News & Analysis as of August 24, 2025

Financial Institutions

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The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -

A New Rule Embraces Modernity in the Customer Identification Process

Bradley Arant Boult Cummings LLP on 7/10/2025

Financial institutions across the United States have grappled with compliance requirements under the Customer Identification Program (CIP) Rule for more than two decades. A new exemption, approved in June 2025, promises...more

No Full TIN, No Problem: FinCEN Approves of TIN Verification Through a Third Party

Morrison & Foerster LLP on 7/8/2025

On June 27, 2025, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order (Order) allowing banks,[1] and their subsidiaries, subject to the jurisdiction of the Office of the Comptroller...more

New Anti-Money Laundering Whistleblower Law Makes Economic Sanctions Violations Reportable

Torres Trade Law, PLLC on 3/3/2023

To more effectively counter transnational corruption and economic sanctions evasion, recent changes to the U.S. anti-money laundering (“AML”) whistleblower regime expand and reinforce whistleblower protections and rewards in...more

FinCEN Issues Anti-Money Laundering and Countering the Financing of Terrorism Priorities

King & Spalding on 7/8/2021

FinCEN announces eight areas of focus and advises preparation for issuance of new regulations - On June 30, 2021, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued the first...more

Financial Services: What’s Next Under the Biden Administration?

Pillsbury Winthrop Shaw Pittman LLP on 2/9/2021

Pillsbury partner and Public Policy group leader Elizabeth Vella Moeller recently sat down with Matthew McGuire, former Executive Director of the World Bank under President Obama, to discuss the Biden administration’s...more

The Corporate Transparency Act – Government KYC

Proskauer Rose LLP on 2/8/2021

Summary of the Corporate Transparency Act under the National Defense Authorization Act for Fiscal Year 2021 - On January 1, 2021, the Corporate Transparency Act (the “CTA”), which is part of the National Defense...more

FinCEN Issues Advisory on the Reporting of Cyber-Events and Cyber-Enabled Crimes

Patterson Belknap Webb & Tyler LLP on 11/2/2016

The Financial Crimes Enforcement Network, or FinCEN, an arm of the United States Department of the Treasury, issued an advisory last week to remind financial institutions of their obligations to report cyber-events on...more

Funds and Investment Advisers: Changes Coming in AML Compliance

Allen Matkins on 9/21/2016

Anti-money laundering (AML) regulation has continued to evolve since it was introduced in 1970 under the broad regulatory scheme commonly known as the Bank Secrecy Act. While funds and investment advisers have not been...more

NY DFS Finalizes Rigorous AML/BSA Regulation

Ballard Spahr LLP on 7/11/2016

The New York Department of Financial Services (DFS) has finalized a new regulation setting forth rigorous standards for monitoring and filtering programs to monitor transactions for potential anti-money laundering (AML) and...more

Financial Services Report, Fall 2015

Morrison & Foerster LLP on 9/18/2015

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

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