Internal Investigation Report Stresses Lack of Intentional Misconduct – But the Investigation May Broaden -
Westpac Banking Corporation (“Westpac”), Australia’s second largest retail bank, has been besieged by serious...more
6/15/2020
/ AML/CFT ,
Anti-Money Laundering ,
Australia ,
Banks ,
Due Diligence ,
Enforcement Actions ,
Financial Institutions ,
Foreign Correspondent Banking ,
Internal Investigations ,
Money Laundering ,
Money Transfer ,
Terrorist Financing Regulations
On May 4, the Financial Action Task Force (“FATF”) issued a paper entitled “Covid-19-Related Money Laundering and Terrorist Financing – Risk and Policy Responses (“Paper”). ...more
5/11/2020
/ AML/CFT ,
Anti-Money Laundering ,
BSA/AML ,
CARES Act ,
Coronavirus/COVID-19 ,
Corruption ,
FATF ,
Financial Crimes ,
Financial Fraud ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Paycheck Protection Program (PPP)
Second Post in a Two-Post Series on Recent FATF Activity -
As we just blogged, the Financial Action Task Force (“FATF”) issued a statement from its President on COVID-19 and measures to combat illicit financing during the...more
4/13/2020
/ AML/CFT ,
Anti-Money Laundering ,
BSA/AML ,
Coronavirus/COVID-19 ,
Corruption ,
Cross-Border Transactions ,
FATF ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Money Laundering ,
Terrorism Funding ,
Terrorist Financing Regulations
First Post in a Two-Post Series on Recent FATF Activity -
Members presumably working from home, the Financial Action Task Force (“FATF”) was active last week, first issuing its 3rd Enhanced Follow-up Report & Technical...more
4/13/2020
/ AML/CFT ,
Anti-Corruption ,
Anti-Money Laundering ,
BSA/AML ,
Coronavirus/COVID-19 ,
Cross-Border Transactions ,
FATF ,
Financial Crimes ,
Financial Institutions ,
Know Your Customers ,
Money Laundering ,
Terrorism Funding ,
Terrorist Financing Regulations
On December 3, 2019, four federal agencies – the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (“FDIC”), the Financial Crimes Enforcement Network (“FinCEN”), and the Office of the...more
12/5/2019
/ Agribusiness ,
Anti-Corruption ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banks ,
BSA/AML ,
Cannabis Products ,
Consumer Financial Products ,
Controlled Substances ,
Controlled Substances Act ,
Debit and Credit Card Transactions ,
Decriminalization of Marijuana ,
Deregulation ,
Farm Bill ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
Hemp ,
Hemp Cultivation ,
Interstate Commerce ,
Marijuana ,
Marijuana Cultivation ,
Marijuana Related Businesses ,
New Guidance ,
OCC ,
Regulatory Oversight ,
Regulatory Requirements ,
Small Business Loans ,
Suspicious Activity Reports (SARs) ,
USDA
On August 21, 2019, FinCEN issued an advisory (the “Advisory”) alerting financial institutions to various financial schemes and mechanisms employed by fentanyl and synthetic opioid traffickers to facilitate the illegal...more
8/30/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Convertible Virtual Currencies (CVCs) ,
Cross-Border Transactions ,
Depository Institutions ,
Digital Wallets ,
Drug & Alcohol Abuse ,
Drug Trafficking ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Money Services Business ,
Opioid ,
Prescription Drugs ,
Risk Management ,
Suspicious Activity Reports (SARs)
Some Answers — Producing Even More Questions -
On May 9, 2019, the Financial Crimes Enforcement Network (“FinCEN”) published a comprehensive “interpretive guidance” (the “Guidance”) to “remind” businesses and individuals...more
5/31/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Convertible Virtual Currencies (CVCs) ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Digital Wallets ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Interpretive Rule ,
Money Services Business ,
Money Transmitter ,
Peer-to-Peer ,
Risk Assessment ,
Token Sales
In September, the Danish law firm Bruun & Hjejle’s report (“B&H Report”) released its internal investigation report into alleged money laundering conducted through the Estonian branch of Danske Bank (“Danske”)....more
11/30/2018
/ Anti-Money Laundering ,
Corruption ,
Danske Bank ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
Internal Controls ,
Money Laundering ,
Non-Disclosure Agreement ,
Russia ,
Vladimir Putin ,
Whistleblowers ,
White Collar Crimes
As we just blogged, Financial Crimes Enforcement Network (“FinCEN”) Director Kenneth Blanco recently touted the value of Suspicious Activity Reports (“SARs”) in the context of discussing anti-money laundering (“AML”)...more
FinCEN announced on May 3, 2018 that Artichoke Joe’s, a card club and casino located in San Bruno, California and founded in 1916, has entered into a revised civil money penalty assessment regarding alleged deficiencies under...more