On Feb. 7, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking (NPRM)1 in response to illicit finance risks identified in the U.S. residential real estate...more
The United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a notice of proposed rulemaking (NPRM) that would subject registered investment advisers (RIAs) and exempt reporting...more
2/16/2024
/ AML/CFT ,
Bank Secrecy Act ,
Customer Due Diligence (CDD) ,
FinCEN ,
Investment Adviser ,
NPRM ,
Patriot Act ,
Recordkeeping Requirements ,
Registered Investment Advisors ,
Suspicious Activity Reports (SARs) ,
Terrorism Funding ,
U.S. Treasury
The Corporate Transparency Act (CTA), which became effective on January 1, requires that U.S. and foreign companies authorized to do business in the U.S. (each, a Reporting Company) report specific personal information...more
The United States Department of the Treasury (U.S. Treasury) announced that it aims to publish a proposed rule in early 2024 (the 2024 NPRM) that would subject investment advisers to the anti-money laundering (AML)...more
On Dec. 22, New York Governor Kathy Hochul signed the New York Limited Liability Company Transparency Act (“NY LLC Transparency Act”) into law. The NY LLC Transparency Act is modeled on the Corporate Transparency Act (“CTA”),...more
On November 29, 2023, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule (RIN 1506-AB62)1, extending the deadline for companies created or registered in 2024 to file beneficial owner...more
On Oct. 4, Deputy Attorney General Lisa Monaco (DAG Monaco) announced a new safe harbor policy for voluntary self-disclosures made in connection with mergers and acquisitions (the Safe Harbor Policy). At the outset of her...more
On August 1, a bipartisan bill was introduced to modify the Corporate Transparency Act (CTA). The Protect Small Businesses and Prevent Illicit Financial Activity Act (H.R. 5119) was introduced in the U.S. House of...more
Founders and operators, is your company prepared to report its Beneficial Ownership Information (BOI)? Unless an exemption applies, you may be required under the Corporate Transparency Act (CTA) to identify and report the...more
U.S. hedge funds, private equity funds, and venture capital funds (collectively, the Private Funds)2 and their U.S. general partners, sponsors, and managers (Advisers) are not directly subject to the Bank Secrecy Act of 1970...more
7/26/2023
/ Anti-Money Laundering ,
Bank Secrecy Act ,
FATF ,
Fund Managers ,
Hedge Funds ,
Office of Foreign Assets Control (OFAC) ,
Politically Exposed Person (PEPs) ,
Popular ,
Private Funds ,
Red Flags Rule ,
SDN List ,
Venture Capital
On May 25, 2023, Gary Gensler, Chairperson of the U.S. Securities and Exchange Commission (SEC), spoke at an Investment Company Institute leadership conference and discussed SEC proposals that address potential instability in...more
In October 2021, the U.S. Department of Justice (DOJ) accused Ericsson Inc., a Swedish telecommunications manufacturer, of breaching a deferred prosecution agreement (DPA) that stemmed from charges that Ericsson violated the...more
On February 22, 2023, the Department of Justice (DOJ) announced a nationwide Voluntary Self-Disclosure Policy (VSD Policy), which goes into effect immediately and which is meant to strongly encourage self-disclosures. The...more
Yesterday, the Second Circuit rejected U.S. District Judge Jed S. Rakoff’s typical voir dire process and vacated a defendant’s criminal conviction, remanding the case for a new trial (United States v. Nieves, 2d Cir. Jan. 26,...more
On January 17, 2023, the Department of Justice (DOJ), Criminal Division, announced it has reassessed and strengthened its Corporate Enforcement Policy, which applies to all corporate criminal matters (including Foreign...more
On September 27, 2022, regulators from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) handed out over $1.8 billion in fines to financial institutions in connection with...more
10/6/2022
/ Books & Records ,
Broker-Dealer ,
CFTC ,
Commercial Electronic Messages ,
Electronic Communications ,
Financial Institutions ,
Fines ,
Investment Adviser ,
OCIE ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Technology ,
Training
On Aug. 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned cryptocurrency mixer Tornado Cash for allegedly helping launder more than $7 billion worth of cryptocurrency over three years.1...more
9/29/2022
/ Cryptocurrency ,
Decentralized Finance (DeFi) ,
Declaratory Relief ,
Economic Sanctions ,
FinCEN ,
Investors ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Securities and Exchange Commission (SEC) ,
Statutory Authority ,
U.S. Treasury ,
Voluntary Disclosure
On September 15, 2022, the Department of Justice (“DOJ”) announced several important changes to its policies for prosecuting corporate crime. Deputy Attorney General Lisa O. Monaco, who made the announcement in a speech at...more
Reaffirming DOJ’s focus on digital assets, the U.S. Attorney’s Office for the Southern District of New York today charged a defendant, for the first time ever, with insider trading in non-fungible tokens (NFTs). ...more
On May 18, the U.S. Court of Appeals for the Fifth Circuit held that defendants in SEC enforcement actions for fraud are entitled to jury trials in federal court rather than simply appearing before an SEC administrative law...more
On February 17, 2022, KT Corporation (KT, formerly known as Korea Telecom) resolved a Foreign Corrupt Practices Act (FCPA) enforcement action with the Securities and Exchange Commission (SEC) related to corruption schemes in...more
The U.S. Court of Appeals for the Second Circuit's Jan. 27 reversal of the convictions of two former Deutsche Bank AG traders accused of rigging Libor in U.S. v. Connolly was rightfully big news in the white collar...more
The arduous process of FCPA compliance requires risk teams to digest and cross-reference a morass of information – from internal data analysis to human representatives collecting interviews on the ground. Diligence failures...more
1/13/2022
/ Anti-Bribery ,
Compliance ,
Confidential Information ,
Corporate Governance ,
Corporate Liability ,
Corporate Misconduct ,
Department of Justice (DOJ) ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
Foreign Corrupt Practices Act (FCPA) ,
Parent Corporation ,
Risk Assessment ,
Securities and Exchange Commission (SEC) ,
Subsidiaries ,
Successor Liability ,
Supply Chain ,
Third-Party
In a rare court-room victory for a Foreign Corrupt Practices Act (FCPA)1 defendant, on November 10, 2021, the United States District Court for the Southern District of Texas dismissed a three-count indictment against Daisy...more
On Oct. 21, Ericsson Inc. disclosed that the U.S. Department of Justice asserted that the company had "breached its obligations" under a 2019 deferred prosecution agreement "by failing to provide certain documents and factual...more