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Money Laundering Regulatory Oversight Financial Institutions

Jones Day

Direct Supervisory Powers of the New European Anti-Money Laundering Authority

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The European Union Anti-Money Laundering ("AML") package includes Regulation (EU) 2024/1620 of the European Parliament and of the Council of May 31, 2024, establishing the Authority for Anti-Money Laundering and Countering...more

Carey Olsen

Bermuda leads the way on digital transformation

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The surge in adoption of digital technologies and AI is rapidly changing the business, investment and security environments. The global demand for improved and increased digital infrastructure capacity, resilience, speed and...more

Ankura

Green Gold and Shadow Networks: Financial Crime in the Illegal Wildlife Trade

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What does the silent extinction of endangered species reveal about the hidden corridors of global finance? As financial transactions and environmental health become increasingly linked, a troubling reality emerges: illegal...more

A&O Shearman

UK FCA updated webpage on cash-based money laundering

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The UK Financial Conduct Authority (FCA) has updated its webpage on cash-based money laundering and confirmed its intention to carry out a multi-firm review in this area in the financial year 2025/2026. ...more

DLA Piper

New EU Anti-Money Laundering Rules: What to Know

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The European Union this year finalized significant revisions to its rules countering money laundering and terrorist financing (the AML Package). In addition to strengthening the existing regulatory framework, the AML Package...more

Mayer Brown

EU Institutions Reach Political Agreements On Anti-Money Laundering and Countering the Financing of Terrorism Package

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On January 17, 2024, the Council of the European Union (Council) and the European Parliament (Parliament) announced that a political agreement had been reached on (i) a new Regulation setting forth a single anti-money...more

Cadwalader, Wickersham & Taft LLP

Welcome to 2024: CWT’s European Fund Finance Market Insights January 2024 - Cayman Moves Closer to a List-Free Summer!

The Cayman Islands recently received an early Holiday gift when the EU Commission published a regulation in mid-December paving the way to remove Cayman from its list of ‘high-risk’ countries for AML/CFT purposes. The...more

Cadwalader, Wickersham & Taft LLP

New Bipartisan Bill Takes Aim at Digital Asset Money Laundering and Terrorism Finance

On December 14, Senators Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) introduced in the U.S. Senate a new bipartisan bill, titled "Digital Asset Anti-Money Laundering Act of 2022" (the “Bill”), intended to curb the...more

Foley Hoag LLP - White Collar Law &...

NY Department of Financial Services Slaps $30 Million Fine on Robinhood’s Crypto Platform for Lax Anti-Money Laundering Controls

On August 1, 2022, the New York Department of Financial Services (“DFS” or the “Department”) secured its first enforcement win against a cryptocurrency platform, Robinhood’s crypto trading arm Robinhood Crypto, LLC....more

Vinson & Elkins LLP

UAE further strengthens its AML protections with creation of specialist AML court

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The United Arab Emirates (the “UAE”) has announced a new division of its court system established specifically to hear cases relating to money laundering and financial crime. This new Court, an integral element of the UAE’s...more

McGlinchey Stafford

Cryptocurrency: Wild West or Wall Street? [More with McGlinchey, Ep. 22]

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Every day, the mainstream media and social media are filled with references to cryptocurrency. Depending on who you ask, it’s either simply the next way to spend your money, or it’s a haven for criminal activity. In this...more

A&O Shearman

Industrial Bank Settles AML Charges With U.S. And New York State Authorities

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On April 20, 2020, Industrial Bank of Korea (the “Bank”) and its New York branch (“NY Branch”) reached settlements with the U.S. Attorney’s Office for the Southern District of New York (“USAO”) and the New York State...more

Foodman CPAs & Advisors

What is Next after BSA turns 50?

On 2/6/2020, the U.S. Department of the Treasury issued the 2020 National Strategy for Combating Terrorist and Other Illicit Financing (2020 Strategy).  The purpose of the 2020 Strategy is to...more

Ballard Spahr LLP

FinCEN Stresses Transparency, BSA Filing Data, and Perils of “Under- Regulating” to Securities Industry

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Last Thursday, FinCEN Deputy Director Jamal El-Hindi appeared at the 20th annual Anti-Money Laundering (AML) and Financial Crimes Conference hosted by the Securities Industry and Financial Markets Association (SIFMA) in New...more

Ballard Spahr LLP

Guilty Pleas Highlight Illicit Funneling of Chinese Cash to Casinos

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Government Suggests that Unusual Pleas are Just the Tip of an Iceberg - Chinese law generally prohibits its citizens from converting more than $50,000 in Chinese yuan into foreign currency in a year.  On Monday, two men...more

Carlton Fields

House Members Strongly Urge Senate Banking Committee to Make “Legal” Cannabis SAFE for Banking

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On January 21, 2020, the four lead bipartisan sponsors of H.R. 1595, the SAFE Banking Act, U.S. Reps. Ed Perlmutter, D-Colo., Steve Stivers, R-Ohio, Denny Heck, D-Wash., and Warren Davidson, R-Ohio, sent a letter to Senate...more

Orrick - On the Chain

In Case You Needed A Reminder – AML/CFT Regulations Apply to Transactions in Cryptocurrencies

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Earlier this month, the leaders of the U.S. Commodity Futures Trading Commission, the Financial Crimes Enforcement Network, and the U.S. Securities and Exchange Commission released a joint statement reminding individuals...more

Ballard Spahr LLP

Joint Statement on Digital Assets Highlights AML Regulatory Overlap

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Leaders of FinCEN, CFTC and SEC Attempt an Intricate Dance of Competing Oversight of Virtual Currency - On October 11, the leaders of the Financial Crimes Enforcement Network (“FinCEN”), the Commodity Futures Trading...more

Ballard Spahr LLP

What the Basel AML Index Reveals About Global Money Laundering Risks

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Established in 2003, the Basel Institute is a not-for-profit Swiss foundation dedicated to working with public and private partners around the world to prevent and combat corruption, and is an Associated Institute of the...more

Foodman CPAs & Advisors

The Financial Action Task Force and Virtual Assets

The FATF (FATF) is an inter-governmental body with 38 members that sets standards and promotes the implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and threats...more

Ballard Spahr LLP

FinCEN Issues Exceptive Relief from Beneficial Ownership Rule to Certain Account Renewals

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FinCEN Cites Low Risk of Money Laundering and High Regulatory Burden of Rule - On September 7, 2018, the Financial Crimes Enforcement Network (“FinCEN”) issued permanent exceptive relief (“Relief”) to the Beneficial...more

Foodman CPAs & Advisors

Did you know that Casinos are Financial Institutions?

Since 1985, Casinos that have Gross Annual Gaming Revenues in excess of $1,000,000 are considered to be Financial Institutions and are subject to the requirements of the Bank Secrecy Act (BSA). ...more

The Volkov Law Group

The Need for Anti-Money Laundering Regulatory Reform

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It is rare these days for Republicans and Democrats to agree on political priorities – another profound grasp of the obvious. Recently, on Capitol Hill there appears to be some common ground on the issue of reforming AML...more

Ballard Spahr LLP

Money Laundering Watchdog Criticizes Lax AML Enforcement and “Creative Compliance” in Wake of Panama Papers

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PANA Issues Recommendations to European Parliament: Tougher Enforcement, Greater Transparency, Improved Information Sharing and Prohibitions Against Outsourcing of Customer Due Diligence....more

Proskauer Rose LLP

Regulation Round Up - February 2017

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The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more

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