News & Analysis as of September 18, 2024

FinCEN › Banks

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

What Would Cannabis Rescheduling Mean for Lending and Payments Legality?

McGlinchey Stafford on 8/28/2024

The U.S. Drug Enforcement Agency’s proposal to reschedule cannabis from a Schedule I to a Schedule III drug under the Controlled Substances Act (CSA) has generated considerable buzz across business sectors, including for the...more

Pending FinCEN Investment Adviser Rule: Industry Perspective On Next Steps You Should Be Taking

K2 Integrity on 8/27/2024

On 22 August 2024, K2 Integrity hosted a webinar discussing considerations related to the pending anti-money laundering rule (AML) for investment advisers (IAs) from the Financial Crimes Enforcement Network (FinCEN). The...more

What Is an “Effective AML/CFT Compliance Program”?

Perkins Coie on 8/23/2024

The Financial Crimes Enforcement Network (FinCEN) and the federal banking agencies recently published the long-awaited notice of proposed rulemaking for the anti-money laundering/countering the financing of terrorism...more

Agencies Issue Joint Proposal to Amend Bank Secrecy Act Compliance Programs for Banks

Latham & Watkins LLP on 8/5/2024

On July 19, 2024, the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the National Credit Union Administration...more

Summer Regulatory Round-Up | July 2024

Cadwalader, Wickersham & Taft LLP on 7/26/2024

The banking regulators have not yet gone out on vacation, as demonstrated by this grab-bag of announcements, speeches, rules and guidance: Acting Comptroller of the Office of the Comptroller of the Currency (OCC),...more

FinCEN Issues Proposed Rulemaking Aimed at Strengthening and Modernizing AML Programs Across Multiple Industries

Ballard Spahr LLP on 7/16/2024

On July 3, the Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (NPRM) as part of a broader initiative to “strengthen, modernize, and improve” financial institutions’ anti-money...more

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

Freiberger Haber LLP on 7/16/2024

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

AML Update: SEC and FinCEN Propose Anti-Money Laundering and Customer Identification Programs for Investment Advisers

K&L Gates LLP on 6/27/2024

Introduction - On 13 May 2024, the Securities and Exchange Commission (SEC) and the US Department of Treasury’s (DoT) Financial Crimes Enforcement Network (FinCEN) jointly proposed rulemaking to implement Section 326 of the...more

The Corporate Transparency Act: Considerations for Special Purpose Entities in Commercial Real Estate Transactions

Seyfarth Shaw LLP on 5/9/2024

Corporate structures in commercial real estate transactions can often be very complex and involve layers of entities. Special purpose entities that are bankruptcy remote (“SPEs”) are frequently used in commercial real estate...more

DEA’s Plan to Reschedule Cannabis: Implications and Insights

McCarter & English, LLP on 5/6/2024

Earlier this week, the Department of Justice proposed reclassifying cannabis from Schedule I to Schedule III under the Controlled Substances Act. The move follows an August 2023 recommendation from the Department of Health...more

How Many Digits? FinCEN Seeks Comment on Bank Customer Identification Requirements

Mayer Brown on 4/2/2024

On March 28, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”), in consultation with the staffs of the federal banking agencies, issued a request for information and comment (the “RFI”)...more

Corporate Transparency Act Reporting: What Banks Need to Know

Woods Rogers on 3/11/2024

Most privately held domestic and foreign companies doing business in the United States must now report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN)...more

Nutter Bank Report: February 2024

Nutter McClennen & Fish LLP on 2/29/2024

The U.S. Department of Justice (DOJ) and state authorities have agreed to a consent order with a large national bank to resolve allegations that the bank engaged in a pattern or practice of lending discrimination by affecting...more

FinCEN’s Proposed Rulemaking: Enhancing Transparency in Residential Real Estate

Cadwalader, Wickersham & Taft LLP on 2/29/2024

While many Americans are struggling to achieve the dream of homeownership, there are criminals that abuse the housing market for financial gain. To avoid the scrutiny of financial institutions that have anti-money laundering...more

[Event] 8th Forum on FinTech & Emerging Payment Systems - April 9th - 10th, New York, NY

American Conference Institute (ACI) on 2/28/2024

ACI’s 8th Annual Legal, Regulatory, and Compliance Forum on Fintech & Emerging Payment Systems will provide in-depth guidance on the latest regulatory developments at the Federal and State Level that you need to be aware of....more

Troutman Pepper Weekly Consumer Financial Services Newsletter - February 2024 # 4

Troutman Pepper on 2/27/2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Risk to Israeli Entities Posed by International Sanctions – What Is the Exposure and What Are the Dangers?

Barnea Jaffa Lande & Co. on 2/23/2024

The executive order signed by United States President Joseph Biden in February 2024 states that the violence being committed by Israeli settlers has reached intolerable levels; poses a serious threat to peace, security, and...more

New for 2024: Compliance with the Corporate Transparency Act Necessary for Many Mintz Clients

Mintz - Securities & Capital Markets... on 2/2/2024

Reporting requirements under the Corporate Transparency Act (CTA) are in effect beginning January 1, 2024. Under the CTA, many US entities will be required to provide the personal information of their beneficial owners to the...more

Nutter Bank Report: December 2023

Nutter McClennen & Fish LLP on 12/29/2023

A recent OCC report identified key issues facing the federal banking system, including increasing credit risk due to higher interest rates, increasing risk in commercial real estate lending, prolonged inflation, declining...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - December 2023 # 2

Troutman Pepper on 12/13/2023

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Cannabis Banking: What’s a Financial Institution to Do Right Now?

Husch Blackwell LLP on 11/20/2023

When I started representing cannabis businesses in 2010, the biggest epidemic in the industry next to I.R.C. 280E was the overwhelming lack of cannabis banking. This inability to access financial institutions for just...more

Bipartisan Group of Senators Re-Introduce the Digital Asset Money Laundering Act

Ballard Spahr LLP on 8/11/2023

Legislation Targets Unhosted Wallets, Validators and Digital Asset ATMs - On July 28th, Senators Elizabeth Warren (D-Mass), Roger Marshall (R-Kan.), Joe Manchin (D-W.Va.) and Lindsey Graham (R-S.C.), reintroduced the...more

Bank Secrecy Act's Crypto Expansion Is on the Horizon

Troutman Pepper on 5/8/2023

The Dec. 14, 2022, introduction of the Digital Asset Anti-Money Laundering Act by Sens. Elizabeth Warren, D-Mass., and Roger Marshall, R-Kan., marks the end of a tumultuous year in the cryptocurrency industry that saw a...more

Five Things You Need to Know About Launching Fintech Products in the US

Goodwin on 5/1/2023

With more fintech’s looking to expand their businesses internationally, it can be daunting to navigate varying regulations across borders. This article focuses on regulations in the United States. For those also focused on...more

Marijuana & Banking: What’s the Hold Up? Pt. 1 – Conflicting Legal Landscapes

McGlinchey Stafford on 3/31/2023

Today, nearly four-fifths of the United States have regulated medical marijuana markets. Nearly half of the United States, consisting of twenty-one states along with Washington, D.C. and Guam, have acted to legalize...more

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FinCEN › Banks

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