The Financial Conduct Authority has published a report on assessing and reducing the risk of Money Laundering Through the Markets. Money Laundering Through the Markets is the use of capital markets to launder criminally...more
On December 18, the U.S. District Court for the Southern District of New York granted a bank’s motion to dismiss the complaint in a case involving wire transfers of an elderly customer who was the victim of an internet scam....more
Molecular diagnostics company Enzo Biochem, Inc. has reached settlements resolving investigations in relation to a 2023 data breach by the attorneys general (AG) for Connecticut, New Jersey, and New York. Enzo has agreed to...more
On 13 February 2024, the Financial Crimes Enforcement Network (FinCEN) issued a groundbreaking Notice of Proposed Rulemaking (NPRM) to combat illicit finance and national security threats in the investment adviser sector. The...more
The IRS’s Office of Chief Counsel recently published a memorandum providing information for cannabis companies struggling to comply with the completion of Form 8300, which must be filed every time a company receives a cash...more
There is an important new requirement from the IRS for US businesses based upon a new release from the IRS. Any US business who receives a cash payment exceeding $10,000 is required to file Form 8300 – “Report of Cash...more
On June 14, 2023, House Bill (HB) No. 915—a bill the Texas Legislature passed on May 30, 2023—became law. As previously reported, HB 915 adds Chapter 104A, “Reporting Workplace Violence,” to the Texas Labor Code and...more
On May 30, 2023, the Texas Legislature sent legislation to Governor Greg Abbott that will require employers in Texas to post notice to employees about reporting instances of workplace violence or suspicious activity. The...more
Court Rejected Former Theranos Executive Sunny Balwani’s Request For New Trial - On October 11, 2022, a California federal court rejected former Theranos Chief Operating Officer Sunny Balwani’s request for a new trial,...more
While companies increase focus on external risks by enhancing regulatory compliance, anti-corruption policies, and cybersecurity, they must not lose sight of internal risks, including internal fraud and embezzlement....more
The SEC continues to focus a portion of its enforcement attention on registrants' obligations with regard to anti-money laundering (AML) compliance and transaction monitoring. In this post, we provide a refresher on the...more
The Financial Crimes Enforcement Network (“FinCEN”) recently issued an advisory urging financial institutions (including certain cryptocurrency businesses) to implement controls to help detect proceeds of foreign public...more
On June 30, 2021, FinCEN announced the first set of government-wide AML/CFT Priorities, as required by the Anti-Money Laundering Act of 2020 ("AML Act"). Consistent with the National Strategy for Combating Terrorist and Other...more
Los profesionales de cumplimiento continúan protegiendo a sus instituciones financieras durante estos tiempos sin precedentes. Se han convertido en una fuente de información regulatoria para las Instituciones Financieras que...more
Last week, the U.S. Drug Enforcement Administration (DEA) released its long-awaited proposed rule on Suspicious Orders Monitoring System (SOMS) obligations under the federal Controlled Substances Act. ...more
On July 27, 2020, the United Kingdom’s Office of Financial Sanctions Implementation (“OFSI”), the office in Her Majesty’s Treasury responsible for administering UK sanctions, released Maritime Guidance: Financial sanctions...more
German lender Deutsche Bank has reached a $150 million settlement with NY’s Department of Financial Services over its years long failure to “detect or prevent millions of dollars of suspicious transactions” from flowing...more
As expected, the Fed kept interest rates unchanged on Wednesday while also signaling that “they would wait to see how the economy fared before making another move”....more
On November 12, 2019, FinCEN issued its latest Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combatting the Financing of Terrorism Deficiencies and Relevant Actions by the...more
On September 30, 2019, Judge Ann M. Donnelly of the United States District Court for the Eastern District of New York dismissed a putative securities class action asserting claims brought under Sections 10(b) and 20(a) of the...more
Imagine an anonymous worker at a multinational’s Egypt factory contacts the global whistleblower hotline and accuses the Cairo plant manager of dumping chemicals into the Nile. Or imagine the manager of a bank’s Mexico City...more