Financial Crimes, Policies and Procedures, Financial Institutions

Quality Control Unveiled: Insights from Transaction Monitoring

Ankura on 2/12/2025

Ensuring high-quality standards in any organization is an essential ingredient that must be rooted within a company’s Quality Management Program (QMP) – a program that creates a framework to ensure quality....more

Court of Appeal: Banks’ Quincecare duty may apply to instructions from defrauded customers

White & Case LLP on 3/24/2022

In Philipp v Barclays Bank UK PLC, the Court of Appeal held that the Quincecare duty may apply to direct customer instructions (not just those through an agent), such that banks may be liable for failing to protect against...more

Businesses Must Prepare For Expansive AML Reporting of Beneficial Ownership Interests

Katten Muchin Rosenman LLP on 4/30/2021

As covered in our earlier advisory, "AML Enforcement Continues to Trend in 2021," the recently passed National Defense Authorization Act for fiscal year 2021 included the Anti-Money Laundering Act of 2020 (AML Act), which...more

The BSA Casts A Wider Net

Foodman CPAs & Advisors on 11/5/2020

On September 15, 2020, FinCEN issued a Final Rule stating that Banks lacking a Federal Functional Regulator will be required to establish and implement AML programs including policies and procedures, a dedicated compliance...more

China Emerging as an Increasing Driver of Global Illicit Finance Risk

K2 Integrity on 11/19/2019

Growing Chinese illicit finance threats, vulnerabilities, and exposure are combining to increase illicit financing risk in the international financial system, judging from a series of recent advisories, sanctions actions,...more

The EU’s Efforts to Combat Money Laundering, the Financing of Terrorism and Corruption Seem to Overlook a Very American Approach:...

Ballard Spahr LLP on 9/18/2019

The European Union (“EU”) recently has grappled with a series of massive money laundering scandals and strategized about how to more effectively combat international money laundering and corruption. Generally, the EU has...more