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Money Laundering
European Union
Cadwalader, Wickersham & Taft LLP
Instead, the UK law refers only to a prohibition of the establishment of SSPEs established in FATF "blacklist" jurisdictions.
United States
Mayer Brown
On April 29, 2022, the Financial Crimes Enforcement Network ("FinCEN") renewed and expanded geographic targeting orders ("GTOs") for certain "all-cash" purchases of residential real estate...
Cadwalader, Wickersham & Taft LLP
Alongside the slew of new sanctions imposed in response to Russia's invasion of Ukraine, the Biden administration also has been laying the groundwork to maximize the impact of those sanctions.
Mayer Brown
On April 14, 2022, the US Financial Crimes Enforcement Network ("FinCEN") urged financial institutions to focus on detecting, reporting, and blocking funds associated with kleptocracies...
Stroock & Stroock & Lavan LLP
On April 28, the White House released a new "comprehensive proposal to hold Russian oligarchs and elites accountable." The proposal, which is explained in parallel White House and Justice Department ...
Winston & Strawn LLP
The Office of the Comptroller of the Currency (OCC) recently entered into a consent order with the first federally-chartered digital asset bank.
Barnes & Thornburg
The Office of the Comptroller of the Currency (OCC) recently issued a consent order relating to the adoption and implementation of certain compliance program elements covering the Bank Secrecy Act (BSA), ...
Mayer Brown
On March 31, 2022, FinCEN imposed a $275,000 civil penalty against a perfume store for willful violations of the Bank Secrecy Act ("BSA") and its implementing regulations.
Cadwalader, Wickersham & Taft LLP
Increased defense spending and assistance to the Ukrainian government in Kyiv grabbed many of the headlines regarding President Biden's fiscal year 2023 budget.
Sheppard Mullin Richter & Hampton
On March 17, the OCC and FinCEN issued civil monetary penalties against a federal savings bank for "willfully" failing to meet minimum compliance program requirements and shoddy suspicious transaction reporting.
Stroock & Stroock & Lavan LLP
The U.S. government has significantly stepped up its efforts to locate and seize the assets of Russian oligarchs. Although the Russian oligarchs are plainly the targets of this initiative...
Foley & Lardner
On March 9, 2022, President Joe Biden signed the "Executive Order on Ensuring Responsible Development of Digital Assets" (the order), outlining his administration's intention to begin a...
Shearman & Sterling LLP
On March 1, 2022, the Federal Reserve (the "Fed") proposed a new framework for evaluating "master account" applications for direct access to the Fed's payment system.
Herrick, Feinstein LLP
In early 2021, Congress amended the Bank Secrecy Act of 2020 ("BSA") through the Anti-Money Laundering Act of 2020 (the "Act" or "Anti-Money Laundering Act").
Mayer Brown
Many AML frameworks are designed specifically for banks. If your non-bank organization is required to conduct AML compliance, but follows a bank-tailored policy, it can lead to numerous missteps...
Jones Day
2021 was a precedent-setting year for anti-money laundering ("AML") enforcement and legislation.
Stroock & Stroock & Lavan LLP
The Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury, has issued a new advisory urging financial institutions to increase their efforts to detect the proceeds of Russian corruption.
Arnold & Porter
In his State of the Union Address last week, President Biden announced that "the US Department of Justice is assembling a dedicated task force to go after the crimes of Russian oligarchs.
Morrison & Foerster LLP
On January 25, 2022, Transparency International (TI) published its annual Corruption Perceptions Index (CPI) for 2021. Similar to previous years' indices, the CPI 2021 demonstrates that corruption levels,...
Proskauer Rose LLP
Over the past week, the U.S., UK, and EU imposed sweeping sanctions rolled out by the US, in response to Russia's invasion of Ukraine, outlined here.
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