News & Analysis as of

Bank Secrecy Act

The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide... more +
The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -

BSA/AML Alert: The Beneficial Ownership Rule Becomes Effective Today

by Vedder Price on

On May 11, 2018, the beneficial ownership rule became fully effective. While the rule was finalized on July 16, 2016, compliance was not mandatory until May 11, 2018. The delay in implementation was to permit covered...more

Bank Regulatory News and Trends

by DLA Piper on

This regular publication from DLA Piper focuses on helping banking and financial services clients navigate the ever-changing federal regulatory landscape....more

Legal Issues With Blockchain-Based Crypto Games and Collectibles

The use of blockchain technology for crypto games and token-based digital collectibles is on the rise. One of the first crypto games of note was CryptoKitties. It may turn out that CryptoKitties becomes to crypto games what...more

Beyond BSA Compliance: Human Trafficking Corporate Liability for Small Banks and MSBs

Smaller banks and money services businesses should expand their AML compliance to mitigate human trafficking corporate liability. Aside from the Bank Secrecy Act, federal law creates corporate liability for financial...more

Deadline Approaches for Implementation of FinCEN Customer Due Diligence Requirements

by Kelley Drye & Warren LLP on

On May 11, 2016, the Financial Crimes Enforcement Network (“FinCEN”) adopted final rules which codify customer due diligence requirements for financial institutions (the “CDD Rule”)[1] under the Bank Secrecy Act (the “BSA”). ...more

Nutter Bank Report, April 2018

Treasury Report Recommends Changes to Community Reinvestment Act Rules - The U.S. Department of the Treasury has released a report recommending changes to the federal banking agencies’ rules that implement the Community...more

Increase in SIFI Threshold Should Spur More Bank M&A Activity

On March 14, 2018, the U.S. Senate approved the Economic Growth, Regulatory Relief and Consumer Protection Act, a bipartisan bill that would repeal or modify certain provisions of the Dodd-Frank Act and eliminate or ease a...more

Obstructing Bank Examinations Is a Costly Crime

by K&L Gates LLP on

Recently, an American bank entered into a deferred prosecution agreement requiring it to pay over US$610 million in penalties. The plea agreement was based on “impos[ing] hard caps on the number of transactions subject to AML...more

FinCen Customer Due Diligence Rule Compliance Deadline Approaches

On May 11, 2016, the Department of Treasury, Financial Crimes Enforcement Network (FinCEN) published its final rule (81 FR 29398) on required “know your customer” due diligence procedures (Rule). The Rule established a...more

New York AG Puts Crypto Exchanges In The Crosshairs

by Ifrah PLLC on

Following on the heels of the SEC’s announcement of subpoenas to crypto exchanges and token issuers, yesterday New York Attorney General Eric Schneiderman announced “the Virtual Markets Integrity Initiative,” which he...more

Comptroller Otting’s Priorities – Good News for Bankers and the Economy

by Moore & Van Allen PLLC on

In a series of interviews, speeches and other public releases, OCC Comptroller Joseph Otting has set out a number of priorities, some substantive, some related to how the agency operates. ...more

FinCEN Provides Relief to CDD Obligations for Existing Customers

The Financial Crimes Enforcement Network (FinCEN) published long-awaited additional Frequently Asked Questions on April 3, 2018 (the “Guidance”) relating to its Customer Due Diligence (CDD) Rule, which FinCEN promulgated...more

Anti-Money Laundering Obligations for Virtual Currency Companies

Virtual currency businesses are under scrutiny by U.S. anti-money laundering (AML) regulators. Earlier this year, U.S Treasury Secretary Steven Mnuchin emphasized that virtual currencies are subject to AML regulations. He...more

Ninth Circuit Sides With FDIC, Upholds BSA Constitutionality

Is the Bank Secrecy Act unconstitutional? Not so, says the Ninth Circuit. This article explains the court’s analysis and why it matters to covered financial institutions....more

FinTech Flash: So You Want to Put a Bitcoin ATM in a Coffee Shop?

by Goodwin on

This writer received three cold emails in two weeks asking for legal help around operating a Bitcoin ATM (BTM). Each groundbreaker asked: “What are the legal requirements for an operator putting a BTM in, say, a coffee shop?”...more

9th Circuit Affirms FDIC BSA Enforcement Action

by Weiner Brodsky Kider PC on

On March 13, 2018, the U.S. Court of Appeals for the Ninth Circuit affirmed an order by the FDIC Board, which found that a California community bank violated the Bank Secrecy Act (BSA) by failing to establish and maintain a...more

BSA/AML Failures Prove Costly

Recent enforcement actions demonstrate just how expensive failures with regard to Bank Secrecy Act and anti-money laundering (BSA/AML) compliance can be and how intentional conduct can enhance the severity of a penalty, with...more

Is Your AML Program Up to the Task?

Fulfilling today’s requirements for anti-money laundering and counterterrorism financing/sanctions compliance is no easy task for financial institutions. ...more

FinCEN Is Watching ICOs for BSA Violations

by Perkins Coie on

In a recently published letter to the Senate Finance Committee, FinCEN confirmed that when an ICO token is a “convertible virtual currency,” administrators or exchangers of the token would be “money transmitters” under...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Notwithstanding Lloyd’s assurances that the rumors of his demise are premature, Goldman has cleared the path forward for David Solomon (aka, one of its current co-Presidents, aka, DJ D-Sol) to assume the CEO position when Mr....more

FinCEN: No SAR Filing Obligation When Customers Voluntarily Disclose to Home Country

by Jones Day on

On February 21, 2018, the Financial Crimes Enforcement Network ("FinCEN") issued highly anticipated guidance affecting reporting obligations for U.S. financial institutions in response to an inquiry by the Florida...more

Registration of Beneficial Owners: COMING TO YOU SOON?

by Foodman CPAs & Advisors on

There is a new Bill drafted on November 14, 2017 called the Counter Terrorism and Illicit Finance Act (CTIFA). The Bill is currently in a committee in the Senate and it proposes a substantial overhaul to the Bank Secrecy Act...more

No relief in sight for US Expatriates worldwide as Duplicative Reporting Requirements Continue to Burden US Expatriate Taxpayers

by Foodman CPAs & Advisors on

The National Taxpayer Advocate Report for 2017 (Purple Book) is a summary of legislative recommendations that the Office of Taxpayer Advocate (OTA) believes will strengthen taxpayers rights and improve tax administration. ...more

New Legislation Introduced in 2017 Signals the Beginning of a Strong Push for AML Reform

There is universal acknowledgement that anti-money laundering (“AML”) monitoring has become progressively costlier (both in terms of time and money) since the Bank Secrecy Act (“BSA”) was passed nearly five decades ago, and...more

DOJ ‘Reminds’ Banking Industry of the Significant Risks Created by an Inadequate BSA/AML Program

Last week the Department of Justice (DOJ) announced criminal charges against U.S. Bancorp “consisting of two felony violations of the Bank Secrecy Act (‘BSA’) by its subsidiary, U.S. Bank National Association (the ‘Bank’),...more

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