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Grand jury indicts Swiss lawyer and banker in tax evasion scheme

Katten Muchin Rosenman LLP
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USA
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April 26 2013

A New York federal grand jury recently indicted a Swiss lawyer and bank executive for their roles in allegedly assisting US citizens with hiding

OCC switches consideration of BSAAML findings for banks and foreign banking organizations

Katten Muchin Rosenman LLP
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USA
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October 5 2012

On September 28, the Office of the Comptroller of the Currency (OCC), which regulates national banks and federal savings associations (collectively, banks), issued a bulletin that changes how deficiencies in Bank Secrecy Act and Anti-Money Laundering (BSAAML) examination findings are assessed by examiners

NFA reminds members of BSA electronic filing requirements

Katten Muchin Rosenman LLP
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USA
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June 8 2012

On June 5, the National Futures Association issued a notice reminding members that, beginning July 1, all Bank Secrecy Act (BSA) reports must be filed electronically

Appeal tribunal upholds FSA ban and fine on former investment bank advisers

Katten Muchin Rosenman LLP
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USA
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May 25 2012

On May 21, the Upper Tribunal (Tax and Chancery Chamber) published related decisions upholding the Financial Services Authority's decision notices imposing fines and bans on both Sachin Karpe and Laila Karan

FSA fines coutts £8.75m for AML control failings

Katten Muchin Rosenman LLP
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USA
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March 30 2012

On March 26, the UK Financial Services Authority (FSA) announced that it had fined Coutts & Company £8.75 million (approximately $14 million) in relation to failures to take reasonable care to establish and maintain effective anti-money laundering (AML) systems and controls relating to high risk customers including politically exposed persons (PEPs

FinCEN issues FAqs related to prepaid access rule

Katten Muchin Rosenman LLP
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USA
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November 11 2011

On November 2, Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a list of Frequently Asked Questions (FAQs) related to its prepaid access rule originally issued by FinCEN in July

FinCEN announces prepaid access webinar

Katten Muchin Rosenman LLP
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USA
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November 4 2011

The Financial Crimes Enforcement Network has announced that it will hold an informational webinar on Wednesday, November 9, from 3:00 to 4:00 p.m. EST that will highlight the new regulatory requirements of the Prepaid Access Final Rule, its intent and purpose, and the regulatory expectations

FFIEC issues supplement to Authentication in an Internet Banking Environment to prevent fraud

Katten Muchin Rosenman LLP
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USA
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July 29 2011

The Federal Financial Institutions Examination Council recently issued a supplement to the Authentication in an Internet Banking Environment guidance, which was first issued in October 2005

FSA criticizes banks' management of high-risk money laundering situations

Katten Muchin Rosenman LLP
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USA
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June 24 2011

On June 22, the UK Financial Services Authority (FSA) published the results of a thematic review of how banks manage their money laundering risks, particularly with respect to high-risk customers including Politically Exposed Persons (PEPs), correspondent banking relationships and wire transfer payments

Eleventh Circuit affirms dismissal of securities fraud complaint against mortgage lender

Katten Muchin Rosenman LLP
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USA
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June 3 2011

Stockholder plaintiffs brought a purported class action against HomeBanc Corporation and certain of its officers and directors alleging that the mortgage and lending company committed securities fraud by improperly concealing numerous purchases of subprime mortgage securities, which allegedly caused substantial losses when the company collapsed during the housing and subprime market crash

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