 to allow financial institutions to work with law enforcement agencies and with each other to support the common goal of deterring money laundering...more
GAFILAT (Grupo de Acción Financiera de América Latina) publicó una Segunda Actualización del Informe Regional de Amenazas de Lavado de Dinero (2017-2018) que incluye: ANEXO VI: AMENAZAS RELACIONADAS CON LA PANDEMIA COVID-19....more
10/28/2020
/ AML/CFT ,
Anti-Money Laundering ,
BSA/AML ,
Coronavirus/COVID-19 ,
Corruption ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Infectious Diseases ,
Latin America ,
Money Laundering ,
Phishing Scams ,
Terrorism Funding ,
Terrorist Financing Regulations
GAFILAT (Financial Action Task Force of Latin America) published a Second Update to the Money Laundering Regional Threat Report (2017-2018) that includes: ANNEX VI: THREATS RELATED TO THE COVID-19 PANDEMIC. ...more
10/6/2020
/ AML/CFT ,
Anti-Money Laundering ,
BSA/AML ,
Cross-Border Transactions ,
Cybersecurity ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Latin America ,
Money Laundering ,
Phishing Scams ,
Risk Mitigation ,
Terrorism Funding ,
Terrorist Financing Regulations
The Office of the Comptroller of the Currency (OCC) Semiannual Risk Perspective Report highlights how the Covid-19 Pandemic has elevated operational risks for banks as they are challenged with the implementation of new...more
10/6/2020
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Coronavirus/COVID-19 ,
Financial Institutions ,
Infectious Diseases ,
Money Laundering ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
Risk Assessment ,
Risk Mitigation
FinCEN’s (a bureau of the U.S. Department of the Treasury) primary purpose is protecting the financial system from illicit use, combating money laundering, and promoting national security through the collection, analysis,...more
FinCEN es una oficina del Departamento del Tesoro de los EE. UU. Su propósito principal es proteger el sistema financiero del uso ilícito, combatir el lavado de dinero y promover la seguridad nacional a través de la...more
9/4/2020
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Data Collection ,
Data Management ,
Financial Crimes ,
FinCEN ,
IRS ,
Memorandum of Understanding ,
Money Laundering ,
Tax Planning
On August 13, 2020, 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 issued a JOINT...more
There are other U.S laws that intersect with the FCPA. A violation of the FCPA may also constitute a violation of the characteristics of another U.S. Law – in this case the Travel Act....more
9/4/2020
/ Anti-Bribery ,
Anti-Corruption ,
Bribery ,
BSA/AML ,
Corruption ,
Department of Justice (DOJ) ,
Financial Crimes ,
Foreign Commerce ,
Foreign Corrupt Practices Act (FCPA) ,
Tax Planning ,
Travel Act
El 15 de abril de 2020, los miembros del Consejo de Examen de Instituciones Financieras Federales (“FFIEC”) publicaron secciones actualizadas y procedimientos de examen relacionados con el Manual de Examen de la Ley de...more
En mayo del 2020, el FATF (GAFI) publicó nuevas amenazas y vulnerabilidades de lavado de dinero y financiamiento del terrorismo derivadas de la crisis COVID-19. El documento destaca cómo el fraude, el cibercrimen, la mala...more
On May, 2020, the FATF published new money laundering and terrorist financing threats and vulnerabilities arising from the COVID-19 crisis. The document highlights how fraud, cybercrime, misdirection of government funding...more
The Covid-19 Pandemic and the accompanying reduction in economic activity has been a rationale for Financial Institutions (FI) to re-analyze their budgets for compliance training and education. FIs, as well as businesses in...more
6/18/2020
/ BSA/AML ,
CARES Act ,
Compliance Management Systems ,
Employee Training ,
FATCA ,
Financial Institutions ,
FinCEN ,
Foreign Corrupt Practices Act (FCPA) ,
Hiring & Firing ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Requirements
The Internal Revenue Manual defines fraud as a “deception by misrepresentation of material facts or silence when good faith requires expression, which results in material damage to one who relies on it and has the right to...more
6/18/2020
/ Bankruptcy Plans ,
BSA/AML ,
Corruption ,
Employment Tax ,
Forensic Accounting ,
Fraud ,
Gaming ,
Healthcare Fraud ,
Identity Theft ,
Money Laundering ,
Popular ,
Tax Fraud ,
White Collar Crimes
On April 15, 2020, the members of the Federal Financial Institutions Examination Council (FFIEC) released updated sections and related examination procedures to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML)...more
With respect to customers, Financial Institutions are required to have processes in place for identifying Politically Exposed Persons – known as “PEPs”. ...more
On April 13, 2020, FinCEN, as the administrator of the BSA, re-published FAQs on how borrowers and lenders may rely on the guidance provided for the SBA’s interpretation of the CARES Act and of the PPP (Paycheck Protection...more
5/1/2020
/ Bank Secrecy Act ,
BSA/AML ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
FinCEN ,
Good Faith ,
Lenders ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Risk Management
The U.S. Department of the Treasury 2020 Strategy (National Strategy for Combating Terrorist and Other Illicit Financing released on February 6, 2020) describes ongoing significant AML/CFT threats. ...more
3/13/2020
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Common Reporting Standard (CRS) ,
Corruption ,
Cross-Border Transactions ,
Digital Assets ,
FATCA ,
FATF ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Money Laundering ,
Real Estate Investments ,
Tax Haven ,
Terrorism Funding ,
Terrorist Financing Regulations ,
U.S. Treasury ,
Vulnerability Assessments
In November, 2019 the IRS and the Office of Foreign Assets Control (OFAC) signed a Memorandum of Understanding (MOU). The MOU outlines an understanding between the IRS and OFAC with respect to reviews conducted by the IRS...more
On 2/6/2020, the U.S. Department of the Treasury issued the 2020 National Strategy for Combating Terrorist and Other Illicit Financing (2020 Strategy). The purpose of the 2020 Strategy is to...more
2/21/2020
/ AML/CFT ,
Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Corruption ,
Cross-Border Transactions ,
Digital Assets ,
Drug Trafficking ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Human Trafficking ,
Money Laundering ,
Organized Crime ,
Real Estate Investments ,
Regulatory Oversight ,
Terrorism Funding ,
Terrorist Financing Regulations ,
Transparency ,
U.S. Treasury ,
Vulnerability Assessments
Financial Institutions ought to design and evaluate compliance programs to meet BSA/AML requirements and to satisfy Bank Examiner expectations. A Financial Institution’s Compliance Programs must comply with the requirements...more
1/24/2020
/ Anti-Money Laundering ,
Banking Examinations ,
BSA/AML ,
Compliance Management Systems ,
Due Diligence ,
Financial Institutions ,
Internal Controls ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Policies and Procedures ,
Risk Assessment ,
Risk Management ,
Risk-Based Approaches ,
Tax Planning ,
Third-Party Service Provider