The Federal Reserve Bank of Philadelphia (the “Philly Fed”) recently executed an agreement (the “Agreement”) with Pennsylvania-based Customers Bank (and its Customers Bancorp, Inc. holding entity) (collectively, “Customers”)....more
8/16/2024
/ Anti-Money Laundering ,
Banks ,
BSA/AML ,
Digital Assets ,
Financial Institutions ,
Financial Services Industry ,
FRB ,
IRS ,
Office of Foreign Assets Control (OFAC) ,
Risk Assessment ,
Risk Management ,
Suspicious Activity Reports (SARs)
We previously have blogged on actions taken by the DOJ’s “Task Force KleptoCapture,” an interagency law enforcement task force with a mandate to target sanctioned Russian and pro-Russian oligarchs. While explicitly launched...more
3/1/2024
/ Anti-Corruption ,
Anti-Money Laundering ,
Banks ,
Criminal Fascilitation ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Financial Services Industry ,
International Emergency Economic Powers Act (IEEPA) ,
Military Conflict ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Sanction Violations ,
Ukraine
Priorities Echo Prior Alerts and Enforcement Actions -
The SEC’s Division of Examinations (the “Division”) released on October 16 a report on its “Examination Priorities” (the “Report”) for fiscal year 2024. This release...more
10/20/2023
/ Alternative Trading System (ATS) ,
AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Broker-Dealer ,
BSA/AML ,
Due Diligence ,
Financial Institutions ,
FinCEN ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
Last month, the Office of Foreign Assets Control (“OFAC”) sanctioned Tornado Cash, a virtual currency “mixer” operating on the Ethereum blockchain which allegedly has been used to launder the virtual currency equivalent of...more
UK-based Standard Chartered Bank (“SCB”) announced the terms of significant settlements last week with various U.S. and U.K. governmental agencies, resolving a series of related investigations into the bank’s alleged...more
4/17/2019
/ Anti-Money Laundering ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Financial Conduct Authority (FCA) ,
Fines ,
Forfeiture ,
International Emergency Economic Powers Act (IEEPA) ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Settlement Agreements ,
Standard Chartered Bank