News & Analysis as of September 23, 2024

Compliance

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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 -

DOJ Launches Corporate Whistleblower Awards Pilot Program and Announces a New Incentive for Self-Reports

Skadden, Arps, Slate, Meagher & Flom LLP on 8/6/2024

On August 1, 2024, the Department of Justice’s Criminal Division launched the Corporate Whistleblower Awards Pilot Program (the Program), following up on its announcement in March 2024 of a plan to offer whistleblower awards....more

RIA Regulatory Review - June 2024

Dorsey & Whitney LLP on 6/4/2024

This RIA Regulatory Review highlights certain key regulatory developments affecting investment advisers....more

Recent Developments for Directors - April 2024 Edition

Latham & Watkins LLP on 4/30/2024

SEC Wins “Shadow Trading” Case - The SEC notched a major win in its recent Panuwat case, described as the first-ever “shadow trading” enforcement action. After a biotech executive learned about his company’s imminent...more

New Tri-Seal Compliance Note Issued to Non-U.S. Persons

Holland & Knight LLP on 3/15/2024

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), U.S. Department of Commerce's Bureau of Industry and Security (BIS) and U.S. Department of Justice (DOJ) on March 6, 2024, issued a Tri-Seal...more

Investigations Newsletter: Deputy Attorney General Monaco Warns Industries: “Fraud Using AI is Still Fraud”

ArentFox Schiff on 3/15/2024

On March 7, Deputy Attorney General Lisa Monaco delivered the keynote remarks at the American Bar Association’s (ABA) 39th National Institute on White Collar Crime. She noted that artificial intelligence (AI) “holds great...more

Compliance with the New York LLC Transparency Act Necessary for Many Mintz Clients

Mintz - Venture Capital & Emerging Companies... on 3/13/2024

Clients with Limited Liability Companies in New York Likely Impacted - New York Governor Kathy Hochul recently signed the New York LLC Transparency Act (NYLTA) into law. The act, which will become effective on December 21,...more

Client Alert: How Regulatory Events of 2023 Should Guide Financial Institutions' New Year's Resolutions for 2024

Jenner & Block on 1/12/2024

As consumer-facing financial institutions of all types—from well-established banks to newly-launched fintechs—set their 2024 regulatory compliance goals, they may wonder if their New Year’s resolutions align with those that...more

How Does the IRS Use AI to Identify Tax Cheats?

Allen Barron, Inc. on 12/13/2023

Could Artificial Intelligence (AI) increase the likelihood of an IRS audit in your future? How does the IRS use AI to identify US taxpayers who attempt to hide assets, under-report income or otherwise cheat the IRS? In...more

Binance’s Paper Compliance Program Crumples Under OFAC Scrutiny in Largest OFAC Settlement in History

Sheppard Mullin Richter & Hampton LLP on 11/27/2023

On November 21, 2023, the U.S. Office of Foreign Assets Control (OFAC) announced its largest settlement in history with the virtual currency exchange Binance. This almost-billion dollar settlement is a part of a larger...more

SEC Enforcement Actions Reflect Expansion of SEC’s AML Compliance Focus: Broker-Dealers, Investment Advisers, Registered...

WilmerHale on 9/29/2023

The Securities and Exchange Commission (SEC) recently announced anti-money laundering (AML)-related charges against an individual registered representative for failing to escalate red flags of potentially suspicious activity,...more

[Event] 2nd Forum on Digital Assets Compliance: AML, Sanctions and Regulatory Oversight - October 17th - 18th, New York, NY

American Conference Institute (ACI) on 9/25/2023

With so many new, emerging risks coming to the forefront, ACI is excited to announce our Digital Assets Compliance: AML, Sanctions and Regulatory Oversight. Unlike other conferences, this highly anticipated event stands apart...more

Crypto Company Comes Under OFAC Scrutiny

Holland & Knight LLP on 10/25/2022

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on Oct. 11, 2022, announced a more than $24.28 million settlement with Bittrex Inc. (Bittrex), a Bellevue, Washington-based company that offers...more

Major U.S. Crypto Exchange Consents to $29 Million Penalty for Historic BSA and OFAC Violations

BakerHostetler on 10/25/2022

On October 11, 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) announced a $29 million civil monetary penalty against Bittrex, a...more

Compliance measures to address sanctions enforcement: ‘the new FCPA’

American Conference Institute (ACI) on 7/12/2022

In line with the Biden administration’s declaration last year that anticorruption is a “core United States national security interest,” sanctions evasion enforcement rapidly has become a core priority for the Department of...more

Recent Enforcement Actions Indicate Heightened Scrutiny of BSA/AML Compliance and Digital Assets

Harris Beach PLLC on 6/20/2022

Recent enforcement actions against banks indicate a new regulator emphasis on digital assets and Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance. Last year, Anchorage Digital Bank (Anchorage)—formerly Anchorage...more

President Biden Elevates Anticorruption Enforcement

McDermott Will & Emery on 6/8/2021

Last week, President Biden issued a memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest. The memorandum ushers in a new era of collaboration between federal agencies and...more

SEC’s Division of Examinations Signals Continuing Focus on Broker-Dealer AML Compliance Obligations

Jones Day on 4/12/2021

The Situation: The Securities and Exchange Commission’s Division of Examinations ("EXAMS") released a Risk Alert on March 29, 2021, reminding broker-dealers of their obligation to comply with anti-money laundering ("AML")...more

DOJ Cryptocurrency Guidance Outlines Enforcement Partnerships (Part II of II)

The Volkov Law Group on 11/3/2020

DOJ’s Cyber Digital Task Force’s report, “Cryptocurrency: An Enforcement Framework,” provides a comprehensive on the growing partnerships between DOJ and other offices within the executive branch....more

FinCEN Explains What Guides Its Enforcement Decisions

Proskauer - The Capital Commitment on 9/17/2020

On August 18, 2020, the Financial Crimes Enforcement Network (FinCEN), which is the primary regulator and administrator of the Bank Secrecy Act (BSA), issued a statement on enforcement of the BSA. The requirements of the BSA...more

Federal banking agencies issue joint statement on enforcement of BSA/AML requirements; FinCEN follows with its own statement

Ballard Spahr LLP on 8/27/2020

Regulators Provide Greater Transparency into BSA/AML Enforcement Process. On August 13, 2020, the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the...more

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FinCEN › Enforcement Actions › Compliance

DOJ Launches Corporate Whistleblower Awards Pilot Program and Announces a New Incentive for Self-Reports

RIA Regulatory Review - June 2024

Recent Developments for Directors - April 2024 Edition

New Tri-Seal Compliance Note Issued to Non-U.S. Persons

Investigations Newsletter: Deputy Attorney General Monaco Warns Industries: “Fraud Using AI is Still Fraud”

Compliance with the New York LLC Transparency Act Necessary for Many Mintz Clients

Client Alert: How Regulatory Events of 2023 Should Guide Financial Institutions' New Year's Resolutions for 2024

How Does the IRS Use AI to Identify Tax Cheats?

Binance’s Paper Compliance Program Crumples Under OFAC Scrutiny in Largest OFAC Settlement in History

SEC Enforcement Actions Reflect Expansion of SEC’s AML Compliance Focus: Broker-Dealers, Investment Advisers, Registered...

[Event] 2nd Forum on Digital Assets Compliance: AML, Sanctions and Regulatory Oversight - October 17th - 18th, New York, NY

Crypto Company Comes Under OFAC Scrutiny

Major U.S. Crypto Exchange Consents to $29 Million Penalty for Historic BSA and OFAC Violations

Compliance measures to address sanctions enforcement: ‘the new FCPA’

Recent Enforcement Actions Indicate Heightened Scrutiny of BSA/AML Compliance and Digital Assets

President Biden Elevates Anticorruption Enforcement

SEC’s Division of Examinations Signals Continuing Focus on Broker-Dealer AML Compliance Obligations

DOJ Cryptocurrency Guidance Outlines Enforcement Partnerships (Part II of II)

FinCEN Explains What Guides Its Enforcement Decisions

Federal banking agencies issue joint statement on enforcement of BSA/AML requirements; FinCEN follows with its own statement

FinCEN Expands View of Compliance Requirements

Federal Banking Agencies Issue Joint Statement On Enforcement of BSA/AML Requirements; FinCEN Follows With Its Own

Recent OCC Actions Focus Attention on Financial Crime Controls for Cryptocurrency Custody Businesses

Compliance in a Time of Crisis

2019-20 Compliance Developments and Calendar for Private Fund Advisers

FinCEN › Enforcement Actions › Compliance

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