Financial Crimes, White Collar Crimes, Beneficial Owner

US Corporate Governance — 2025 Midyear Review

Herbert Smith Freehills Kramer on 7/8/2025

The Financial Crimes Enforcement Network (FinCEN) issued an interim final rule in March 2025 that removes requirements for US companies to report beneficial ownership information under the Corporate Transparency Act (CTA)....more

What You Need to Know About the U.S. Corporate Transparency Act

Best Best & Krieger LLP on 2/1/2023

Practical Issues for Entity Management - The Corporate Transparency Act (CTA) is new legislation passed by Congress as part of the Anti-Money Laundering Act of 2020. This legislation sets forth uniform beneficial ownership...more

FinCEN Issues Final Rule for Beneficial Ownership Reporting

The Volkov Law Group on 10/7/2022

The Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued its final rules implementing the beneficial ownership reporting requirements pursuant to the bipartisan Corporate Transparency Act (“CTA”). The...more

New U.S. Law’s Impacts on Non-U.S. Financial Institutions

K2 Integrity on 2/11/2021

The U.S. Anti-Money Laundering Act of 2020 (AML Act) became law on January 1 when the United States Congress passed the broader National Defense Authorization Act for 2021 over a presidential veto. Although it is a U.S. law,...more

The Anti‐Money Laundering Act of 2020

Orrick, Herrington & Sutcliffe LLP on 2/4/2021

On January 1, 2021, Congress enacted a broad range of anti-money laundering (“AML”) reforms within the Anti-Money Laundering Act of 2020 (the “AML Act”), as part of the National Defense Authorization Act for Fiscal Year 2021...more

The Anti-Money Laundering Act of 2020: New Challenges for Financial Institutions, Their Employees and Customers, and (Nearly)...

Cadwalader, Wickersham & Taft LLP on 1/15/2021

On January 1, 2021, Congress enacted the Anti-Money Laundering Act of 2020 (the “Act”). As part of the National Defense Authorization Act for Fiscal Year 2021, the Act creates a broad range of new anti-money laundering...more

Pulling Back the Curtain: Congress Establishes a Beneficial Ownership Registry for U.S. and Foreign Businesses

Cohen & Gresser LLP on 1/4/2021

On January 1, 2021, Congress overrode President Trump’s veto, passing into law the annual National Defense Authorization Act for Fiscal Year 2021 (“NDAA”). ...more

Record Anti-Money Laundering Fine Imposed on Swedbank

Orrick, Herrington & Sutcliffe LLP on 4/19/2020

I. Background - Sweden’s financial supervisory authority (“SFSA”) recently fined Swedbank AB a record 4 billion Swedish kronor (approximately $386 million) for deficiencies in its anti-money laundering (“AML”) processes...more

United States “Beats” Switzerland as a Perceived Global Haven for Money Laundering and Tax Evasion

Ballard Spahr LLP on 2/21/2020

The Cayman Islands Receive “Top Honors.” But, Global Financial Transparency is Reportedly Improving in General - The United States has overtaken Switzerland as a financial secrecy haven, according to the latest rankings –...more

The implementation of the Fifth Anti Money Laundering Directive in German Law – Tighten the tight?

Orrick, Herrington & Sutcliffe LLP on 12/6/2019

In the course of the “Panama Paper” scandal, Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing – known as 4. Anti-Money Laundering...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

Corporate Transparency Act of 2019 Broadens Beneficial Ownership Reporting

Ballard Spahr LLP on 3/29/2019

In early March, the House Financial Services Committee released three proposed bills to codify many of the suggested reforms discussed during ongoing conversation among financial agencies, law enforcement, financial...more

First U.S. Indictment Relating to Panama Papers Charges Lawyer, Asset Manager, Accountant and Client

Ballard Spahr LLP on 12/14/2018

DOJ Targets Professional Enablers of Alleged Tax and Laundering Schemes - On December 4, the Office of the U.S. Attorney for the Southern District of New York unsealed an elaborate indictment charging three professionals —...more

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