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Know Your Customers Penalties

Ankura

The Importance of KYC/CDD Review in Preparing for a BSA/AML Program Examination

Ankura on

The Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations are fundamental components of the financial industry’s efforts to combat financial crimes. As a BSA/AML Officer, it is crucial to ensure that your...more

Venable LLP

Executive Order to Prevent Access to Americans' Bulk Sensitive Personal Data and Government-Related Data by Countries of Concern

Venable LLP on

On February 28, 2024, the Biden Administration issued Executive Order (EO) 13873, focused on restricting certain transactions involving Americans' personal data, as well as sensitive government data, to specific countries....more

Davis Wright Tremaine LLP

Commerce Department Proposes Cybersecurity/AI Reporting and "KYC" Requirements for Certain Cloud Providers

The U.S. Department of Commerce's ("Commerce") Bureau of Industry and Security ("BIS") has issued a proposed rule (the "Proposed Rule") that would impose significant diligence, reporting, and recordkeeping requirements on...more

Akin Gump Strauss Hauer & Feld LLP

Commerce Issues Proposed Rule on “Malicious Cyber-Enabled Activities” and Artificial Intelligence

On January 29, 2024, the Department of Commerce’s Bureau of Industry and Security (BIS) issued a proposed rule (the Proposed Rule) that would impose significant know-your-customer (KYC), monitoring and reporting obligations...more

Guidepost Solutions LLC

Bank Merger Compliance Risks: Are You Prepared?

Bank mergers and acquisitions are becoming a regular part of life in the banking industry, especially for smaller and medium-sized organizations. They provide significant opportunities for institutions to expand their...more

The Volkov Law Group

Standard Chartered Bank’s Continuing Culture Challenges and Sanctions Compliance (Part II of III)

The Volkov Law Group on

Standard Chartered Bank certainly has its troubles. You know a company is in trouble, however, when it breathes a sigh of relief after paying nearly $1.1 billion in fines and penalties and compares itself to BNP Paribas, the...more

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