News & Analysis as of

BSA/AML Bank Secrecy Act Corporate Governance

Troutman Pepper Locke

Patriot Bank and OCC Sign Agreement to Strengthen Oversight and Payment Activities

Troutman Pepper Locke on

On January 14, Patriot Bank, N.A. entered into an agreement with the Office of the Comptroller of the Currency (OCC) to address and rectify several unsafe or unsound practices and violations of law. This agreement follows the...more

Sheppard Mullin Richter & Hampton LLP

Treasury Announces Renewed Push for Investment Adviser AML Rules

The United States Department of the Treasury has announced that it is working to address what it perceives as money laundering risks associated with investment advisers. Specifically, the agency asserts that absent consistent...more

Torres Trade Law, PLLC

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

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

Foodman CPAs & Advisors

FinCEN provides a Section 314(b) welcomed clarification

Section 314(b) of the USA PATRIOT Act (Sec 314) was drafted by Congress in 2001 to allow financial institutions to work with law enforcement agencies and with each other to support the common goal of deterring money...more

Foodman CPAs & Advisors

Did you know that FinCEN maintains Data Access Memoranda of Understanding (MOUs) that have over 12,700 authorized users?

FinCEN has more than 400 data-access MOUs with federal, state, and local law enforcement regulatory agencies relating to BSA data.  It consolidates the information that it receives and shares the consolidated reports with...more

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