After a predictable lull in corporate enforcement actions during the recent transition between administrations, and following a near quarter-century low in such actions under the previous administration, the Department of Justice (“DOJ”) announced this week that a “surge” of corporate enforcement is coming. Recent comments from DOJ officials indicate that, in addition to a significant
Webinar: The 50% Rule, Indirect Sanctions Exposure & Risk Screening: Keeping up with Regulatory Expectations and Industry Best Practices
Thursday, May 6th / 12:00 PM – 1:30 PM EDT
US regulators have demonstrated that “check-the-box” screening is no longer sufficient for evaluating Bank Secrecy Act/Anti Money Laundering (BSA/AML) and sanctions compliance programs. The OCC, Federal Reserve, New York Department of Financial Services, and other major regulatory agencies have increased scrutiny on the effectiveness of
Congress Passes the Anti-Money Laundering Act of 2020, Significant Changes to the Bank Secrecy Act Ahead
On January 1, 2021, the Senate followed the House and voted to override President Trump’s veto of the National Defense Authorization Act for Fiscal Year 2021 (NDAA). As is typical, the NDAA touched on a wide range of legal areas, including numerous new government contracts requirements, as well as a number of sanctions and export
Industrial Bank of Korea Agrees to a Deferred Prosecution Agreement and $86 Million in Penalties for Violations of the Bank Secrecy Act That Allowed Evasion of Sanctions on Iran
On April 20, 2020, the U.S. Attorney for the Southern District of New York (SDNY) announced that the Industrial Bank of Korea (IBK) agreed to a deferred prosecution agreement (DPA) and $51 million penalty related to a one-count felony information charging IBK with violating the Bank Secrecy Act (BSA). On the same day, the New
FinCEN and Federal Banking Agencies Encourage Innovative Approaches to BSA/AML Compliance
On December 3, 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network (FinCEN), the National Credit Union Administration, and the Office of the Comptroller of the Currency (together “the agencies”), issued a joint statement encouraging banks
Agencies Issue Joint Statement on Banks’ Resource Sharing and Collaborative Arrangements
On October 3, 2018, the Financial Crimes Enforcement Network (FinCEN), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) (collectively, “the Agencies”) issued a statement addressing instances in which banks can collaborate
Banking Regulators Issue Exemption from CIP Requirements for Premium Finance Loans
On September 28, 2018, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (collectively the Federal Banking Agencies or FBAs), with the concurrence of the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), issued an interagency order
FinCEN Grants Rollover and Renewal Exception to Beneficial Ownership Requirement
On September 7, 2018, the Financial Crimes Enforcement Network (FinCEN) granted exceptive relief to “covered financial institutions”—banks, broker-dealers, mutual funds, and introducing brokers in commodities—from the requirement to identify and verify the identity of the beneficial owner(s) of their legal entity customers when those customers open a new account as a result of the following:
Now Available On Demand – Webinar Trade in 2018 – What’s Ahead?
On April 19, Crowell & Moring’s International Trade Attorneys hosted a webinar on “Trade in 2018 – What’s Ahead?”
Please click here to register and view the webinar on demand.
Summary
From the Section 232 national security tariffs on steel and aluminum imports to the ongoing NAFTA re-negotiation, the Trump administration is seeking to implement
U.S. BANK ASSESSED $185 MILLION PENALTY FOR VIOLATING BANK SECRECY ACT
On February 15, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in coordination with the Office of the Comptroller of the Currency (OCC), and the U.S. Department of Justice (DOJ), announced the assessment of a $185 million civil money penalty against U.S. Bank for willful violations of several provisions of the Bank