The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed a rule (the Proposed Rule) to implement certain aspects of the Anti-Money Laundering Act of 2020 (the AML Act), which updated the...more
7/17/2024
/ AML/CFT ,
Anti-Money Laundering ,
Anti-Terrorism Financing ,
Bank Secrecy Act ,
Financial Institutions ,
Financial Regulatory Reform ,
FinCEN ,
Investment Management ,
Popular ,
Proposed Rules ,
Securities and Exchange Commission (SEC)
Since the publication of our March 24, 2022, and March 17, 2022, client alerts, the U.S., U.K. and European Union, among other allied nations, have imposed additional sanctions and export controls on key elements of the...more
5/2/2022
/ Blocking Sanctions ,
Economic Sanctions ,
EU ,
European Commission ,
Export Controls ,
Exports ,
Financial Institutions ,
Foreign Policy ,
Foreign Relations ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Russia ,
UK
Since the publication of our February 26, 2022, client alert, the United States, United Kingdom and the European Union, among other allied nations, have imposed additional sanctions and export controls on key elements of the...more
3/10/2022
/ Belarus ,
Blocking Sanctions ,
Bureau of Industry and Security (BIS) ,
Economic Sanctions ,
Export Controls ,
Financial Institutions ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Russia ,
SWIFT ,
Ukraine
The United States, United Kingdom and the European Union, among other allies, have moved swiftly in response to the Russian Federation’s invasion of Ukraine. Merely hours after Russia’s announcement on February 21, 2022, that...more
The President’s Working Group on Financial Markets (PWG), together with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), released a much-anticipated Report on...more
11/17/2021
/ AML/CFT ,
Bank Holding Company Act ,
Banking Regulators ,
Biden Administration ,
CFTC ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
FDIC ,
Financial Institutions ,
FinCEN ,
FinTech ,
OCC ,
Stablecoins ,
Virtual Currency ,
Working Groups
On October 28, 2021, the Financial Action Task Force (FATF), the international body that sets standards for anti-money laundering and countering the financing of terrorism (AML/CFT), released updated guidance addressing the...more
11/12/2021
/ AML/CFT ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Digital Currency ,
FATF ,
Financial Institutions ,
FinTech ,
Guidance Update ,
Non-Fungible Tokens (NFTs) ,
Peer-to-Peer ,
Stablecoins ,
Virtual Currency
On May 1, 2018, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued General Licenses 12B and 13A authorizing additional transactions and activities involving certain persons subject to the...more
On October 14, 2016, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Department of Commerce’s Bureau of Industry and Security (BIS) announced further amendments to ease U.S. sanctions and...more
10/28/2016
/ Aviation Industry ,
Barack Obama ,
Bureau of Industry and Security (BIS) ,
Cuba ,
Cuban Assets Control Regulations (CACR) ,
Export Administration Regulations (EAR) ,
Export Controls ,
Exports ,
Financial Institutions ,
General Licenses ,
Humanitarian Assistance ,
Imports ,
International Travel ,
Medical Research ,
Office of Foreign Assets Control (OFAC) ,
Pharmaceutical Industry
In the wake of the Panama Papers controversy, the U.S. government has taken major steps this month to promote financial transparency. First, the Financial Crimes Enforcement Network (FinCEN) finalized its proposed rule issued...more
5/17/2016
/ Anti-Money Laundering ,
Banks ,
Customer Due Diligence (CDD) ,
Due Diligence ,
Economic Sanctions ,
EU ,
Financial Institutions ,
FinCEN ,
Office of Foreign Assets Control (OFAC) ,
Ownership Requirements ,
Popular ,
Transparency ,
White Collar Crimes