News & Analysis as of

Personal Liability Anti-Money Laundering

King & Spalding

Personal Liability Exposure for Bank Executives and Compliance Officers

King & Spalding on

On March 4, 2020, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) announced its assessment of a civil monetary penalty totaling $450,000 against Michael LaFontaine, a former Chief Operational...more

Eversheds Sutherland (US) LLP

Recent guidance brings OFAC in line with domestic and global compliance trends

On May 2, 2019, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued guidance titled “A Framework for OFAC Compliance Commitments” (Guidance), providing direction regarding what OFAC considers to...more

BCLP

Recent Developments Confirm AML is a Regulatory "Hot Button"

BCLP on

The SEC continues to reiterate the role of broker-dealers as “gatekeepers to the securities markets” by focusing on firms’ anti-money laundering (“AML”) obligation. The import that the SEC, as well as FINRA, places on firms’...more

Foley & Lardner LLP

Private Equity and the New Trump Administration: Your Top Ten Questions Answered

Foley & Lardner LLP on

The election of President Trump contained some positive signs for Private Equity (PE) fund managers. These included potential lower corporate taxes, a ten-percent tax holiday for funds parked overseas, large infrastructure...more

Foodman CPAs & Advisors

Are Compliance Officers at Financial Institutions Now in the Hot Seat for Fines?

Otherwise reputable Financial Institutions continue being sanctioned for regulatory non-compliance. Well known “household” names continue receiving fines for failing to establish and implement adequate Anti-Money Laundering...more

Thomas Fox - Compliance Evangelist

Up Close and Personal: Individual CCO Liability – Part II

Yesterday I began an exploration of the potential individual liability of a Chief Compliance Officer (CCO) based upon the Financial Industry Regulatory Authority (FINRA) enforcement action against Raymond James Inc. and its...more

Thomas Fox - Compliance Evangelist

Up Close and Personal: Individual CCO Liability – Part I

A horse is a horse, of course, of course, and no one can talk to a horse, of course. That is, of course, unless the horse is the famous Mister Ed. Those lines were the opening verse to the theme song of the TV...more

Manatt, Phelps & Phillips, LLP

UPDATE re Is New York's Proposal a Harbinger of Things to Come? Certification of BSA/AML Compliance and Personal Liability for...

Update - This announcement comes just days after New York Governor Andrew Cuomo nominated Maria Vullo, another lawyer, to replace Benjamin Lawsky, who resigned as the Superintendent of the Department of Financial...more

Manatt, Phelps & Phillips, LLP

Is New York's Proposal a Harbinger of Things to Come? Certification of BSA/AML Compliance and Personal Liability for Mistaken or...

Why it matters - The New York Department of Financial Services (DFS) may have launched its strongest offensive yet against observed shortcomings in the Bank Secrecy Act and anti-money laundering (BSA/AML) compliance...more

Locke Lord LLP

Newly Proposed Anti-Money Laundering Regulations in New York Signal Increasing Personal Criminal Liability for AML/BSA Compliance...

Locke Lord LLP on

Earlier this month, Governor Andrew M. Cuomo of New York announced newly proposed anti-terrorism and anti-money laundering regulations that impose increased compliance requirements and more importantly, vastly expanded...more

Blank Rome LLP

New York Proposes Tough New Anti-Money Laundering and Cybersecurity Measures on Financial Services Companies

Blank Rome LLP on

Action Item: Benjamin Lawsky, the Superintendent of Financial Services for New York State, one of the country’s most aggressive regulators, is seeking to increase regulatory pressures on the financial services industry,...more

Bradley Arant Boult Cummings LLP

Avoiding personal liability amidst heightened AML enforcement

In February 2014, the Financial Industry Regulation Authority (FINRA), the self-regulatory body for the U.S. securities industry, suspended a former global anti-money laundering compliance officer at Brown Brothers Harriman &...more

Manatt, Phelps & Phillips, LLP

“Culture of Compliance” Urged by FinCEN

Following months of rumors that the Financial Crimes Enforcement Network (FinCEN) is preparing to impose personal liability on officers, directors and employees for shortcomings in their financial institutions’ Bank Secrecy...more

Troutman Pepper

What Are the Drastic Ramifications of the New York State Anti-Money Laundering Actions and Penalty Enforcement?

Troutman Pepper on

Recent actions by the state of New York Department of Financial Services (NYDFS) regarding anti-money laundering (AML) fines and other sanctions imposed should cause financial institutions and their advisors to take notice,...more

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