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Treasury designates two Lebanese exchange houses under the USA PATRIOT Act

Winston & Strawn LLP
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USA
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April 29 2013

On April 23rd, the Treasury Department named two Lebanese exchange houses, Kassem Rmeiti & Co. For Exchange ("Rmeiti Exchange") and Halawi Exchange

Unblocking notices

Winston & Strawn LLP
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USA
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April 29 2013

On April 25th, the Treasury Department's Office of Foreign Assets Control removed the name of 1 individual whose property and interests in property

FinCEN advisories

Winston & Strawn LLP
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USA
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April 29 2013

On April 24th, the Financial Crimes Enforcement Network issued advisories to inform banks and other financial institutions operating in the United

Former UBS traders face criminal charges in the US arising from LIBOR investigation

Winston & Strawn LLP
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USA
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January 14 2013

In a new development in the global LIBOR investigations, two former UBS traders now face felony charges for their conduct, including conspiring "to

Second LIBOR fine (19 December 2012)

Winston & Strawn LLP
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USA
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January 14 2013

UBS has been fined a global total of $1.5 billion which included a fine of £160 million from the FSA (after a 20 Stage 2 discount had been

FSA working closely with HSBC following U.S. regulatory fines

Winston & Strawn LLP
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United Kingdom, USA
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December 17 2012

The U.S. Treasury Department and DOJ announced on 11 December 2012 the record settlement of $1.256 billion with HSBC for failure to institute proper anti-money laundering procedures which allowed Mexican and Colombian drug cartels to launder money and clients in countries under U.S. sanctions to complete transactions in the U.S

Proposed amendments to Bank Secrecy Act rules

Winston & Strawn LLP
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USA
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December 3 2012

On November 29th, the Financial Crimes Enforcement Network and the Federal Reserve Board published for comment a proposed amendment to the definitions of "funds transfer" and "transmittal of funds" under the regulations implementing the Bank Secrecy Act

FDIC and FinCEN levy AML fines

Winston & Strawn LLP
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USA
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December 3 2012

On November 19th, the FDIC and the Financial Crimes Enforcement Network announced the assessment of concurrent civil money penalties of $15 million against First Bank of Delaware for violations of the Bank Secrecy Act and anti-money laundering laws and regulations

New AML risk

Winston & Strawn LLP
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USA
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November 19 2012

On November 13th, Bloomberg summarized the remarks of Daniel Stipano, the OCC's acting chief counsel

FinCEN to host roundtable on customer due diligence requirements

Winston & Strawn LLP
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USA
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November 19 2012

The Financial Crimes Enforcement Network will host a fifth and final roundtable discussion to continue gathering information on the Advance Notice of Proposed Rulemaking on customer due diligence requirements for financial institutions