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House oversight committee seeks DOJ documents on RMBS settlements
  • BuckleySandler LLP
  • USA
  • July 25 2014

On July 24, House Oversight Committee Chairman Darrell Issa (R-CA) sent a letter to Attorney General Holder raising questions about the DOJ's

This week in securities litigation (week ending February 14, 2014)
  • Dorsey & Whitney LLP
  • Australia, Hong Kong, USA
  • February 13 2014

The Commission prevailed after a two week jury trial in an insider trading case this week, ending a string of losses. The agency also filed two

Money, bits and banking: Florida case implicates legal status of digital currencies in the US
  • White & Case LLP
  • USA
  • October 3 2016

Introductory level economics textbooks often begin with a discussion of a surprisingly tricky question - what is money? In economics parlance, money

Royal Bank of Scotland pays US regulators $100 million to settle data-stripping allegations
  • Debevoise & Plimpton LLP
  • USA
  • January 31 2014

On 11 December 2013, Royal Bank of Scotland plc ("RBS"), an international banking group based in the United Kingdom, settled with the US Treasury

Significant penalties assessed against First Bank of Delaware for AML violations
  • Wiley Rein LLP
  • USA
  • November 21 2012

On November 19, 2012, the Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) announced their imposition of a concurrent $15 million civil monetary penalty against First Bank of Delaware, Wilmington, Delaware, for its violation of the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws and regulations

Bank potentially liable for terrorist attacks
  • Chadbourne & Parke LLP
  • USA
  • September 13 2011

A New York State trial court recently held that claims of terrorist attacks victims based on Israeli law could proceed against the bank that allegedly had knowingly executed money transfers to the terrorist groups responsible for the attacks

Bank that allegedly aided Madoff avoids RICO claim
  • Chadbourne & Parke LLP
  • USA
  • September 13 2011

Addressing an issue of first impression in the Second Circuit, the court in MLSMK Investment Company v. JP Morgan Chase & Co., 2011 WL 2640579 (2d Cir. 2011), recently held that the plaintiff was barred by Section 107 of the Private Securities Litigation Reform Act (the “PSLRA”), 18 U.S.C. 1964(c), from asserting a civil Racketeering Influenced and Corrupt Organizations Act (“RICO”) claim against a bank that allegedly aided the Ponzi scheme perpetrated by Bernard L. Madoff (“Madoff”

FinCEN issues advisory on account takeover activity
  • Winston & Strawn LLP
  • USA
  • January 3 2012

On December 19th, the Financial Crimes Enforcement Network issued an Advisory to assist financial institutions with identifying account takeover activity and reporting the activity through the filing of Suspicious Activity Reports

Policy statement on obtaining and retaining beneficial ownership information for anti-money laundering purposes
  • Drinker Biddle & Reath LLP
  • USA
  • June 14 2010

The Financial Crimes Enforcement Network (FinCEN), along with several U.S. regulatory agencies including the SEC, has issued joint guidance (the Guidance) on obtaining beneficial ownership information for certain accounts and customer relationships in connection with Bank Secrecy ActAnti-Money Laundering (BSAAML) compliance programs

FinCEN issues guidance on protecting against reverse mortgage fraud
  • Winston & Strawn LLP
  • USA
  • May 3 2010

On April 27th, the Financial Crimes Enforcement Network released new guidance, Advisory to Financial Institutions on Filing Suspicious Activity Reports Regarding Home Equity Conversion Mortgage Fraud Schemes, to assist financial institutions in guarding against fraud schemes perpetrated against senior citizens who use the Federal Housing Administration's Home Equity Conversion Mortgage (HECM) program, a form of reverse mortgage