Making Cents of Your Cash Management Agreements
Day 17 of One Month to More Effective Compliance for Business Ventures- Corporate Controller and Business Ventures
On 4 July 2024, the European Banking Authority (EBA) published new guidelines on information requirements in relation to transfers of funds and certain cryptoasset transfers under Regulation (EU) 2023/1113 (the recast,...more
With the Federal Deposit Insurance Corporation’s (FDIC) takeover of Silicon Valley Bank (SVB), we expect a number of entities to begin establishing new bank accounts and updating wire transfer information. This creates...more
On September 8, 2022, a three-judge panel in the United States Court of Appeals for the Second Circuit (the “Second Circuit”) reversed the United States District Court for the Southern District of New York (the “District...more
Citibank’s balance sheet is likely breathing a sigh of relief. A Second Circuit panel held that the bank may finally recoup nearly $500 million in funds that it inadvertently wired to lenders almost two years ago. US...more
A February 16, 2021 decision of the United States District Court for the Southern District of New York held, in In re Citibank August 11, 2020 Wire Transfers, 520 F. Supp. 3d 390, that lenders who received almost $900 million...more
A three-judge panel of the 2nd U.S Circuit Court of Appeals on Sept. 8, 2022, reversed a decision of the U.S. District Court for the Southern District of New York regarding lenders who refused to return funds that were...more
On September 8, Second Circuit ruled that lenders must return $500 million to Citibank, which had mistakenly wired the funds to them. The decision vacates a 2021 Southern District of New York ruling, which held that the...more
In Cadence Bank, N.A. v. Roy J. Elizondo III, PLLC, the Supreme Court of Texas recently held that an administrative form relied upon by a victim of a fraud scam did not impose contractual obligations on a bank to verify...more
In the context of a series of complex re-financings and roll-up transactions by Revlon in May and June, 2020, human error caused a $500 million loss for Citibank. On 16 February 2021, in the case of In re Citibank August...more
In what most will find a shocking and unjust ruling, on February 16, 2021, Judge Furman of the United States District Court for the Southern District of New York ruled in In re Citibank August 11, 2020 Wire Transfers that...more
On February 16, Judge Furman of the Southern District of New York handed down a ruling in In re Citibank August 11, 2020 Wire Transfers concluding that Citibank could not recover $900 million inadvertently wired to lenders. ...more
We are closely following Revlon on behalf of several creditor interests. In the context of a series of complex re-financings and roll-up transactions by Revlon in May, 2020, human error caused a $500 million loss for...more
The regulatory sword of the financial industry came down on a former securities employee for violations involving wire transfers out of a client’s account. The Financial Industry Regulatory Authority (FINRA) provides...more
A GTO is a Geographic Targeting Order issued by the Financial Crimes Enforcement Network (FinCEN) under the Bank secrecy Act (BSA) for a specific geographic area. ...more
In the wake of the "Panama Papers" – the unprecedented leak of 11.5 million files from a Panamanian law firm that revealed thousands of names and addresses linked to offshore companies – the White House has announced several...more