Popular, Anti-Money Laundering, Financial Institutions

PEP talk revisited: revised UK guidance on treatment of PEPs

A&O Shearman on 8/14/2025

The UK Financial Conduct Authority (FCA) has issued finalised guidance on the treatment of politically exposed persons (PEPs) for anti-money laundering purposes. There is no significant shift in the FCA’s expectations of...more

Facing the Auditing Challenge: Artificial Intelligence, Machine Learning, and Robotics in Financial Crime Compliance

Ankura on 8/14/2025

As artificial intelligence (AI) becomes central to financial crime compliance -- powering fraud detection, transaction monitoring, and sanctions screening -- internal audit faces a new challenge: How do you provide assurance...more

FinCEN Exercises New Authority Targeting Mexico-Based Financial Institutions to Counter Cartel-Linked Fentanyl Trade

Foley & Lardner LLP on 7/29/2025

On June 25, 2025, the Financial Crimes Enforcement Network (FinCEN) at the U.S. Department of the Treasury designated three Mexico-based financial institutions as primary money laundering concerns under Section 311 of the USA...more

Strong Borders Act: A Landmark Shift in Canada’s AML Penalties

Blake, Cassels & Graydon LLP on 6/6/2025

On June 3, 2025, Canada’s new federal government introduced Bill C-2 (Bill), the Strong Borders Act, for first reading in the House of Commons. The Bill includes significant amendments to Canada’s anti-money laundering...more

Recent SEC AML Enforcement Against Securities Firms Engaged in Cannabis Sector

Gordon Rees Scully Mansukhani on 5/22/2025

The evolving regulatory landscape for marijuana-related businesses poses unique compliance challenges for firms in the securities industry. The Financial Crimes Enforcement Network (“FinCEN”) continues to enforce its 2014...more

What is the new EU AML regime?

Hogan Lovells on 4/15/2025

The Single Rulebook is intended to be a single source of AML/CTF regulation that will be applied uniformly in all member states across the EU. This will be achieved primarily through the new AML Regulation, which will be...more

FinCEN’s New Interim Final Rule on Beneficial Ownership Information Reporting

IR Global on 4/11/2025

On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) announced significant changes to the Beneficial Ownership Information Reporting (BOIR) requirements (Department of the Treasury, 2025). This new interim...more

Trump Administration Efforts to Eliminate Cartels Pose Heightened Risk for Financial Institutions

Bracewell LLP on 4/3/2025

As discussed in Bracewell’s February 11 and February 26 updates, the executive branch is prioritizing the “total elimination” of cartels and transnational criminal organizations, both through edicts from the Oval Office and...more

Stablecoins: Regulatory Issues for UK and EU Banks To Consider

Skadden, Arps, Slate, Meagher & Flom LLP on 3/20/2025

As the market for stablecoins continues to evolve in sophistication and scale, financial institutions in the UK and EU are increasingly exploring whether and how to engage with them, whether for treasury, payments, settlement...more

UK Sanctions: A New Package, Guidance and Legal Clarifications

Skadden, Arps, Slate, Meagher & Flom LLP on 2/25/2025

The future of international sanctions on Russia is not settled. Whilst the representatives of the US and Russia met in Saudi Arabia on 18 February 2025 to discuss possible avenues to peace in Ukraine, the foreign ministers of...more

Trump Administration Designates Eight Transnational Organizations as Foreign Terrorist Organizations and Specially Designated...

DLA Piper on 2/24/2025

Effective February 20, 2025, the Secretary of State designated eight Latin American organizations as Foreign Terrorist Organizations (FTOs) under Section 219 of the Immigration and Nationality Act (INA) and as Specially...more

Mexican Cartels as Foreign Terrorist Organizations: A New Era of Risk for Global Businesses

Guidepost Solutions LLC on 2/6/2025

On January 20, 2025, President Trump issued an executive order titled “Designating Cartels and Other Organizations as Foreign Terrorist Organizations and Specially Designated Global Terrorists.” This directive instructs the...more

Weekly Blockchain Blog - February 2025

BakerHostetler on 2/3/2025

US Crypto Companies Expand Via New Licenses, Products, Integrations - A major U.S. cryptocurrency exchange recently announced that it has “secured a Virtual Asset Service Provider (VASP) registration from Argentina’s...more

Regulatory & Risk Advisory Outlook 2025: Cayman Islands

Conyers on 1/22/2025

2024 was once again an active year for the Cayman Islands regulatory industry. In this edition of our Regulatory & Risk Advisory Outlook, our team has summarised the key changes and news during 2024 and taken a look at the...more

Weekly Blockchain Blog - January 2025 #2

BakerHostetler on 1/21/2025

U.S. Web3 Companies Launch Products and Tech Integrations - A major U.S. cryptocurrency exchange recently launched a “Bitcoin-based loans” product that allows customers to post BTC as collateral for USDC loans. ...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

TD Bank gets $1.3 Billion Penalty from FinCEN

Foodman CPAs & Advisors on 11/5/2024

On 10/10/24, FinCEN assessed a record $1.3 billion penalty against TD Bank for BSA violations. This unprecedented penalty should function as a cautionary message and a warning to all financial institutions. All financial...more

FinCEN Releases Final Anti-Money Laundering Rule for Investment Advisers

ArentFox Schiff on 11/4/2024

On August 28, the Financial Crimes Enforcement Network (FinCEN) issued a final rule establishing anti-money laundering and countering the financing of terrorism (AML/CFT) compliance obligations for US Securities and Exchange...more

Implementing FinCEN Final Rule Imposing Anti-Money Laundering Requirements On Investment Advisers

K2 Integrity on 10/24/2024

On 28 August 2024, the Financial Crimes Enforcement Network (FinCEN) issued its Final Rulemaking to include certain investment advisers in the definition of a “financial institution” under the Bank Secrecy Act (BSA). The...more

TD Bank’s Historic $3.1B Money Laundering Settlement a Warning to All Financial Institutions

Bradley Arant Boult Cummings LLP on 10/17/2024

On October 10, 2024, Attorney General Merrick Garland announced that TD Bank agreed to pay over $1.8 billion in penalties to resolve the U.S. Department of Justice’s (DOJ) investigation into money laundering and Bank Secrecy...more

TD Bank: Part 2 – When Profits Trump Compliance: A Recipe for Corporate Disaster

Thomas Fox - Compliance Evangelist on 10/15/2024

We continue our exploration of the resolution of the AML/BSA enforcement action involving TD Bank US (the Bank), which is wholly owned by TD Bank Group, a publicly traded (NYSE: TD) international banking and financial...more

TD Bank Agrees to Pay Over $3 Billion for Systemic Violations of Bank Secrecy Act and Money Laundering Violations (Part I of IV)

The Volkov Law Group on 10/15/2024

In yet another reminder of the scope of Justice Department enforcement powers, and an important demonstration of the risks of non-compliance, the Justice Department and relevant banking agencies announced a $3 billion...more

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