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FCA fines EFG Private Bank Ltd £4.2m

Winston & Strawn LLP
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United Kingdom
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April 29 2013

In a Final Notice issued on 28 March 2013 (but published on 24 April 2013), the FCA imposed a fine of £4.2 million (Stage 1: 30 discount) on the UK

Lehman Brothers and repo conduits

Winston & Strawn LLP
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USA
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March 14 2011

On March 10th, Bloomberg reported that Lehman Brothers used "repo conduits" to make liquid otherwise illiquid assets and to create the appearance of financial health

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

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

FFIEC releases revised BSAAML examination manual

Winston & Strawn LLP
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USA
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May 3 2010

On April 29th, the Federal Financial Institutions Examination Council released the revised Bank Secrecy ActAnti-Money Laundering Examination Manual

Treasury Department targets Lebanese narcotics trafficker

Winston & Strawn LLP
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USA
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January 31 2011

On January 26th, the Treasury Department's Office of Foreign Assets Control designated Lebanese narcotics trafficker Ayman Joumaa, as well as nine individuals and 19 entities connected to his drug trafficking and money laundering organization as Specially Designated Narcotics Traffickers in accordance with the Foreign Narcotics Kingpin Designation Act

FinCEN withdraws Section 311 action against Latvian bank

Winston & Strawn LLP
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Latvia, USA
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August 1 2011

On July 26th, the Financial Crimes Enforcement Network withdrew its April 2005 finding under Section 311 of the USA PATRIOT ACT, which determined VEF Banka to be a financial institution of primary money laundering concern

Aiding and abetting securities fraud is not a RICO predicate act

Winston & Strawn LLP
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USA
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July 11 2011

On July 7th, the Second Circuit dismissed Racketeer Influenced and Corrupt Practices Act ("RICO") claims asserted by victims of Bernie Madoff's Ponzi scheme against the banks through which Madoff allegedly conducted his fraud

FinCEN releases technical e-filing specifications for new CTR and SAR

Winston & Strawn LLP
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United Kingdom
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September 12 2011

On September 8th, the Financial Crimes Enforcement Network ("FinCEN") released Electronic Filing Requirements for FinCEN's Currency Transaction Report ("CTR") and Electronic Filing Requirements for FinCEN's Suspicious Activity Report ("SAR"

Bill paying service is a money transmitter

Winston & Strawn LLP
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USA
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July 9 2012

On June 25th, the Financial Crimes Enforcement Network released an administrative ruling on the application of the money services business rules to daily money management services

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