At 6:15 p.m. ET on March 12, 2023, the Department of the Treasury, Federal Reserve, and FDIC announced “actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that...more
3/13/2023
/ Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
Receivership ,
Silicon Valley ,
U.S. Treasury
Below is an overview of the failure of Silicon Valley Bank (SVB) and what we expect to happen next. This reflects information as of 4:00 p.m. PT on March 11, 2023. We note that it is an evolving situation; we will provide...more
3/13/2023
/ Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
Receivership ,
Silicon Valley ,
U.S. Treasury
The U.S. Department of the Treasury (Treasury), on May 13, 2022, published its 2022 National Illicit Finance Strategy (the 2022 Strategy)—a comprehensive statement of the agency’s key priorities, goals, and plans for...more
Following Russia’s recognition of breakaway regions in Ukraine and full-scale invasion of the country, authorities in the United States, United Kingdom, European Union, and across the globe imposed a sweeping array of trade...more
3/22/2022
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
Bank Secrecy Act ,
Belarus ,
Bureau of Industry and Security (BIS) ,
Convertible Virtual Currencies (CVCs) ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Economic Sanctions ,
EU ,
Executive Orders ,
Export Administration Regulations (EAR) ,
Export Controls ,
Financial Institutions ,
FinCEN ,
Imports ,
Office of Foreign Assets Control (OFAC) ,
Patriot Act ,
Russia ,
SDN List ,
SWIFT ,
U.S. Treasury ,
UK ,
Ukraine
On October 15, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) released guidance on sanctions compliance for the digital currency industry, the agency’s most detailed guidance to date on...more
10/20/2021
/ Compliance ,
Corporate Counsel ,
Cryptocurrency ,
Digital Currency ,
Economic Sanctions ,
Financial Services Industry ,
New Guidance ,
Office of Foreign Assets Control (OFAC) ,
Ransomware ,
Regulatory Oversight ,
Risk Assessment ,
SDN List ,
Strict Liability ,
U.S. Treasury ,
Virtual Currency
Agency’s Focus on Cryptocurrency and Blockchain Continues -
On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) released an updated advisory to “highlight the sanctions...more
10/5/2021
/ Crypto Exchanges ,
Currency Exchange ,
Cyber Attacks ,
Cybersecurity ,
Economic Sanctions ,
Enforcement Actions ,
Guidance Update ,
Homeland Security Cybersecurity & Infrastructure Security Agency (CISA) ,
Office of Foreign Assets Control (OFAC) ,
Ransomware ,
U.S. Treasury ,
Virtual Currency
On New Year’s Day 2021, Congress passed the Anti-Money Laundering Act of 2020 (AMLA 2020). As we reported last April, the AMLA 2020 included sweeping reforms aimed at strengthening protections against money laundering,...more
9/22/2021
/ Anti-Money Laundering ,
Anti-Retaliation Provisions ,
Bank Secrecy Act ,
BSA/AML ,
Corporate Transparency Act ,
Criminal Penalties ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Employees ,
Financial Institutions ,
Money Laundering ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury ,
Whistleblower Awards ,
Whistleblowers