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Results: 1-7 of 7

Effective compliance program helps investment bank avoid FCPA criminal charges

  • Baker & McKenzie
  • -
  • USA
  • -
  • May 14 2012

When a former Morgan Stanley Managing Director pled guilty recently to a criminal violation of the U.S. Foreign Corrupt Practices Act ("FCPA"), the effectiveness of the bank's pre-existing anti-corruption compliance program convinced enforcers at the U.S. Department of Justice ("DOJ") and Securities and Exchange Commission ("SEC") not to charge the bank itself

International regulatory update 10-14 December 2012

  • Clifford Chance LLP
  • -
  • European Union, Germany, Hong Kong, Italy, Spain, United Kingdom, USA
  • -
  • December 17 2012

The European Council (Heads of State or Government) has published the conclusions from its meeting on 13 and 14 December 2012, at which it agreed on a roadmap for the completion of the Economic and Monetary Union

Trifurcation of trial results in reversal of gross negligence finding against accounting firm

  • Chadbourne & Parke LLP
  • -
  • USA
  • -
  • September 20 2010

In 2004, Banco Espirito Santo International and two of its affiliates (collectively, “Banco”) sued BDO Seidman, L.L.C. (“BDO”), an international accounting firm, claiming that BDO negligently audited one of its former clients, E.S. Bankest L.L.C. (“Bankest”), which had perpetrated a loan-fraud scheme against Banco

California DFI: CA money transmission act does not apply to credit counseling agencies

  • Venable LLP
  • -
  • USA
  • -
  • May 10 2011

A new California Department of Financial Institutions ("CA DFI") Staff Opinion Letter makes clear that nonprofit credit counseling agencies ("CCAs") that offer and provide debt management plans ("DMPs") to California consumers are not considered to be engaged in "money transmission" and therefore are not required to be licensed under the recently enacted California Money Transmission Act ("CA MTA"

Part II: The new era of FCPA enforcement: expansive interpretations

  • Dorsey & Whitney LLP
  • -
  • USA
  • -
  • August 30 2011

One of the defining characteristics of the new era of enforcement is an aggressive application of the statutes

FinCEN administrative ruling on prepaid access

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • June 11 2012

On June 8th, the Financial Crimes Enforcement Network ("FinCEN") published an administrative ruling on the application of money service business ("MSB") regulations as they relate to a non-bank company that sells bank network-branded prepaid access cards

Gift card rule compliance date fast approaches

  • Bryan Cave LLP
  • -
  • USA
  • -
  • March 27 2012

As of March 31, 2012, gift card issuers will be required to comply with the Financial Crimes Enforcement Network’s (“FinCEN”) prepaid access rule (the “Rule”) if their gift card programs are not otherwise exempt

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