In a May 12, 2025, memorandum (the May Memorandum) on focus, fairness and efficiency in the fight against white collar crime, the Department of Justice (DOJ) Criminal Division1 again identified the total elimination of...more
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)
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has recently taken steps to expand the reach of the Bank Secrecy Act (BSA) and related customer identification regulations. These steps build on...more
5/30/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
CFIUS ,
Customer Identification Program (CIP) ,
Financial Institutions ,
FinCEN ,
Policies and Procedures ,
Proposed Rules ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC)
On April 15, 2024, the Department of Justice’s (DOJ’s) Criminal Division unveiled a new Pilot Program on Voluntary Self-Disclosures for Individuals that offers non-prosecution agreements (NPAs) to individuals who voluntarily...more
4/24/2024
/ Anti-Corruption ,
Anti-Money Laundering ,
Corporate Crimes ,
Corporate Governance ,
Corporate Misconduct ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
False Claims Act (FCA) ,
Federal Pilot Programs ,
Financial Institutions ,
Financial Services Industry ,
Non-Prosecution Agreements ,
Self-Disclosure Requirements ,
Voluntary Disclosure ,
Whistleblower Awards ,
Whistleblowers ,
White Collar Crimes
In a long-awaited decision involving the cryptocurrency “mixer” Tornado Cash, a U.S. district court on August 17, 2023, upheld the broad authority of the Department of the Treasury’s (Treasury’s) Office of Foreign Assets...more
On August 16, 2023, OFAC announced a $660,594 settlement with Construction Specialties Inc. (CS) for alleged violations of the Iranian Transactions and Sanctions Regulations (ITSR). OFAC found that CS’s wholly controlled...more
9/6/2023
/ Anti-Money Laundering ,
Bureau of Industry and Security (BIS) ,
Corporate Governance ,
Department of Justice (DOJ) ,
Employees ,
Enforcement Actions ,
Export Controls ,
Exports ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Sanctions ,
U.S. Commerce Department ,
Whistleblowers
Through a series of coordinated actions in May 2023, the United States launched a whole-of-government effort to expand and strengthen enforcement of its sanctions campaign against Russia as the conflict in Ukraine continues...more
6/6/2023
/ Anti-Money Laundering ,
Bureau of Industry and Security (BIS) ,
CFIUS ,
Economic Sanctions ,
Export Controls ,
Financial Institutions ,
FinCEN ,
International Trade ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Russia
On January 17, 2023, U.S. law enforcement authorities in Miami arrested Anatoly Legkodymov, a Russian national and the founder and majority owner of Hong Kong-based virtual currency exchange Bitzlato Ltd., on charges of money...more
2/7/2023
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Crypto Exchanges ,
Cryptocurrency ,
Enforcement Actions ,
EU ,
Financial Crimes ,
FinCEN ,
Law Enforcement ,
Money Laundering ,
NDAA ,
Patriot Act ,
Popular ,
Russia ,
U.S. Treasury ,
Virtual Currency ,
White Collar Crimes
On January 17, 2023, the U.S. Department of Justice (DOJ) announced revisions to the Criminal Division’s Corporate Enforcement Policy. The revisions follow Deputy Attorney General (DAG) Lisa Monaco’s September 2022...more
1/24/2023
/ Anti-Corruption ,
Anti-Money Laundering ,
Commodities ,
Corporate Governance ,
Corporate Misconduct ,
Cross-Border ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement Actions ,
False Claims Act (FCA) ,
Investigations ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
White Collar Crimes
On December 13, 2022, Danske Bank A/S, headquartered in Denmark, pled guilty to one count of conspiracy to commit bank fraud (18 U.S.C. § 1349) and agreed to forfeit approximately $2.06 billion to resolve an investigation by...more
12/21/2022
/ Anti-Money Laundering ,
Bank Fraud ,
Banking Sector ,
Compliance ,
Danske Bank ,
Department of Justice (DOJ) ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
Money Laundering ,
Rule 10b-5 ,
Securities and Exchange Commission (SEC) ,
Settlement
On September 29, 2022, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a long-awaited final rule implementing the beneficial ownership information (BOI) reporting requirements of the...more