Regulatory Oversight, Enforcement Actions, Suspicious Activity Reports (SARs)

“Unsubstantiated” suspicious transaction reports

White & Case LLP on 5/15/2025

While financial institutions, on the one hand, are in the process of implementing and preparing to apply the fundamental amendments and changes that will take place in upcoming years by the EU AML Package—entering into force...more

UK Government Expands Enforcement Measures To Address Fraud and Money Laundering

Skadden, Arps, Slate, Meagher & Flom LLP on 12/9/2022

On 22 September 2022, the U.K. government introduced the Economic Crime and Corporate Transparency Act 2022. The new bill is currently navigating its way through the U.K. Parliament and is likely to receive royal assent in...more

Guilty Pleas Highlight Illicit Funneling of Chinese Cash to Casinos

Ballard Spahr LLP on 2/7/2020

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

The U.S. Casino and Gaming Industry: AML/BSA Regulation and Enforcement

Ballard Spahr LLP on 7/17/2018

As we blogged yesterday, British Columbia’s (“B.C.”) Attorney General David Eby recently released an independent and very detailed report examining money laundering in B.C.’s gaming industry and providing 48 recommendations...more

The Need for Anti-Money Laundering Regulatory Reform

The Volkov Law Group on 1/19/2018

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

FinCEN Fines Texas Bank $2M for Alleged Failure to Vet and Monitor Mexican Correspondent Banking Relationship – But Touts Bank’s...

Ballard Spahr LLP on 11/8/2017

FinCEN recentlty announced entry of a $2 million assessment against Lone Star National Bank, a private bank operating out of Texas, for the bank’s allegedly willful violations of the Bank Secrecy Act (“BSA”) and inadequate...more