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Banks Foreign Banks Anti-Money Laundering

WilmerHale

United States V. Danske Bank: New Theory of Liability for Violation of US AML Standards

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This Article discusses the recent plea agreement between the United States and Danske Bank. It argues that the Department of Justice has advanced a new and evolving theory of liability for foreign banks that access the U.S....more

Troutman Pepper

Second Circuit Rules Plaintiffs' Securities Class Action Cannot Ride the Coattails of Foreign Bank's Regulatory Troubles

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A recent decision out of the Second Circuit Court of Appeals sets limits on plaintiffs’ ability to transform regulatory violations into the basis for securities class actions. The decision further clarifies that issuers do...more

Sullivan & Worcester

Object Lesson on How Not to Respond to Consent and Enforcement Actions

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Last week, the DFS announced an enforcement action and charges against the NY Branch of Habib Bank, a Pakistani bank that had been doing business in NY for almost 40 years....more

Bass, Berry & Sims PLC

Proposed Legislation Would Combat Terrorist Financing, Money Laundering

- Proposed legislation targets current gaps in U.S. financial crime law and enforcement - Bi-partisan Senate legislation would likely expand compliance obligations for banks and others in financial services industry -...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Cross-Border Investigations Update - December 2016"

This issue of Skadden’s semiannual Cross-Border Investigations Update looks at Brexit’s impact on corporate crime and investigations, the U.S. DOJ’s increased use of forfeiture actions with international implications, current...more

Ballard Spahr LLP

NY DFS Finalizes Rigorous AML/BSA Regulation

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The New York Department of Financial Services (DFS) has finalized a new regulation setting forth rigorous standards for monitoring and filtering programs to monitor transactions for potential anti-money laundering (AML) and...more

Blank Rome LLP

New York Proposes Tough New Anti-Money Laundering and Cybersecurity Measures on Financial Services Companies

Blank Rome LLP on

Action Item: Benjamin Lawsky, the Superintendent of Financial Services for New York State, one of the country’s most aggressive regulators, is seeking to increase regulatory pressures on the financial services industry,...more

Davis Wright Tremaine LLP

The OCC’s Increasing Focus on BSA-AML Compliance

In a speech last week to the Institute of International Bankers, Comptroller of the Currency Thomas J. Curry focused extensively on Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance. Combined with the recent...more

Manatt, Phelps & Phillips, LLP

NY Regulator Releases First Regulatory Framework For Virtual Currency

It happened: Benjamin Lawsky, Superintendent of New York’s Department of Financial Services (DFS) announced the release of the DFS’s much-anticipated proposal for a BitLicense, stating “We have sought to strike an appropriate...more

Sheppard Mullin Richter & Hampton LLP

BNP Paribas and La Résistance: Why Compliance is not Capitulation and Cooperation Could Save an Economy

I will start by saying I am a proud Francophile. I love many things about French culture; from the just-right draw of their espresso (sorry, Italy, that ristretto is just too short and bitter) to the sacrosanct treatment of...more

Dechert LLP

Two Non-U.S. Banks Agree to Pay Penalties Totaling $160 Million for Violations of U.S. Sanctions Laws Resulting from Omnibus...

Dechert LLP on

Recent enforcement actions brought by the U.S. Government against non-U.S. banks for violations of U.S. sanctions laws demonstrate the need for financial institutions, particularly those that act as custodians or financial...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Regulators Renew Their Focus on Anti-Money Laundering Compliance"

A resurgence in anti-money laundering (AML) enforcement over the last few years reflects a renewed post-crisis focus on compliance with the regulatory requirements of the Bank Secrecy Act (BSA) imposed on banks (AML...more

Manatt, Phelps & Phillips, LLP

Money Laundering on the Front Burner

With the bulk of the banking industry’s credit problems resolved or at least more manageable than in the recent past, the regulators appear to be on a new warpath. Over the last year, they have sent strong signals to the...more

Troutman Pepper

What Are the Drastic Ramifications of the New York State Anti-Money Laundering Actions and Penalty Enforcement?

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Recent actions by the state of New York Department of Financial Services (NYDFS) regarding anti-money laundering (AML) fines and other sanctions imposed should cause financial institutions and their advisors to take notice,...more

Pillsbury Winthrop Shaw Pittman LLP

Stricter Anti-Money Laundering Controls on Tap for EU Banks and Financial Companies

Financial businesses operating in the European Union will need to consider implementing stricter anti-money-laundering and anti-terrorism-financing controls or face a potential fine of up to 10 percent of their annual...more

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