Pursuant to the adoption of comprehensive revisions to the U.S. anti-money laundering statutes as part of the Defense Appropriations Act of 2021 (the “Defense Act”), on September 30, 2022, the Financial Crimes Enforcement...more
1/8/2024
/ Anti-Money Laundering ,
Beneficial Owner ,
Compliance ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Filing Deadlines ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Foreign Corporations ,
Legal Entities ,
NDAA ,
Penalties ,
Publicly-Traded Companies ,
Reporting Requirements
Pursuant to the adoption of comprehensive revisions to the U.S. anti-money laundering statutes as part of the Defense Appropriations Act of 2021 (the “Defense Act”), on September 30, 2022, the Financial Crimes Enforcement...more
On March 7, 2022, the Financial Crimes Enforcement Network (“FinCEN”) issued an alert (the “FinCEN Alert”) urging financial institutions to proactively guard against possible attempts to evade recently implemented sanctions...more
3/10/2022
/ Biden Administration ,
BSA/AML ,
Compliance ,
Economic Sanctions ,
Executive Orders ,
Financial Institutions ,
FinCEN ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Suspicious Activity Reports (SARs) ,
Ukraine
Pursuant to the adoption of comprehensive revisions to the U.S. anti-money laundering statutes as part of the Defense Appropriations Act of 2021 (the “Defense Act”), on December 8, 2021, the Financial Crimes Enforcement...more
1/14/2022
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Filing Requirements ,
Financial Institutions ,
FinCEN ,
Legal Entities ,
Proposed Regulation ,
Reporting Requirements
Because of the devastating effect that the COVID-19 pandemic has had on the entire U.S. economy, the federal Bank Regulators have warned of the possibility that small, medium and large banks may soon be forced to recognize...more
11/11/2020
/ Bank Holding Company ,
Banking Sector ,
Business Closures ,
Business Interruption ,
Capital Losses ,
Capital Requirements ,
Commercial Loans ,
Coronavirus/COVID-19 ,
Default ,
Enforcement ,
Fiduciary Duty ,
Financial Institutions ,
Financial Regulatory Agencies ,
GAAP ,
Regulatory Requirements ,
Risk Assessment ,
Risk Management ,
Strategic Planning
Since its adoption last year, U.S. financial institutions have been confronted with the challenge of planning their compliance with the California Consumer Privacy Act (the “CCPA”). The CCPA becomes effective in two stages -...more
The Financial Crimes Enforcement Network (“FinCEN”), a bureau of the Department of the Treasury, issued guidance on February 14, 2014 (the “Cannabis Guidance”), to clarify Bank Secrecy Act expectations for financial...more