News & Analysis as of

Financial Transactions Coronavirus/COVID-19

Sheppard Mullin Richter & Hampton LLP

Online Cannabis Marketplace Businessmen Convicted of Conspiracy to Commit Bank Fraud

On Wednesday, two businessmen were convicted of a single count of conspiracy to commit bank fraud (18 U.S.C. § 1349) for orchestrating a scheme to disguise cannabis-related financial transactions as transactions unrelated to...more

K2 Integrity

CFIUS: Questions for the Biden Administration

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The Committee on Foreign Investment in the United States (CFIUS) can be expected to maintain America’s traditional open investment posture consistent with the robust protection of U.S. national security interests....more

K2 Integrity

FATF Plenary Outcomes: October 21-23, 2020

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Beginning on October 21, 2020, the Financial Action Task Force (“FATF”) held its three-day Plenary meeting virtually. It was the first Plenary of Germany’s two-year Presidency. As part of the Plenary outcomes, the FATF...more

Foodman CPAs & Advisors

GAFILAT Identifica Amenazas Emergentes de Lavado de Dinero/Financiamiento del Terrorismo

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GAFILAT (Grupo de Acción Financiera de América Latina) publicó una Segunda Actualización del Informe Regional de Amenazas de Lavado de Dinero (2017-2018) que incluye: ANEXO VI: AMENAZAS RELACIONADAS CON LA PANDEMIA COVID-19....more

White and Williams LLP

Update on Cannabis Reform Introduced as a Response to the COVID-19 Crisis

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On September 28, 2020, House democrats released an updated version of the Economic Recovery Omnibus Emergency Solutions Act (the HEROES Act) to address needs that have developed since its introduction on May 15, 2020. The...more

Hogan Lovells

Financial institutions general regulatory news, October 2020 # 3

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Brexit: HM Treasury update on financial services Brexit statutory instruments HM Treasury has published an update on its work relating to statutory instruments (SIs) laid, or to be laid, under the European Union (Withdrawal)...more

Akin Gump Strauss Hauer & Feld LLP

SEC Risk Alert Highlights on COVID-19-Related Compliance Risks and Considerations for Investment Advisers and Broker-Dealers

- The OCIE of the SEC highlights that responses to COVID-19 present important regulatory and compliance issues for SEC registrants, including “heightened risks of misconduct” tied to recent market volatility. - The Risk...more

Morgan Lewis

SEC Staff Targets COVID-19 Compliance Issues for Brokers and Investment Advisers (CHECKLIST INCLUDED)

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The US Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) published a Risk Alert on August 12 highlighting compliance considerations created by the coronavirus (COVID-19)...more

K2 Integrity

Post-COVID Banking: Now is the Time to Make the Enterprise-Wide Risk Assessment Process Match the Rapidly Evolving Risk...

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Financial institutions have long suffered from the twin problems of high transaction-monitoring alert volumes and incomplete or low-quality data. Even before the COVID-19 pandemic, these challenges posed a constant risk to...more

Holland & Hart LLP

Preparing for Potential Tax Reform – Consider Wealth Transfer Planning in 2020

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Current planning environment. While 2020 has been challenging in many ways, it has also provided favorable conditions for tax and wealth transfer planning. The U.S. is experiencing historically low interest rates, some assets...more

Mitratech Holdings, Inc

Overcoming Paper-Based Processes in Financial Services

The Financial Conduct Authority in the UK recently published a statement on how financial institutions should plan to meet their requirements for handling document and paper-based processes during the COVID-19 pandemic....more

Orrick, Herrington & Sutcliffe LLP

COVID-19 Creates Increased Risk of Financial Crimes and AML Exposure; FATF and FinCEN Provide Guidance

Earlier this month, senior officials of the global money laundering and terrorist financing watchdog—the Financial Action Task Force (FATF)—issued a paper identifying challenges, good practices, and policy responses to new...more

King & Spalding

HHS Releases New Frequently Asked Questions Regarding CARES Act Provider Relief Funds

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Last week, HHS released new and modified existing Frequently Asked Questions (FAQs) regarding payments distributed to providers via the CARES Act Provider Relief Fund. Importantly, the CARES Act requires that providers...more

Ballard Spahr LLP

UPDATE: E-Signatures and Remote Online Notarization

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E-Signatures and Remote Online Notarization: The Uniform Electronic Transactions Act (“UETA”) proposed by the Uniform Law Commission (“ULC”) in 1999 presented ways for states to effectuate electronic signatures with the...more

Ballard Spahr LLP

FATF Issues Paper on COVID-19 Enhanced AML and Fraud Risks

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On May 4, the Financial Action Task Force (“FATF”) issued a paper entitled “Covid-19-Related Money Laundering and Terrorist Financing – Risk and Policy Responses (“Paper”). ...more

American Conference Institute (ACI)

[Webinar] Managing Risk Remotely: Strategies for AML Compliance under COVID-19 Conditions - May 19th, 4:00 pm - 5:00 pm EST

From the comfort of your home office, join two leading voices in AML for a discussion about how COVID-19 conditions are impacting operational imperatives and what you can do about it. They will share perspectives and insights...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: The Paycheck Protection Program – Loan Participation Transactions

On Friday, April 24, 2020, the Small Business Administration (“SBA”) addressed some of the confusion regarding secondary market transactions involving Paycheck Protection Program (“PPP”) loans, at least with respect to...more

Ballard Spahr LLP

Financial Action Task Force Grades America’s AML Compliance

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Second Post in a Two-Post Series on Recent FATF Activity - As we just blogged, the Financial Action Task Force (“FATF”) issued a statement from its President on COVID-19 and measures to combat illicit financing during the...more

Hogan Lovells

Impact of coronavirus on loans in Italy

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We describe below the legal impact on Italian loan transactions of the current health emergency caused by COVID-19 in light of the latest legislative measures, including a suspension of interest and principal payments on...more

Bricker Graydon LLP

COVID-19: Practical suggestions for business transactions and loan closings

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As everyone adjusts to the various governmental containment strategies and business continuity procedures adopted in response to the COVID-19 pandemic, parties working on business transactions or loan closings will need to...more

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