News & Analysis as of

Anti-Money Laundering

Orrick's Financial Industry Week In Review

SEC OCIE Examinations Announces 2018 Examination Priorities - On February 7, the Securities and Exchange Commission's ("SEC") Office of Compliance Inspections and Examinations ("OCIE") announced its 2018 examination...more

Implementation of the fourth AML directive in Luxembourg: what will be the new obligations?

by Allen & Overy LLP on

The Luxembourg Parliament has now finally adopted bill n° 71281, which implements most of the provisions of the Directive (EU) 2015/849, the so-called 4th anti-money laundering directive (AMLD IV), into Luxembourg law. The...more

Treasury Official Warns Of Risks To Financial System Posed By Illicit Use Of Virtual Currencies

by Fox Rothschild LLP on

In a recent speech, the Under Secretary of Treasury’s Office of Terrorism and Financial Intelligence (TFI) warned of the growing threats to the U.S. financial system posed by virtual currencies. Addressing the Securities...more

The SEC’s Office of Compliance Inspections and Examinations and FINRA Announce 2018 Examination and Regulatory Priorities

by K&L Gates LLP on

On January 8 and February 7, 2018, respectively, the Financial Industry Regulatory Authority (“FINRA”) and the Office of Compliance Inspections and Examinations (“OCIE”) of the U.S. Securities and Exchange Commission (“SEC”)...more

SEC Opens Registration for National Compliance Outreach Seminar Following the Release of the SEC Office of Compliance Inspections...

by Locke Lord LLP on

On Tuesday, February 13, 2018 the Securities and Exchange Commission (“SEC”) announced the opening of registration for its compliance outreach program’s national seminar for investment companies and investment advisers, which...more

U.S. Subsidiary Of Dutch Bank Pleads Guilty To Allegations That It Conspired To Obstruct OCC Examination Of AML Program

by Shearman & Sterling LLP on

On February 7, 2018, Dutch bank Rabobank’s U.S. subsidiary pleaded guilty to conspiring to impair, impede, and obstruct a review by the Office of the Comptroller of the Currency (“OCC”) of the bank’s anti-money laundering...more

Red Notice Newsletter - Russian

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more

Red Notice Newsletter - Chinese

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more

SEC's Office of Compliance Inspections and Examinations 2018 Examination Priorities

by Bracewell LLP on

On February 7, 2018, the Office of Compliance Inspections and Examinations (“OCIE”) of the U.S. Securities and Exchange Commission (“SEC”) published its 2018 examination priorities. OCIE’s examination priorities are...more

U.S. Treasury to Review FinCEN’s Cryptocurrency Practices

In October, the U.S. Department of the Treasury (the “Treasury”) released its Annual Plan, outlining the Office of Inspector General’s audit and investigative priorities for fiscal year 2018. The Annual Plan notes that...more

SEC 2018 National Exam Program Examination Priorities

by McGuireWoods LLP on

On Feb. 7, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released its 2018 National Exam Program Examination Priorities (NEPEP). The NEPEP are organized around five themes,...more

Department of Finance Reviewing Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime

On February 7, 2018, the Department of Finance released a consultation paper (Paper) reviewing Canada’s anti-money laundering and anti-terrorist financing regime (AML/ATF). The Paper is intended to support parliament’s...more

SEC’s Office Of Compliance Inspections Releases Its 2018 Examination Priorities

by Fox Rothschild LLP on

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) has released its 2018 examination priorities, an annual report outlining the areas of the securities industry its examiners...more

State-Level Legislation Anticipates Wide-Spread Business Use of Blockchain

On a daily basis, companies are announcing new developments on the adoption of blockchain in core business operations. However, many of these use cases present unique legal issues. In order to provide some clarity on some of...more

Mandatory register of ultimate beneficial owners in the Czech Republic as of 1 January 2018

by White & Case LLP on

Effective as of 1 January 2018, Czech law requires that "ultimate beneficial owners" of companies and trust funds be recorded in a central register, in the interest of bringing increased transparency to the ownership...more

SEC Targets AML as Exam Priority

by Ballard Spahr LLP on

Wednesday, the SEC Office of Compliance Inspections and Examinations (OCIE) announced its 2018 examination priorities, released in order to “improve compliance, prevent fraud, monitor risk, and inform policy.” ...more

An agile approach to managing operational risk

In a global marketplace defined by disruption, the ability to respond to multiple sources of operational risk data will set successful organizations apart. How does platform technology enable this? The risk/reward ratio...more

E-Discovery and Cryptocurrencies – What you need to know

by BakerHostetler on

Does bitcoin keep appearing in your news feed? As cryptocurrencies become adopted and accepted by mainstream vendors and consumers, it’s a good idea for attorneys to think about the potential litigation and eDiscovery...more

SEC's Office Of Compliance Inspections And Examinations Priorities For 2018

by Tonkon Torp LLP on

On February 7, 2018, the Security and Exchange Commission's Office of Compliance Inspections and Examinations announced its 2018 examination priorities. For 2018, OCIE's priorities fit into five broad categories:- ...more

AML/BSA Focus by U.S. Senate Committee Testimony – From Beneficial Ownership to Cryptocurrency

by Ballard Spahr LLP on

This week, the U.S. Senate Committee on the Judiciary and the U.S. Senate Committee on Banking, Housing and Urban Affairs held hearings focused in part on Anti-Money Laundering (“AML”) and the Bank Secrecy Act (“BSA”)....more

Year in Review: Legislation and Guidance for Federal Financial Institutions in 2017

2017 marked another year of prodigious development of legislation and regulatory guidance impacting federal financial institutions in Canada. The new wave of initiatives in 2017 included the second stage of the...more

Gibraltar’s Financial Services Regulator Adopts First-Ever Purpose-Built Blockchain Regulations

Gibraltar has become the first jurisdiction worldwide to offer a fully regulated framework for firms working with distributed ledger technology (DLT)—also known as blockchain. The new regulatory framework means that FinTech...more

The sanctions landscape: what to expect in 2018

by Dechert LLP on

In 2017 there were a number of major sanctions developments in the EU and the US, with implications for businesses both in terms of keeping their compliance processes effective, and in terms of what to do if breaches are...more

New FinCEN beneficial ownership requirements for legal entity customers to become effective in May 2018

by Thompson Coburn LLP on

Effective May 11, 2018, new Financial Crimes Enforcement Network (FinCEN) regulations (codified at 31 C.F.R. §§ 1010.230 and 1020.210(b)(5)) (the “New Regulations”) require that covered financial institutions, including...more

The Making of a Super-SAR: A Case Study

by White & Case LLP on

The UK Government has continued to develop the UK's existing anti-money laundering ("AML") framework, both in response to EU driven initiatives, but also as part of its own national strategy. The Criminal Finances Act 20171...more

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Cybersecurity

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