This week Danske Bank released a report detailing the results of its much anticipated internal investigation into allegations of money laundering perpetrated in its Estonian branch. ...more
9/21/2018
/ Banking Sector ,
Corruption ,
Estonia ,
EU ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Internal Controls ,
Money Laundering ,
Popular ,
Suspicious Activity Reports (SARs) ,
White Collar Crimes
The Financial Crimes Enforcement Network (“FinCEN”) recently advised that a financial institution is not required to file a Suspicious Activity Report (“SAR”) based solely upon a customer’s inquiry into or participation in a...more
FinCEN recentlty announced entry of a $2 million assessment against Lone Star National Bank, a private bank operating out of Texas, for the bank’s allegedly willful violations of the Bank Secrecy Act (“BSA”) and inadequate...more
11/8/2017
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Due Diligence ,
Enforcement Actions ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Foreign Correspondent Banking ,
Mexico ,
Patriot Act ,
Regulatory Oversight ,
Suspicious Activity Reports (SARs)
On August 25, a U.S. District Court Judge for the Southern District of New York sentenced former Guinea Minister of Mines and Geology, Mahmoud Thiam, to seven years in prison, followed by three years of supervised probations,...more
8/31/2017
/ Banking Sector ,
Bribery ,
China ,
Criminal Convictions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Fraudulent Wire Transfers ,
Guinea ,
Mining Contracts ,
Money Laundering ,
Oil & Gas ,
White Collar Crimes
Two days after North Korea’s successful long-range ballistic missile test, the U.S. District Court for the District of Columbia unsealed a memorandum opinion which granted the Department of Justice “damming” warrants to seize...more
This post discusses individual liability in AML/BSA enforcement, which is an area of increasing attention. Indeed, according to public statements by the government, individual liability is the focus of enhanced scrutiny...more
5/19/2017
/ Banking Sector ,
Broker-Dealer ,
BSA/AML ,
Department of Justice (DOJ) ,
Derivative Suit ,
FinCEN ,
Fraud ,
Individual Accountability ,
Money Laundering ,
Money Transmitter ,
Moneygram ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Suspicious Activity Reports (SARs) ,
Western Union ,
White Collar Crimes ,
Yates Memorandum
On January 19, 2017, the Western Union Company (“Western Union” or the “Company”) entered into a deferred prosecution agreement (“DPA”) with the Department of Justice (“DOJ”), in which Western Union admitted to willful...more
3/15/2017
/ Banking Sector ,
BSA/AML ,
Class Action ,
Deferred Prosecution Agreements ,
Derivative Suit ,
Financial Services Industry ,
FinCEN ,
Foreign Corrupt Practices Act (FCPA) ,
Form 10-K ,
Misleading Statements ,
Money Laundering ,
Money Transfer ,
Securities and Exchange Commission (SEC) ,
Western Union ,
Wire Fraud
A federal appeals court recently decided that a plaintiff could not assert a claim against the issuer of a reverse mortgage for breach of regulations issued by the U.S. Department of Housing and Urban Development (HUD), when...more
8/9/2016
/ Banking Sector ,
Breach of Contract ,
Financial Institutions ,
Fraudulent Concealment ,
Fraudulent Inducement ,
HECM ,
HUD ,
Liens ,
Mortgage Lenders ,
Mortgages ,
Real Estate Market ,
Reverse Mortgages ,
Summary Judgment ,
Written Agreements