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Searching Content indexed under Money Laundering by Reed Smith ordered by Published Date Descending.
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Financial Action Task Force Publishes Guidance For A Risk-Based Approach To Virtual Assets And Virtual Asset Service Providers
On June 21, 2019 the Financial Action Task Force (the "FATF"), published its long-awaited Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers (the "Guidance").
United States
8 Jul 2019
2
European Union
19 Sep 2018
3
Hastert Reaches Plea Deal In Anti-Money Laundering Case – Guilty Plea Expected
As I reported in a June 2, 2015 client alert, on May 28, 2015, Dennis Hastert, former Speaker of the U.S. House of Representatives, was indicted by a federal grand jury in the Northern District of Illinois.
United States
16 Oct 2015
4
FinCEN Enforcement Stacks The Deck In AML Compliance For Casinos And Card Clubs
Stephanie Booker, Associate Director for Enforcement, Financial Crimes Enforcement Network ("FinCEN"), recently gave a speech at the Nevada Bar Association's Bank Secrecy Act Conference in Las Vegas.
United States
25 Jun 2015
5
FinCEN Imposes Largest-Ever Penalty Against A Casino
On June 3, the U.S. Treasury's Financial Crimes Enforcement Network issued a $75 million penalty against a Northern Mariana Islands casino for Bank Secrecy Act violations – the largest-ever FinCEN penalty assessed against a casino.
United States
8 Jun 2015
6
Charging Former House Speaker With AML Violations Shows That AML Laws Can Reach Anyone
On May 28, 2015, Dennis Hastert, former Speaker of the U.S. House of Representatives, was indicted by a federal grand jury in the Northern District of Illinois.
United States
2 Jun 2015
7
FinCEN and ICE Issue Geographic Targeting Order Against Electronics Exporters In The Miami Area
Under U.S. law, FinCEN is authorized to issue orders imposing additional recordkeeping and reporting requirements on domestic financial institutions or non-financial trades or businesses in a geographic area.
United States
24 Apr 2015
8
Bank Settles Criminal Bank Secrecy Act And Civil Fraud Charges Arising From Its Inadequate Anti-Money Laundering Program
On March 10, 2015, the U.S. Department of Justice ("DOJ") announced a $4.9 million settlement of criminal and civil charges against CommerceWest Bank ("CommerceWest" or the "Bank") brought pursuant to the Bank Secrecy Act ("BSA"), the Financial Institutions Reform, Recovery and Enforcement Act ("FIRREA"), and the Fraud Injunction Statute.
United States
25 Mar 2015
9
FinCEN Targets Community Bank - $1.5 Million Penalty For Failure To File Suspicious Activity Reports
While a "culture of compliance" cannot eliminate the risk of enforcement actions, its value to the regulators should not be understated.
United States
13 Mar 2015
10
Legalized Marijuana Guidance Leaves Some Banks Dazed and Confused
Last week, the Financial Crimes Enforcement Network ("FinCEN") issued new guidance in response to several states passing legislation to legalize marijuana for medical purposes, and in some states, for recreational purposes as well.
United States
22 Feb 2014
11
Export, Customs & Trade - Enforcement Highlights
On October 5, 2005, the Department of Commerce, Bureau of Industry and Security ("BIS") entered an order under which ProChem (Proprietary), Limited ("ProChem") (as the successor to Protea Chemicals (Proprietary), Limited ("Protea")) of South Africa, agreed to pay $1,540,000 in civil penalties to settle charges that Protea had committed 220 violations of the Export Administration Regulations ("EAR") from 1999 to 2003 in connection with exports of potassium cyanide and sodium cyanide to South Afri
United States
7 Apr 2006
12
FINCEN Issues New Due Diligence Requirements For Anti-Money Laundering Programs
The Financial Crimes Enforcement Network ("FinCEN") recently has shown an increased assertiveness in its enforcement of anti-money laundering regulations. Both a major bank (ABN AMRO) and securities dealer (Oppenheimer & Company) were assessed penalties in the millions of dollars by FinCEN at the end of last year because of their failure to identify suspicious activities and other systematic defects with their anti-money laundering operations.
United States
4 Apr 2006
13
FinCEN Issues New Anti-Money Laundering Rule For Dealers in Precious Metals, Precious Stones, And Jewels
In the aftermath of 9/11 and the war on terror, the USA PATRIOT Act called for all financial institutions, as so defined by the Bank Secrecy Act, to establish comprehensive anti-money laundering compliance programs. Since the BSA identified more than 20 different types of financial institutions, many of which had no prior experience in establishing such a program, the Treasury Department’s Financial Crime Enforcement Network decided to introduce this requirement in stages.
United States
3 Aug 2005
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