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Enforcement Financial Crimes

Conyers

Shifting Sands: The Future of Offshore Regulatory Disputes (Part 1)

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As an evolving area of commercial disputes in the Cayman Islands, global enforcement trends provide us with valuable insight into the types of regulatory proceedings on the horizon for offshore jurisdictions. In this first...more

Freiberger Haber LLP

Enforcement News: SEC Charges Bank With Misleading Investors About The Strength Of Its BSA/AML Compliance Program And Its...

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The Currency and Foreign Transactions Reporting Act, also known as the “BSA,” enacted in 1970, established requirements for record-keeping and reporting by banks and other financial institutions. The BSA is designed to, among...more

American Conference Institute (ACI)

The DOJ’s New Pilot Programs: A Bane for Compliance Programs

For years, Department of Justice officials have stressed how important chief compliance officers are as the first line of defense in fighting corporate crimes. While that’s true, compliance programs now have a competitor in...more

WilmerHale

FCA Business Plan: Firms Should Expect Assertive Supervision, Enforcement on Financial Crime as 2022-2025 Strategy Enters Final...

WilmerHale on

The UK Financial Conduct Authority (FCA) is entering the final year of its 2022-2025 strategy, which features a commitment to be more innovative, assertive and adaptable. Its 2024/25 Business Plan outlines how the regulator...more

A&O Shearman

Our top ten enforcement takeaways from the FCA Business Plan 2024/25

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The UK Financial Conduct Authority (FCA) has published its business plan for 2024/25. Reducing and preventing financial crime, championing consumer needs and strengthening the UK’s position in global wholesale markets all...more

A&O Shearman

Key Regulatory Topics: Weekly Update 23-29 Feb 2024

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Amongst the broad range of updates this week, at international level, the FSB published its thematic peer review on MMF Reforms and the BCBS published the outcomes of its meeting held on 28 and 29 February, including that it...more

Dunlap Bennett & Ludwig PLLC

What Is The Corporate Transparency Act?

The Corporate Transparency Act was passed by Congress with bipartisan support in 2021 and went into effect on January 1, 2024. Broadly speaking, the law requires private companies to file a report with the Department of...more

A&O Shearman

Economic Crime and Corporate Transparency Act 2023 - anti-money laundering considerations for the regulated sector

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As part of the Economic Crime and Corporate Transparency Act 2023, there are two new 'pay-away' exceptions to the need for a firm in the regulated sector to file a Defence against Money Laundering - Previously a firm in...more

WilmerHale

The FCA’s Proactive Enforcement Approach Exacerbates Growing Case Backlog

WilmerHale on

On 20 July 2023, the UK Financial Conduct Authority (FCA) published its Annual Report and Accounts for the year ending March 2023 (the “Report”). The Report represents the first opportunity to assess progress made in the...more

WilmerHale

Failure to Prevent Fraud for UK Corporates

WilmerHale on

The UK Government yesterday introduced a new corporate “failure to prevent fraud” offence into draft legislation, the Economic Crime and Corporate Transparency Bill (“the Bill”). This is a significant development in UK...more

Orrick, Herrington & Sutcliffe LLP

U.S., German law enforcement disable darknet crypto mixer

On March 15, U.S. law enforcement, along with German criminal authorities, disabled a darknet cryptocurrency “mixing” service used to allegedly launder more than $3 billion in cryptocurrency underlying ransomware, darknet...more

Faegre Drinker Biddle & Reath LLP

New Year’s Priorities: FINRA Releases its 2023 Report on its Examination and Risk Monitoring Program

Yes, (somehow) it is that time of year again. FINRA recently released its 2023 Report on its Examination and Risk Monitoring Program (the “Report”). As is typical (and this blog has well-covered), it contains a mix of old and...more

ArentFox Schiff

UK FCA: United Kingdom’s Recent Focus on Consumer Best Interests

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In a welcome change in approach to financial market regulation, the United Kingdom’s Financial Conduct Authority (FCA) is requiring market participants to deliver good outcomes for consumers. On July 27, 2022, the FCA...more

Dechert LLP

DFSA’s Financial Crime and Enforcement Priorities for 2023 and 2024

Dechert LLP on

The Dubai Financial Services Authority’s ("DFSA") Business Plan 2023–2024, published last week, marks the continuing maturity of the Dubai International Financial Centre ("DIFC") as a leading global centre for finance and...more

Sheppard Mullin Richter & Hampton LLP

Financial Crimes Makes Debut in FINRA Annual Priorities Preview

FINRA punctuated its annual post-New Year’s Report on FINRA’s Examination and Risk Monitoring Program (the “Report”), by including a new target category “Financial Crimes.” The inclusion of this category is noteworthy not...more

K2 Integrity

U.S. Authorities Amplify Enforcement Efforts to Address Financial Crime Risks in the Digital Asset Industry

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The United States Department of the Treasury has continued to signal that it will focus policy, regulatory, and enforcement attention on the financial crime and sanctions risk in the crypto and digital asset ecosystem...more

BCLP

Economic Crime (Transparency and Enforcement) Act 2022 - Obligation to Register at Companies House from 1 August 2022

BCLP on

The Government has now announced that it intends to launch the Register of Overseas Entities at Companies House (“ROE”) on 1 August 2022. We await formal confirmation (in the form of a commencement order) but we anticipate...more

Husch Blackwell LLP

US DOJ Responds to Biden Executive Order on Digital Assets

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On March 9, 2022, President Joseph Biden issued Executive Order 14067, which charged the Department of Justice (in consultation with the Departments of State, Treasury, and Homeland Security) to submit a report on how to...more

K&L Gates LLP

The Economic Crime (Transparency and Enforcement) Act 2022 – Impact on UK Sanctions Regime

K&L Gates LLP on

What is it? On 15 March 2022 the Economic Crime (Transparency and Enforcement) Act 2022 (the Act) received royal assent, having been expedited through parliament as part of the United Kingdom’s response to Russia’s invasion...more

K&L Gates LLP

Looking Forward: The FCA Enforcement Trends Firms Can Expect in 2022 Part 1

K&L Gates LLP on

As the Financial Conduct Authority (FCA) attempted to mitigate the effect of COVID-19 on consumers and the market, enforcement investigations and action slowed. ...more

Cozen O'Connor

Biden Administration Unveils New Strategy on Countering Corruption

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On Monday, President Joe Biden released the United States’ first-ever Strategy on Countering Corruption. This guidance emphasizes the importance of responding to the threat of transnational corruption, and on preventing bad...more

Latham & Watkins LLP

DOJ and Treasury Take Crypto Enforcement to the Next Level

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The DOJ’s National Cryptocurrency Enforcement Team and Treasury’s OFAC are setting their sights on cryptocurrency use in cybercrimes. The US Department of Justice (DOJ) is sharpening its focus on combatting...more

Latham & Watkins LLP

Private Bank Briefing - September 2021

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The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q3 2021. In this edition, we include a summary of the latest sustainable...more

McDermott Will & Emery

FinCEN Announces Anti-Money Laundering Priorities

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The Financial Crimes Enforcement Network (FinCEN) recently issued its government-wide anti-money laundering (AML) and countering the financing of terrorism (CFT) priorities (AML/CFT priorities). FinCEN issued the AML/CFT...more

BCLP

Economic Crime: the Crown Prosecution Service unveils its strategy

BCLP on

On 30 March 2021, the Crown Prosecution Service (CPS) published an overview of its strategy in relation to economic crime, outlining its high-level goals leading up to 2025. In it, the CPS ambitiously commits “to ensure the...more

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