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“Fraud-on-the-market” presumption adopted in Oregon securities case

Davis Wright Tremaine LLP
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USA
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February 11 2013

With the recent Oregon Supreme Court case State of Oregon v. Marsh & McLennan Companies and Marsh Inc., Oregon is among the first states to recognize

Record fines against HSBC for repeated Bank Secrecy Act and OFAC violations

Davis Wright Tremaine LLP
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USA
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December 14 2012

Following on the heels of the $15 million settlement against First Bank of Delaware for significant Bank Secrecy ActAnti-Money Laundering violations, the Treasury Department and three federal regulatorsthe Financial Crimes Enforcement Network (FinCEN), Office of the Comptroller of the Currency (OCC), and Office of Foreign Assets Control (OFAC)have announced a collective settlement agreement with HSBC arising from the bank’s failure to maintain anti-money laundering policies and practices dating back to 2005

U.S. FCPA guidance released by DOJ and SEC

Davis Wright Tremaine LLP
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USA
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November 15 2012

On Nov. 14, 2012, the Department of Justice and the Securities and Exchange Commission released a joint 130-page Resource Guide to the U.S. Foreign Corrupt Practices Act (“FCPA”

Report from the money transmitter regulators association annual meeting

Davis Wright Tremaine LLP
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USA
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October 17 2012

Earlier this month, money transmitters and those who are interested in money transmission issues had the opportunity to meet state and federal regulators at the annual Money Transmitter Regulators Association conference, held in Seattle, Washington

FinCEN offers clarification of prepaid access rule for bank-controlled prepaid access programs

Davis Wright Tremaine LLP
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USA
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June 13 2012

The Financial Crimes Enforcement Network (FinCEN) recently issued a letter (FIN-2012-R003) clarifying the registration obligations of certain participants in a bank-controlled prepaid access program

FinCEN proposes customer due diligence requirement of beneficial ownership identification to enhance federal anti-money laundering and counterterrorism efforts

Davis Wright Tremaine LLP
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USA
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March 27 2012

On Feb. 29, 2012, the Financial Crimes Enforcement Network (FinCEN) issued an advance notice of proposed rulemaking (ANPR) seeking comments on a proposed customer due diligence (CDD) regulation that would explicitly require covered financial institutions to institute defined programs to identify the real or beneficial ownership of accountholders

Electronic registration form available for prepaid access providers to register with FinCEN by March 31, 2012

Davis Wright Tremaine LLP
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USA
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March 20 2012

The Financial Crimes Enforcement Network (FinCEN) recently released its new “FinCEN Report 107 RMSB” to facilitate the electronic registration of “providers of prepaid access” with FinCEN by the end of this month, March 31, 2012

FinCEN issues advisories identifying countries with strategic anti-money laundering and counter-terrorist financing deficiencies

Davis Wright Tremaine LLP
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USA
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November 30 2011

On November 15, 2011, the Financial Crimes Enforcement Network (FinCEN) issued two guidance documents alerting financial institutions operating in the United States of money laundering and terrorism financing risks associated with certain countries’ financial systems

Cash, bearer bonds, or cell phone? FinCEN proposes to expand obligations under cross-border reporting rule

Davis Wright Tremaine LLP
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USA
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November 3 2011

Most travelers are familiar with the requirement to report on cash or other “monetary instruments” in their possession when they cross a U.S. international border

Treasury Department issues final rule on "prepaid access" under the Bank Secrecy Act

Davis Wright Tremaine LLP
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USA
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July 29 2011

On July 27, 2011, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) released its much anticipated final rule (Final Rule) applying the anti-money laundering requirements of the Bank Secrecy Act to certain open and closed-loop prepaid payment products in a comprehensive manner for the first time

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