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Bank Secrecy Act › Fraud

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 -
Holland & Hart LLP

Key Compliance Takeaways for Companies from the DOJ's New Corporate Whistleblower Program

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On August 1, 2024, the U.S. Department of Justice (“DOJ”) announced its new “Corporate Whistleblower Awards Pilot Program” (“DOJ Program”), a three-year initiative managed by DOJ’s Money Laundering and Asset Recovery Section....more

Guidepost Solutions LLC

Can a Failed Privacy Program Lead to Fentanyl Trafficking or OFAC Violations?

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In July 2024, the Federal Bureau of Investigation and Department of Treasury’s Financial Crime Enforcement Network and Office of Foreign Assets Control (OFAC) released a joint notice discussing how Mexican-based Transnational...more

K2 Integrity

Proposed Rule to Impose Anti-Money Laundering Requirements on Investment Advisers

K2 Integrity on

On 13 February 2024, the Financial Crimes Enforcement Network (FinCEN) issued a groundbreaking Notice of Proposed Rulemaking (NPRM) to combat illicit finance and national security threats in the investment adviser sector. The...more

Womble Bond Dickinson

Navigating the Labyrinth: Artificial Intelligence in the Battle Against Trade-Based Money Laundering

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In the rapidly evolving financial landscape, governments worldwide are intensifying their focus on compliance in Know Your Customer (KYC) and Anti-Money Laundering (AML) efforts for financial institutions. Trade-Based Money...more

Davis Wright Tremaine LLP

FINRA’s 2024 Annual Regulatory Oversight Report: Select Observations

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FINRA recently published its 90-page 2024 Annual Regulatory Oversight Report (Report) providing member firms with insight into six primary topics: Financial Crimes, Crypto Asset Development, Firm Operations, Communications...more

Buchalter

PPP Lender Liability, Enforcement, & Fintech Challenges

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The Paycheck Protection Program (“PPP”) emerged as a lifeline for small businesses grappling with the unprecedented challenges of the COVID-19 pandemic. Lenders navigated a landscape of regulations that Congress quickly...more

ArentFox Schiff

Investigations Newsletter: Binance to Pay Historic $4 Billion Fine

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Binance to Pay Historic $4 Billion Fine - Binance Holdings Limited, the operator of the world’s largest cryptocurrency exchange, agreed to pay $4.3 billion to resolve allegations that it violated the Bank Secrecy Act (BSA)...more

Ballard Spahr LLP

FinCEN Issues Alert on COVID-19 Employee Retention Tax Credit Fraud

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On November 22, 2023, the Financial Crimes Enforcement Network (“FinCEN”), in close coordination with the Internal Revenue Service (“IRS”) Criminal Investigation (“CI”), issued an alert (“Alert”) regarding the COVID-19...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - September 2023

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Editor's Note The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more

Kohn, Kohn & Colapinto LLP

Cryptocurrencies Mirrored a New Gold Rush, Then Ended Up Similarly: With Scammers Going to Jail

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Despite the excitement that surrounded original cryptocurrencies like Bitcoin, the dust eventually settled, revealing that only a few early investors got rich and many others lost their life savings. But it was not long...more

Foodman CPAs & Advisors

Check Fraud FinCEN Alert

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On February 27, 2023, FinCEN issued (in close collaboration with the United States Postal Inspection Service) an Alert on Nationwide Surge in Mail Theft-Related Check Fraud Schemes Targeting the U.S. Mail. Despite the...more

Paul Hastings LLP

Top PHive Crypto Enforcement Notes: January Edition

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Happy New Year! While the holidays hopefully provided a chance to rest and recharge, things have not slowed down in the world of digital asset enforcement. We see a growing dedication of resources by government law...more

WilmerHale

Criminal Vs. Civil Liability Amid Growing Crypto Enforcement

WilmerHale on

The emergence of digital assets has brought new risks and challenges, including the potential exploitation of the technology to facilitate financial crime. The U.S. Department of Justice has committed to work with its law...more

Troutman Pepper

Evaluating Fraud Under the Bank Secrecy Act - The Crypto Exchange Podcast

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In this episode of The Crypto Exchange, Troutman Pepper attorney Carlin McCrory welcomes Disputes, Compliance and Investigations Managing Director Terri Sands from Stout to discuss the risks and regulatory scrutiny that...more

Proskauer - Blockchain and the Law

Custodia Bank Is, Once Again, Asking for a Federal Reserve Master Account

Proskauer - Blockchain and the Law on

On December 12, 2022, Custodia Bank (“Custodia”) – a state-chartered, digital asset-focused bank based in Wyoming – was denied its motion for a default judgment in its battle with the Federal Reserve Board of Governors (the...more

ArentFox Schiff

Biden Administration Offers More Details on Emerging Crypto Regulatory Scheme

ArentFox Schiff on

The Biden Administration, after ordering a series of reports on the risks and potential benefits of cryptocurrency and digital assets in its March 9, 2022, Executive Order (EO), has now published the “Comprehensive Framework...more

Ankura

Responding to the Increased Global Risk of Financial Crimes

Ankura on

Ankura's Nova O sits down with Mark McGrath, Ayana Murphy, and Elif Cinar to discuss the current anti-money laundering (AML) landscape in the latest Q&A with our Ankura experts. Learn more about responding to the increased...more

Bradley Arant Boult Cummings LLP

Prosecution Of NY Lender Marks Shift In PPP Enforcement

Bradley Arant Boult Cummings LLP on

Until recently government enforcement and regulatory scrutiny of fraud and other misconduct relating to COVID-19 relief programs were generally limited to end recipients of the relief. These efforts have mostly been...more

ArentFox Schiff

Investigations Newsletter: DOJ Continues To Prosecute PPP Fraud

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DOJ Continues To Prosecute PPP Fraud - Earlier this week, Ana Soto of Newark, Delaware pled guilty to fraudulently obtaining and spending money received through Paycheck Protection Program (“PPP”) loans. Between March...more

Lowenstein Sandler LLP

Trends in White Collar Crime Enforcement: Looking Back on 2021 and Ahead to 2022

Lowenstein Sandler LLP on

Theranos, Trump Organization, Operation Varsity Blues, DEI, ESG and More: Experts Expect SEC and DOJ Actions to Ramp Up in 2022- 2022 will likely be a lot like 2021, only more so. With most key federal positions filled,...more

American Conference Institute (ACI)

[Event] 15th Flagship Conference on U.S. Economic Sanctions Enforcement and Compliance - December 7th - 8th, Washington, DC

American Conference Institute (ACI) on

LIVE and IN-PERSON ACI’s Flagship Conference in December! ACI’s 15th Flagship Conference on U.S. Economic Sanctions Enforcement and Compliance is North America’s largest and most comprehensive conference on economic...more

McGuireWoods LLP

Chang, et. al. v. Interactive Brokers LLC

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Chang, et. al. v. Interactive Brokers LLC (“IB”) was filed in the Northern District of California on August 2, 2021. The Complaint seeks civil damages for claims of aiding and abetting fraud, aiding and abetting breach of...more

American Conference Institute (ACI)

[Event] London Forum on Global Economic Sanctions - November 17th - 18th, London, United Kingdom

American Conference Institute (ACI) on

Practical Guidance to Staying Compliant with Multiple Regimes - 10th London Forum on Global Economic Sanctions will return on November 17-18, 2021, IN PERSON! This program will provide you with all the current...more

Foley & Lardner LLP

New FinCEN Anti-Money Laundering Priorities

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Financial Crimes Enforcement Network (FinCEN) remains committed to combating money laundering, in all forms, in connection with the banking and financial systems. To this end, on June 30, 2021, FinCEN issued new...more

King & Spalding

FinCEN Issues Anti-Money Laundering and Countering the Financing of Terrorism Priorities

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FinCEN announces eight areas of focus and advises preparation for issuance of new regulations - On June 30, 2021, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued the first...more

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