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FinCEN issues final rules and interpretive guidance relating to prepaid access

Schulte Roth & Zabel LLP
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USA
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January 6 2012

On July 29, 2011, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Department of the Treasury, issued a final rule (the “Prepaid Access Rule” or the “Rule”), amending the Bank Secrecy Act (“BSA”) rules relating to prepaid access

FinCEN issues final rules relating to MSB definitions

Schulte Roth & Zabel LLP
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USA
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October 26 2011

On July 21, 2011, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a final rule, revising the regulations regarding money services businesses

FinCEN issues proposed CISADA reporting requirements under Section 104(e)

Schulte Roth & Zabel LLP
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USA
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June 1 2011

On April 26, 2011, the U.S. Department of the Treasury’s (“Treasury”) Financial Crimes Enforcement Network (“FinCEN”) issued a Notice of Proposed Rulemaking implementing Section 104(e) (the “Proposed Rule”) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, Pub. L. No. 111-195, 124 Stat. 1312 (2010) (“CISADA”

FinCEN issues proposed rule requiring banks and money transmitters to report cross-border electronic transmittals of funds

Schulte Roth & Zabel LLP
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USA
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October 20 2010

On September 30, 2010, the Financial Crimes Enforcement Network ("FinCEN") issued a notice of proposed rulemaking ("Proposed Rule") that, if implemented, would mandate certain depository institutions and money service businesses ("MSBs") to affirmatively provide records and report information to FinCEN relating to certain cross-border electronic transmittals of funds ("CBETF"

Florida bankruptcy judge holds ‘savings clause’ unenforceable when voiding guarantees as fraudulent transfers

Schulte Roth & Zabel LLP
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USA
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October 30 2009

A Florida bankruptcy court, on Oct. 13, 2009, issued a 182-page decision after a 13-day trial, among other things, avoiding on fraudulent transfer grounds (a) secured subsidiary guarantees of $500 million and (b) $420 million pre-bankruptcy payments

Guidance on the scope of permissible information sharing covered by the safe harbor of Section 314(b) of the USA PATRIOT Act

Schulte Roth & Zabel LLP
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USA
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June 23 2009

On June 16, 2009, the Financial Crimes Enforcement Network ("FinCEN") issued interpretative guidance to clarify the scope of permissible information sharing covered by the safe harbor protection of Section 314(b) of the USA PATRIOT Act (the "Guidance"

Lloyds TSB Bank plc forfeits $350 million in settlements with U.S. and New York prosecutors for violations of OFAC sanctions programs against Iran, Sudan and Libya

Schulte Roth & Zabel LLP
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USA
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February 4 2009

On Jan. 9, 2009, Lloyds TSB Bank Plc (“Lloyds Bank”), a financial institution registered and organized in the United Kingdom and headquartered in London, entered into two separate deferred prosecution agreements with U.S. and New York prosecutors (the “Agreements”) and agreed to forfeit $350 million based on allegations that it had violated the Iranian, Sudanese and Libyan economic sanctions programs administered by the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”

FinCEN announces release of manual to aid examiners of money services businesses

Schulte Roth & Zabel LLP
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USA
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December 10 2008

On Dec. 9, 2008, the Financial Crimes Enforcement Network (“FinCEN”) announced the release of a manual (the “Manual”) to provide guidance to officials examining money services businesses (“MSBs”) for compliance with the requirements of the Bank Secrecy Act (“BSA”

Financial institutions must adopt programs addressing ‘Red Flag Rules’, ‘Special Rules for Card Issuers’ and ‘Address Discrepancy Rules'

Schulte Roth & Zabel LLP
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USA
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September 25 2008

On Jan. 1, 2008, new rules aimed at preventing and combating identity fraud (the “Red Flag Rules”), addressing the validity of change-of-address notifications (the “Special Rules for Card Issuers”) and dealing with mistaken dissemination of credit reports due to address discrepancy (the “Address Discrepancy Rules”) became effective

Summary of deferred prosecution agreement and civil enforcement actions against American Express Bank International

Schulte Roth & Zabel LLP
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USA
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November 13 2007

On Aug. 6, 2007, the Department of Justice ("DOJ"), the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Department of Treasury, and the Board of Governors of the Federal Reserve System ("Federal Reserve") simultaneously entered into separate agreements with American Express Bank International ("AEBI " or the "Bank"), an Edge Act corporation organized under section 25A of the Federal Reserve Act, resolving allegations that AEBI failed to maintain an effective antimoney laundering ("AML") program

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