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FinCEN proposes enhanced customer due diligence requirements for financial institutions

  • Alston & Bird LLP
  • -
  • USA
  • -
  • August 8 2014

On July 30, 2014, the Financial Crimes Enforcement Network (FinCEN) issued proposed rules under the Bank Secrecy Act (BSA) to strengthen customer due

Abusive lending and mortgage packaging services targeted in State of the Union

  • Alston & Bird LLP
  • -
  • USA
  • -
  • January 31 2012

In his January 24, 2012, State of the Union address, President Barack Obama announced the creation of a new law enforcement task force targeting financial crimes

Obama administration imposes new round of sanctions on Iran

  • Alston & Bird LLP
  • -
  • Iran, USA
  • -
  • November 22 2011

On November 21, 2011, the Obama Administration released a package of new sanctions on Iran

FinCEN issues final regulations with extraterritorial reach to implement the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 (CISADA)

  • Alston & Bird LLP
  • -
  • USA
  • -
  • October 10 2011

On October 5, 2011, the Financial Crimes Enforcement Network at the U.S. Department of the Treasury (FinCEN) released final regulations to implement Section 104(e) of CISADA that contain compliance obligations specific to banks in the United States, including U.S. offices of foreign banks

International update: FATCA, FBAR, voluntary disclosure

  • Alston & Bird LLP
  • -
  • USA
  • -
  • June 15 2011

As has been previously discussed, the Foreign Account Tax Compliance Act (FATCA) enacted in March 2010 was designed to detect U.S. persons who may be evading U.S. tax by holding incomeproducing assets through accounts at foreign financial institutions (FFIs) or through other foreign entities (non-financial foreign entities or NFFEs

Financial Crisis Inquiry Commission holds field hearing in Miami, Florida

  • Alston & Bird LLP
  • -
  • USA
  • -
  • September 21 2010

Today, the Financial Crisis Inquiry Commission (FCIC) held the third in a series of four field hearings, entitled "The Impact of the Financial Crisis - Miami, Florida" to examine the role and impact of mortgage fraud in Miami

District Court dismisses claims against Suntrust in subprime-related securities fraud class action

  • Alston & Bird LLP
  • -
  • USA
  • -
  • September 7 2010

On August 19, 2010, District Court Judge Thomas Thrash of the Northern District of Georgia dismissed a putative class action filed against SunTrust and certain of its officers and directors based on the plaintiff's failure to plead multiple required elements of a securities fraud claim

Anti-money laundering expands its reach further into prepaid cards

  • Alston & Bird LLP
  • -
  • USA
  • -
  • September 2 2010

On June 28, 2010, a Notice of Proposed Rulemaking entitled "Amendment to the Bank Secrecy Act Regulations - Definitions and Other Regulations Relating to Prepaid Access" ("Proposed Rule") was published in the Federal Register

Rep. Kanjorski and Rep. Frank urge FHFA to pursue all possible fraud claims on behalf of Fannie and Freddie

  • Alston & Bird LLP
  • -
  • USA
  • -
  • August 24 2010

Last week, Congressmen Paul Kanjorski (D-PA) and Barney Frank (D-MA) sent letters to President Obama encouraging the Federal Housing Finance Administration (FHFA) to pursue claims against private companies that used fraudulent practices to sell loans or securities to Fannie Mae and Freddie Mac

Federal government and SEC charge former chairman of major mortgage lender with multiple counts of fraud and related TARP scheme

  • Alston & Bird LLP
  • -
  • USA
  • -
  • June 16 2010

Today, members of the Financial Fraud Enforcement Task Force announced a 16-count indictment for Lee Bentley Farkas (Farkas), the former chairman of a private mortgage lending company, Taylor, Bean & Whitaker (TBW), for "his alleged role in a more than $1.9 billion fraud scheme that contributed to the failure of Colonial Bank, one of the 50 largest banks in the United States in 2009, and TBW, one of the largest privately held mortgage lending companies in the United States" in 2009