News & Analysis as of

Financial Crimes

Allen & Overy's weekly update on Key Regulatory Topics - 4 May 2018 – 10 May 2018

by Allen & Overy LLP on

BREXIT - UK Government response to HoL EU Committee report on Brexit and future of financial regulation and supervision - On 9 May, the UK Government published its response to the HoL EU Sub-Committee on Financial...more

FinCEN Extends $3 Million Carrot to Card Club and Casino: Reduce Assessed Civil Penalty by Completing Compliance Undertakings

by Ballard Spahr LLP on

FinCEN announced on May 3, 2018 that Artichoke Joe’s, a card club and casino located in San Bruno, California and founded in 1916, has entered into a revised civil money penalty assessment regarding alleged deficiencies under...more

Transparency in the territories – public ownership registers in Cayman, Bermuda and the BVI

by White & Case LLP on

UK overseas territories – including the offshore financial centres of the Cayman Islands, Bermuda and the BVI – will be required to introduce public registers of local companies' beneficial owners by the end of 2020, after a...more

The FCA’s Heightened Expectations Around Insider Dealing and Market Manipulation Systems and Controls (GC 18/1) – Some Practical...

by King & Spalding on

Firms should consider the implications for their existing anti-market abuse controls and should consider responding to the consultation either directlyor through a relevant industry body. On 5 April 2018, we reported in an...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Facebook isn’t the only tech stock having a good week. Amazon—helped along by its booming cloud business—more than doubled its net income in Q1 as compared to a year ago....more

The Financial Conduct Authority’s 2018/19 Business Plan

by WilmerHale on

The UK Financial Conduct Authority (“FCA”) recently released its 2018/19 Business Plan. The Plan sets out the FCA’s priorities for the year ahead across multiple areas, including financial crime....more

Tackling financial crime through big data

The fight against financial crime will be a major talking point at this year’s ASEAN Regulatory Summit on 8 May, in particular the value of data analytics and cross-border public-private information sharing....more

Redemption only goes so far

by Ary Rosenbaum on

My great Uncle Jack was the youngest of 4 children. He followed Herschel, Zoltan, and my grandmother Rozalia. He was a troublemaker when he was a kid. One time, he gambled away the family’s ration coupons and my grandmother...more

Highlights from the Thomson Reuters London Risk and Compliance Summit

The Thomson Reuters London Risk and Compliance Summit explored the technologies and partnerships that are enabling financial institutions to be ‘risk confident’ and #FightFinancialCrime. Here are some of the highlights...more

UK: Treasury Commons Select Committee Economic Crime Inquiry

by Hogan Lovells on

On 29 March 2018, the Treasury Commons Select Committee (the “Committee“) announced an inquiry into economic crime in the UK.  The inquiry will have two strands...more

World-Check Customer Risk Screener launches on Salesforce

In our fight against financial crime, we’ve launched World-Check Customer Risk Screener on the Salesforce AppExchange so that clients can quickly and efficiently on-board new customers and meet Anti-Money Laundering (AML)...more

Allen & Overy's weekly update on Key Regulatory Topics - 23 March 2018 - 28 March 2018

by Allen & Overy LLP on

BREXIT - Please see the Prudential Regulation section for updates on: (i) the record of the FPC meeting held on 12 March; and (ii) HMT’s recently published letter on the EC’s proposed package of reforms in relation to BRRD...more

Wolfsberg Group Issues Frequently Asked Questions on Country Risk

by Shearman & Sterling LLP on

The Wolfsberg Group has published a set of Frequently Asked Questions on financial crime country risk. Country risk is the additional risk created by investing in, or lending cross border to, a foreign country in the context...more

FCA Proposes New Guidance on Financial Crime Systems and Controls

by Latham & Watkins LLP on

The FCA is proposing to add a new chapter on insider dealing and market manipulation to its Financial Crime Guide. Key Points: ..The FCA proposes to add a new Chapter 8 to Part 1 of its Financial Crime Guide, outlining...more

The IRS Criminal Investigation Division Releases Its Annual Report for 2017

by Moskowitz LLP on

The purpose of the IRS Criminal Investigation (IRS CI) Division is to investigate criminal violations of the Internal Revenue Code and other related financial crimes to ensure compliance with the law and public confidence in...more

Allen & Overy's weekly update on Key Regulatory Topics - 16 March 2018 - 22 March 2018

by Allen & Overy LLP on

BREXIT - ESMA publishes speech on supervisory convergence post Brexit - On 21 March, ESMA published a speech by Steven Maijoor, ESMA Chair, on supervisory convergence in the context of Brexit, transaction cost...more

Key Regulatory Topics: Weekly Update (23 Feb - 1 March 2018)

by Allen & Overy LLP on

BREXIT - UK Government response to HoC Treasury Committee report on transitional arrangements - On 27 February, the HoC Treasury Committee published the UK government's response to the Committee's report on transitional...more

Comprehending Nursing Home Abuse

by The Brown Firm on

No one wishes for abuse. Everyone desires safety, happiness, and contentment in life. But there are times when things go the opposite direction. It is with these destructive things which make someone suffer from maltreatment....more

Key Regulatory Topics: Weekly Update - 9 February 2018 - 15 February 2018

by Allen & Overy LLP on

Insurance Europe publishes papers on avoiding Brexit cliff-edge risks - On 9 February, Insurance Europe published a paper calling for an agreement between the UK and the EU on the transitional arrangements that should...more

Highlights from the SIFMA AML and Financial Crimes Conference

On February 12-13, 2018, members of the securities industry, regulators and financial crime experts met in New York City at the Securities Industry and Financial Markets Association (SIFMA) Anti-Money Laundering (AML) and...more

Cryptocurrency and Money Laundering

by Sanford Millar on

In a recent enforcement action FinCEN, the Financial Crimes Enforcement Network levied an $8 million fine on a California card club for violation of the Anti-Money Laundering provisions of the Bank Secrecy Act. (“BSA”). One...more

Can AI help compliance teams work smarter?

As cognitive computing continues to make great strides, how can compliance professionals harness the power of machine learning and artificial intelligence (AI) to help solve the regulatory challenges they encounter on a daily...more

International Co-operation in Investigations

by WilmerHale on

In recent years, the rise of multi-jurisdictional investigations and corresponding multi-jurisdictional settlements has changed the enforcement landscape. Notable examples include the tri-lateral settlements of Odebrecht and...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

Income, from Whatever Exchange, Mine, or Fork Derived: The Basics of U.S. Cryptocurrency Taxation

In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more

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