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Criminal Law Finance & Banking

Read Criminal Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

France Announces Its First Deferred Prosecution Agreement

In a move that could signal a new phase of government enforcement in France, on November 27, 2017, French authorities published a Convention judiciaire d’intérêt public (CJIP) with HSBC Private Bank Suisse SA (HSBC PB), the...more

DOJ Announces Major New Shift in Criminal Sentencing in Offshore Tax Matters

At the 34th Annual National Institute on Criminal Tax Fraud in Las Vegas yesterday afternoon, Mark Daly, DOJ Tax Division Senior Litigation Counsel announced a major new shift in how the Department of Justice plans to argue...more

Further Implementation of the Market Abuse Regulation, European Capital Markets Update

by Jones Day on

On 31 July 2017, a new law was adopted to further implement and ensure the effectiveness of Regulation 596/2014 on market abuse ("Market Abuse Regulation"). This new law amends the law of 2 August 2002 on the supervision of...more

Texas Bank Faces $2M Fine From FinCEN

The Financial Crimes Enforcement Network (FinCEN) hit a Texas bank with a $2 million Assessment of Civil Money Penalty for Bank Secrecy Act and anti-money laundering (BSA/AML) violations of Section 312 of the USA PATRIOT Act...more

A Primer for In-House Counsel: Corporate and Financial Crimes, Part 1: : Criminal Law 101

What Statutes Set Out Criminal Offences in Canada? Canada’s criminal law is set out in the Criminal Code. The Criminal Code is made by Parliament and applies equally in every province and territory. The Criminal Code...more

U.S. Court Orders Coinbase to Share Information about Account Holders with the IRS but Limits to Transactions over $20,000

A U.S. federal district court judge on Tuesday, November 29 ordered Coinbase Inc., the largest cryptocurrency exchange and storage platform in the world, to provide information about certain of its account holders to the U.S....more

SEC Files Emergency Action to Halt Alleged ICO Scam

by Perkins Coie on

On Friday, December 1, 2017, the SEC filed an emergency action in federal district court in Brooklyn alleging that Dominic Lacroix and Sabrina Paradis-Roger, both from Quebec, Canada, raised approximately $15 million in a...more

New Mexico AG Announces Investigation Into National Bank for Opening Fake Consumer Accounts

by Goodwin on

?On November 29, the New Mexico Attorney General (AG) announced that, after a year-long investigation of a national bank, the AG will seek damages on behalf of thousands of New Mexico consumers for whom the bank had created...more

Coinbase to turn over information to IRS. What does it mean for the bitcoin day trader?

by Sanford Millar on

On December 6, 2016 the Department of Justice (DOJ) served a “John Doe” summons to Coinbase, a San Francisco based exchange of cryptocurrency, to produce records of accounts held by U.S. taxpayers for the period of 2013...more

Cross-Border Investigations Update - November 2017

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including new U.K. reporting obligations for sanctions violations,...more

Red Notice Newsletter - November 2017

ANTICORRUPTION DEVELOPMENTS – SBM Offshore N.V. Agrees to Pay $238 Million to Resolve DOJ FCPA Enforcement Action - On November 29, 2017, SBM Offshore N.V. (SBM), a Netherlands based company specializing in the...more

Second Circuit Construes Civil RICO's "Domestic Injury" Requirement

by Jones Day on

The Background: A Chilean plaintiff filed a civil RICO action against a Chilean defendant based on the latter's pattern of misappropriation of the former's assets. The Issue: The defendant sought to dismiss the action...more

'The Chickenshit Club' - Book Review and Author Interview

by Thomas Fox on

'The Chickenshit Club' is the most important book that every Chief Compliance Office, General Counsel, and compliance practitioner needs to read. Here's a review and interview with its author....more

Jury Convicts Payday Lender Owner for Allegedly Fraudulent Payday Lending Scheme

by Goodwin on

On November 15, 2017, the U.S. Attorney for the Southern District of New York (“?USAO”) announced that a jury has convicted the owner of an alleged fraudulent lending scheme (the “Defendant”) for one count of conspiracy to...more

Anti-Money Laundering Update: California Card Club Clubbed by FinCEN for AML Violations

by Bass, Berry & Sims PLC on

Post at a glance: • FinCEN imposes $8 million penalty against California’s biggest and oldest card club • Club failed to implement and maintain an effective anti-money laundering (AML) program and failed to detect,...more

What If You Are Ineligible For The Offshore Voluntary Disclosure Program? Attorney Proffers versus Quiet Disclosures

by Sanford Millar on

Since the beginning of the current Offshore Voluntary Disclosure Programs (OVDP) in 2009 tens of thousands of U.S. taxpayers have come forward to report previously undisclosed foreign financial accounts. The addition of the...more

SEC Enforcement: Another Look At Last Fiscal Year

by Dorsey & Whitney LLP on

The SEC published its statistics for the last fiscal year in a glossy report centered on a discussion of the new retail/cyber focus of the Enforcement Division. Statistics are not the sole measure of success the agency...more

News Flash: Kleptocrats Still Taking Bribe Money With One Hand and Laundering it With the Other

The summer of 2017 saw the U.S. Department of Justice’s docket still teeming with Foreign Corrupt Practices Act (FCPA) cases. In this post, we draw a few lessons from three of them, which bring together three threads that...more

California Card Club Plagued By Allegations Of Criminal Activity Fined $8 Million For AML Violations

by Fox Rothschild LLP on

Today the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that it had fined a California card club, Artichoke Joe’s Casino, $8 million for numerous willful violations of the Bank Secrecy Act...more

DOJ Sues Foreclosure Trustee for Illegally Foreclosing on Homes of Servicemembers

by Goodwin on

On November 9, the Department of Justice (“DOJ”) annou?nced its lawsuit against a foreclosure trustee for wrongfully foreclosing on at least twenty-eight servicemembers in violation of the Servicemembers Civil Relief Act...more

On Eve Of “Paradise Papers” Release, At-Risk Individuals Should Consider Immediate Action To Mitigate Potential For Criminal...

by Fox Rothschild LLP on

Tomorrow morning (November 17) the International Consortium of Investigative Journalists (ICIJ) is set to release publicly the first set of comprehensive data from the recent “Paradise Papers” leak. The initial data will...more

UK Financial Conduct Authority Decision to Ban Ex-Libor Trader Hayes Delayed Pending Criminal Review

by Shearman & Sterling LLP on

The Financial Conduct Authority has announced that it has decided to prohibit former trader Tom Hayes from performing any function relating to any regulated activity in the financial services industry. The FCA stated that Mr....more

Defence & Indemnity - October 2017: I. INSURANCE ISSUES A.

by Field Law on

I. INSURANCE ISSUES: A. Where an insured’s employee followed an email from a fraudster posing as a vendor to change the electronic payment instructions to an account controlled by the fraudster, coverage was denied under...more

CRA Ratings Review Gets Update From OCC

In a new bulletin, the Office of the Comptroller of the Currency (OCC) outlined its updated “policy and framework for determining the effect of evidence of discriminatory or other illegal credit practices” on the Community...more

Anti-Money Laundering Update: FinCEN Makes Small Texas Bank Pay Big Fine for Violating Bank Secrecy Act

by Bass, Berry & Sims PLC on

This Post at a Glance: - FinCEN imposes $2 million penalty against community bank - Bank failed to conduct appropriate due diligence related to Mexican customer - Small banks, other financial institutions need to...more

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