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Recent SEC Settlement Underscores Focus on Financial Institutions Facing Cyber Intrusions

USA - May 20 2021 The SEC last week announced a settlement with a Colorado-based registered broker-dealer for allegedly failing to file Suspicious Activity Reports…

Charles D. Riely, E.K. McWilliams, Rachel Foster.

FinCEN Seeks Public Comment on the Corporate Transparency Act’s Beneficial Owner Reporting Requirements

USA - April 28 2021 On April 5, 2021, the Financial Crime Enforcement Network (FinCEN), the enforcement arm of the United States Treasury, issued an Advance Notice of…

Alexander E. Cottingham, Andrew Weissmann, E.K. McWilliams.

SEC Issues Alert Encouraging Broker-Dealers to Strengthen Anti-Money Laundering Compliance

USA - April 7 2021 On March 29, 2021, the SEC's Division of Examinations issued a risk alert reminding broker-dealers of their anti-money laundering (AML) obligations…

Charles D. Riely, E.K. McWilliams, Rachel Foster.

Congress passes anti-money laundering legislation banning anonymous shell companies

USA - January 4 2021 Last week, a law designed to thwart the use of US shell companies by drug traffickers, terrorists, foreign adversaries, and others seeking to shield…

Andrew Weissmann, David Bitkower, E.K. McWilliams, Tali R. Leinwand, Wade A. Thomson.

FinCEN’s New Rule Setting Forth Minimum Standards for Financial Institutions to Identify Beneficial Owners Now In Effect

USA - May 21 2018 Earlier this week, the Financial Crimes Enforcement Network (FinCEN), an agency of the US Treasury, put into effect a new customer due diligence rule…

E.K. McWilliams, Reid J. Schar, Wade A. Thomson.