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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

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

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 guidance regarding AML responsibilities of securities clearing firms

Katten Muchin Rosenman LLP
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USA
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March 7 2008

The Financial Crimes Enforcement Network (FinCEN) has issued a notice to clarify its position regarding the customer identification program rule (CIP rule) obligations of securities clearing firms in circumstances where account opening and order taking responsibilities are exclusively allocated to an introducing firm under a fully disclosed clearing agreement

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

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

FinCEN proposes amendments to definition of “money services businesses”

Katten Muchin Rosenman LLP
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USA
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May 15 2009

On May 12, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, released a proposed regulation revising a portion of the Bank Secrecy Act (BSA) with respect to which entities are money services businesses (MSBs) for purposes of the BSA’s definitions

Final rule issued for correspondent accounts maintained by certain foreign banks

Katten Muchin Rosenman LLP
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USA
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August 10 2007

The Financial Crimes Enforcement Network (FinCEN) announced yesterday the issuance of a final rule implementing a key provision of Section 312 of the USA PATRIOT Act, clarifying the risk-based procedures that U.S. financial institutions should use in tailoring their enhanced due diligence to assess the risks of some foreign banking relationships

Revised Bank Secrecy ActAnti-Money Laundering Examination Manual released

Katten Muchin Rosenman LLP
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USA
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August 24 2007

On August 24, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Conference of State Bank Supervisors, in collaboration with the Financial Crimes Enforcement Network (collectively, the Banking Agencies) released through the Federal Financial Institutions Examination Council (the FFIEC) a revised Bank Secrecy ActAnti-Money Laundering Examination Manual (the Manual

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