Popular, AML/CFT, Financial Crimes

FinCEN Withdraws Designation of ABLV Bank as Foreign Financial Institution “Of Primary Money Laundering Concern”

Ballard Spahr LLP on 10/14/2024

A Gesture Providing Limited Solace to a Now-Defunct Bank - Six years ago, in early 2018, we blogged about the U.S. Department of the Treasury’s Financial Crimes Enforcement Network’s (“FinCEN’s”) designation of ABLV Bank, AS...more

FinCEN Finalizes Rule Requiring AML/CFT Programs for Registered Investment Advisers and Exempt Reporting Advisers

Wilson Sonsini Goodrich & Rosati on 10/4/2024

On September 4, 2024, the U.S Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a final rule that expands the definition of “financial institution” to include Registered Investment Advisers...more

What Is an “Effective AML/CFT Compliance Program”?

Perkins Coie on 8/23/2024

The Financial Crimes Enforcement Network (FinCEN) and the federal banking agencies recently published the long-awaited notice of proposed rulemaking for the anti-money laundering/countering the financing of terrorism...more

FinCEN Proposes Rule to Enhance AML/CFT Programs Across Industries

Ballard Spahr LLP on 7/26/2024

FinCEN’s recent preliminary rulemaking aims to enhance and modernize regulations with requirements and priorities that affect a broad range of “financial institutions” across industries—but lacks concrete guidance on...more

FinCEN Issues Proposed Rulemaking Aimed at Strengthening and Modernizing AML Programs Across Multiple Industries

Ballard Spahr LLP on 7/16/2024

On July 3, the Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (NPRM) as part of a broader initiative to “strengthen, modernize, and improve” financial institutions’ anti-money...more

SEC, FinCEN Propose Customer Identification Program Requirements for RIAs and ERAs

Stinson LLP on 5/21/2024

On May 13, 2024, the Securities and Exchange Commission (SEC) and the Financial Crimes Enforcement Network (FinCEN) issued a joint notice of proposed rulemaking (proposed rule) that would impact how investment advisers handle...more

Proposed AML Suspicious Activity Rule

Stark & Stark on 2/19/2024

On February 13, 2024, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule to combat criminals and foreign adversaries from exploiting the U.S. financial system through investment...more

EU Institutions Reach Political Agreements On Anti-Money Laundering and Countering the Financing of Terrorism Package

Mayer Brown on 1/23/2024

On January 17, 2024, the Council of the European Union (Council) and the European Parliament (Parliament) announced that a political agreement had been reached on (i) a new Regulation setting forth a single anti-money...more

The Basel AML Index: Forfeiture, Non-Profits, Crypto, and More. A Guest Blog.

Ballard Spahr LLP on 1/22/2024

Today we are very pleased to welcome, once again, guest blogger Dr. Kateryna Boguslavska of the Basel Institute on Governance (“Basel Institute”), who will discuss the Basel Institute’s release of the 12th annual Public...more

Federal Agencies Issue Access Rule to Beneficial Ownership Information Pursuant to the CTA

Troutman Pepper on 12/27/2023

On December 21, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Financial Crimes Enforcement Network (FinCen), the National Credit Union Administration, along with...more

Hamas, Terrorist Financing, and Cryptocurrency

Ballard Spahr LLP on 12/8/2023

The October 7, 2023 attacks on Israel by Hamas have re-focused U.S. government efforts to identify and counter funding streams for Hamas and terrorist activity in general – including, in particular, through the use of...more

[Event] 22nd Annual Canadian Forum on Anti-Money Laundering and Financial Crime - June 7th - 8th, Toronto, Ontario, Canada

American Conference Institute (ACI) on 5/22/2023

AML compliance for reporting entities has never been of greater critical importance than it is today. With the growing sophistication of criminals and the methods and technologies that they employed, combined with the...more

Imminent FATF Grey Listing of South Africa

White & Case LLP on 2/24/2023

On 24 February 2023, the FATF will announce its decision regarding the likely grey listing of South Africa – if this transpires, the consequences for the already embattled South African economy could be severe. South...more

US DOJ Responds to Biden Executive Order on Digital Assets

Husch Blackwell LLP on 7/5/2022

On March 9, 2022, President Joseph Biden issued Executive Order 14067, which charged the Department of Justice (in consultation with the Departments of State, Treasury, and Homeland Security) to submit a report on how to...more

Daily Financial Regulation Update -- Friday, June 24, 2022

Paul Hastings LLP on 6/27/2022

Major Developments- Federal Reserve Board- Federal Reserve Board releases results of annual bank stress test- June 23, 2022- The Federal Reserve Board released the results of its annual bank stress test....more

Sanctions Against Russia: Understanding the Evolving Picture and How to Respond

K2 Integrity on 5/9/2022

...Since the start of the invasion of Ukraine by Russian forces on February 24, the United States (U.S.), United Kingdom (UK), and the European Union (EU) have led a global sanctions campaign against Russia that has been...more

FinCEN to host second ‘exchange’ on preventing ransomware

Foodman CPAs & Advisors on 7/26/2021

The United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN) will hold a second FinCEN Exchange in August to discuss ways to combat increasingly sophisticated cyber and ransomware attacks. The FinCEN...more

FATF Issues First-Ever Report on Environmental Crime and Money Laundering

Ballard Spahr LLP on 7/9/2021

Second Post in a Series on the FATF Plenary Outcomes - As we blogged, last month the Financial Action Task Force (“FATF”) held its fourth Plenary, inviting delegates from around the world to (virtually) meet and discuss a...more

Proposed Rules for Transactions with Unhosted Virtual Currency Wallets

K2 Integrity on 1/6/2021

On 18 December, the Financial Crimes Enforcement Network (FinCEN) at the U.S. Department of the Treasury announced highly anticipated and controversial new proposed requirements designed to mitigate illicit finance risks...more

Money laundering concerns prompt consultation on regulation of virtual asset service providers in Hong Kong

A&O Shearman on 11/9/2020

(i) a licensing regime for virtual asset trading platforms in Hong Kong, including anti-money laundering obligations; (ii) a two-tier registration regime for dealers in precious metals and stones; and...more

Financial institutions general regulatory news, September 2020

Hogan Lovells on 9/8/2020

SMCR extension: SI extending implementation date made - The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020 (SI 2020/929) have been made....more

FCA sets out approach to AML crypto supervision

Hogan Lovells on 3/10/2020

A Director of Enforcement at the Financial Conduct Authority (FCA) has set out some of the key challenges the regulator expects in its new role as AML/CTF (anti-money laundering/counter terrorist financing) supervisor for...more

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