Financial Crimes, Financial Institutions, Corporate Counsel

Beyond the Fine: What Financial Gatekeepers Must Learn from Interactive Brokers’ OFAC Settlement

Baker Botts L.L.P. on 7/23/2025

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has significantly increased its focus on sanctions compliance for “financial gatekeepers,” including financial institutions and other firms...more

Major OFAC Penalty for US Venture Capital Fund – Key Takeaways

Troutman Pepper Locke on 6/17/2025

On June 12, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed a civil penalty of approximately $216 million on GVA Capital Ltd., a venture capital firm based in San Francisco, for...more

Using A Service To File A Beneficial Ownership Information Report? Be Sure To Read The Small Print

Allen Matkins on 11/22/2024

It cannot be gainsaid that the Corporate Transparency Act has been a major headache for millions of business entities. The CTA is part of the William M. (Mac) Thornberry National Defense Authorization Act (NDAA) for Fiscal...more

Significant UK Court of Appeal Decision Confirms the Applicability of the UK’s Proceeds of Crime Legislation to Illegality in...

Skadden, Arps, Slate, Meagher & Flom LLP on 7/8/2024

The UK Court of Appeal recently held that the National Crime Agency’s decision not to investigate whether cotton goods manufactured in China and imported to the UK were the product of forced labour was unlawful — a decision...more

Compliance Alert! Regulated Entities Gear Up for the UK's Economic Crime Levy

Sullivan & Worcester on 3/23/2023

If your organisation is both supervised under the UK Money Laundering Regulations (“MLR”) and your UK Revenue exceeds £10.2 million per year, if you are not already, you will need to prepare for the forthcoming Economic Crime...more

Federal Court Holds Financial Institution Liable for Business Email Compromise Loss

Davis Wright Tremaine LLP on 2/27/2023

While ransomware attacks usually grab the headlines, business email compromise (BEC) attacks continue to cause massive financial losses for businesses. The FBI’s Internet Crime Complaint Center (IC3), reported BEC losses in...more