Enforcement agencies urge investment in compliance programs.
On October 10, 2024, the Department of Justice (DOJ) announced plea agreements with TD Bank N.A. (TDBNA) and its parent company, TD Bank US Holding Company...more
Recent Supreme Court administrative law rulings change the power dynamic between the executive and the judiciary in critical areas of statutory interpretation, enforcement, and immunity from legal challenge....more
7/15/2024
/ Administrative Authority ,
Administrative Procedure Act ,
Administrative Proceedings ,
Chevron Deference ,
Corner Post Inc v Board of Governors of the Federal Reserve System ,
Cryptoassets ,
Cryptocurrency ,
FinTech ,
Government Agencies ,
Judicial Authority ,
Jury Trial ,
Loper Bright Enterprises v Raimondo ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Seventh Amendment ,
Statute of Limitations ,
Statutory Authority ,
Statutory Interpretation
Trade-based money laundering (TBML) describes a set of techniques through which drug traffickers, terrorists and other criminals use the veneer of trade to move illicit funds across borders while disguising the origin and...more
10/16/2023
/ Anti-Money Laundering ,
BSA/AML ,
Criminal Conspiracy ,
Criminal Prosecution ,
Customs and Border Protection ,
Department of Justice (DOJ) ,
Drug Trafficking ,
Enforcement Actions ,
FinCEN ,
Indictments ,
International Trade ,
Law Enforcement ,
Money Laundering ,
Popular ,
re Grand Jury ,
Supply Chain ,
Terrorism Funding ,
Trade-Based Money Laundering
A federal court’s dismissal of claims against a decentralized cryptocurrency platform and its investors for the actions of scam token issuers is a case of first impression with wider significance.
On August 29, 2023, the...more
9/7/2023
/ Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Platforms ,
Dismissals ,
Investors ,
Petition for Writ of Certiorari ,
Scams ,
Securities Act of 1933 ,
Securities Exchange Act ,
Smart Contracts ,
Token Sales ,
Unregistered Securities
A bifurcated decision in a highly anticipated digital assets enforcement action may not provide the clarity that market participants want or need.
On July 13, 2023, Judge Analisa Torres of the US District Court for the...more
7/26/2023
/ Aiding and Abetting ,
Civil Monetary Penalty ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Digital Platforms ,
Due Process ,
Enforcement Actions ,
Fair Notice ,
Institutional Investors ,
Investment Platforms ,
Personal Liability ,
Ripple ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations ,
Token Sales ,
Unregistered Securities
Companies that self-disclose, cooperate, and remediate could benefit from significantly reduced fines and possible declinations even in cases with aggravating factors.
In a speech at Georgetown University Law Center on...more
2/7/2023
/ Bribery ,
Chief Compliance Officers ,
Compliance ,
Cooperation ,
Corporate Misconduct ,
Corruption ,
Declination ,
Department of Justice (DOJ) ,
Enforcement Priorities ,
Foreign Corrupt Practices Act (FCPA) ,
Remediation ,
Self-Disclosure Requirements ,
Voluntary Disclosure ,
White Collar Crimes
While a conclusion to the much-hyped case may be approaching, market participants should be wary of doomsday prognostications.
As a new year begins, the digital assets industry is still enduring a deep and widespread crypto...more
1/20/2023
/ Aiding and Abetting ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Howey ,
Investment Contract ,
Offerings ,
Popular ,
Securities ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Securities Violations ,
Statutory Interpretation ,
Unregistered Securities
In granting the SEC’s motion for summary judgment, a federal court ruled that sales of LBC tokens were securities transactions.
On November 7, 2022, the Securities and Exchange Commission (SEC) prevailed in a motion for...more
Updated DOJ policies will continue to focus on individual accountability and corporate recidivism, while aiming to provide additional incentives for voluntary self-reporting, foster greater transparency on use of monitors,...more
9/28/2022
/ Compliance ,
Cooperation ,
Corporate Crimes ,
Corporate Misconduct ,
Corporate Officers ,
Criminal Investigations ,
Department of Justice (DOJ) ,
Foreign Corrupt Practices Act (FCPA) ,
New Guidance ,
Personal Liability ,
Voluntary Disclosure
The agency just revived its dormant authority to supervise nonbank financial entities that it determines pose risk to consumers.
On April 25, 2022, the Consumer Financial Protection Bureau (CFPB) - the US government...more
The SEC’s reliance on a nebulous US Supreme Court decision raises important questions for the future of decentralized finance.
Reves v. Ernst & Young,[1] a 30-year-old US Supreme Court decision on farmers’ co-ops, is...more
1/26/2022
/ Collateral ,
Decentralized Finance (DeFi) ,
Howey ,
Investment Contract ,
Noteholders ,
Popular ,
Reves Test ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Token Sales
今回の米国司法省の政策変更において、司法省は個人の責任に一層の重点を置き、また企業の過去の違法行為に対しては包括的な評価を行い、さらに企業との司法解決に対してはより厳格な対応をすることとなる -
2021年10月28日、米国司法省 （United States Department of Justice、以下「DOJ」）...more
11/30/2021
/ Compliance ,
Cooperation ,
Corporate Crimes ,
Corporate Misconduct ,
Criminal Prosecution ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Enforcement ,
Government Investigations ,
Internal Revenue Code (IRC) ,
Japan ,
Multinationals ,
White Collar Crimes
The changes include more focus on individual accountability, more holistic evaluation of prior corporate misconduct, and stricter corporate resolutions.
On October 28, 2021, US Deputy Attorney General Lisa Monaco gave the...more
11/1/2021
/ Attorney General ,
Biden Administration ,
Compliance ,
Cooperation ,
Corporate Crimes ,
Corporate Culture ,
Corporate Misconduct ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Enforcement ,
Internal Investigations ,
Non-Prosecution Agreements ,
Policy Statement ,
White Collar Crimes
The DOJ’s National Cryptocurrency Enforcement Team and Treasury’s OFAC are setting their sights on cryptocurrency use in cybercrimes.
The US Department of Justice (DOJ) is sharpening its focus on combatting...more
10/29/2021
/ Blockchain ,
Compliance ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement ,
Enforcement Authority ,
Financial Crimes ,
Office of Foreign Assets Control (OFAC) ,
Ransomware ,
SDN List ,
U.S. Treasury ,
Virtual Currency
A new proposal would subject financial institutions and exchanges to onerous recordkeeping and reporting requirements for certain digital currency transactions.
In a surprise release in the waning days of the Trump...more
1/15/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Bitcoin ,
Cryptocurrency ,
Digital Assets ,
Ether ,
Financial Institutions ,
FinCEN ,
Money Services Business ,
National Security ,
NDAA ,
Popular ,
Recordkeeping Requirements ,
Reporting Requirements ,
Terrorism Funding ,
Virtual Currency
Expanded compliance obligations will have far-reaching implications for regulated financial institutions and most companies operating in the US.
On January 1, 2021, Congress overrode President Trump’s veto and enacted the...more
1/6/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Congressional Override ,
Corporate Counsel ,
Financial Institutions ,
FinCEN ,
Foreign Banks ,
NDAA ,
Patriot Act ,
Presidential Veto ,
Suspicious Activity Reports (SARs) ,
Whistleblower Protection Policies
US Department of Justice’s sprawling report reveals regulatory enforcement priorities for cryptocurrencies and highlights multi-agency cooperation.
On October 8, 2020, the US Attorney General’s Cyber-Digital Task Force of...more
10/20/2020
/ AML/CFT ,
Cryptoassets ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement ,
Financial Regulatory Agencies ,
Information Reports ,
Popular ,
Securities and Exchange Commission (SEC) ,
Strategic Enforcement Plan ,
Suspicious Activity Reports (SARs)
The Court’s recent rulings on state grand jury and congressional subpoenas identify important limitations on the purpose and scope of these investigative tools.
Key Points:
..In July 2020, the Court held that the...more
7/28/2020
/ Appeals ,
Congressional Committees ,
Congressional Subpoenas ,
Donald Trump ,
Executive Branch ,
Foreign Interference in US Elections ,
Income Taxes ,
Money Laundering ,
Remand ,
SCOTUS ,
Separation of Powers ,
Subpoenas ,
Tax Returns ,
Terrorism Funding ,
Trump v Deutsche Bank AG ,
Trump v Mazars USA LLP ,
Trump v Vance ,
Vacated ,
Valid Legislative Purpose
Buyers in M&A transactions should consider a number of due diligence items in response to COVID-19 and the governmental response thereto.
As parties pursue mergers and acquisitions transactions during, and in the wake of,...more
Economic aid legislation will likely result in increased scrutiny of certain industries, similar to investigations that followed relief efforts in the 2008 financial crisis.
Key Points:
..The CARES Act creates multiple...more
Ruling holds that the government cannot use conspiracy and accomplice liability theories to reach foreign nationals that lack US ties.
Key Points:
..Non-resident foreign nationals who are not otherwise subject to direct...more
Respondents in pending or future proceedings should carefully assess their options until several key legal questions are resolved.
The United States Supreme Court recently issued its ruling in Lucia v. Securities and...more
Court denies the US government’s petition for rehearing, despite argument the decision will hinder cross-border investigations and prosecutions.
Key Points:
..Second Circuit bars government’s reliance on testimony...more
The revised FCPA Corporate Enforcement Policy signals DOJ’s emphasis on corporate voluntary self-disclosure, rewarding cooperating companies with a presumption in favor of declination and reductions in penalties.
...more
Key Points:
- DOJ is reviewing and reevaluating numerous corporate enforcement policies, including the “Yates Memo,” the FCPA Pilot Program, and policies on corporate monitors.
- Policies will be codified in official...more