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Bank Secrecy Act and anti-money laundering programs continue to result in significant penalties

USA - February 19 2014 Bank Secrecy Act ("BSA") compliance, and in particular anti-money laundering ("AML") controls, remains a focus of regulators as evidenced by record…

Michael A. Mancusi, Stephen F. Donahoe, Erich M. Hellmold, Aaron M. Kaslow.

NCUA proposes rule to amend chartering and field of membership rules

USA - May 12 2014 On May 1, 2014, the National Credit Union Administration (the "NCUA") published in the Federal Register a proposed rule to amend the associational…

Michael A. Mancusi, Stephen F. Donahoe, Erich M. Hellmold, Edward G. Olifer.

SEC initiates enforcement actions against auditors and executives of failed banks

USA - February 13 2013 Last month, the Securities and Exchange Commission's ("SEC") Enforcement Division filed two unrelated civil complaints - one against two KPMG…

Victor L. Cangelosi, Aaron M. Kaslow.

Federal bank regulators continue to focus on cybersecurity

USA - June 30 2014 On June 24, 2014, the Federal Financial Institutions Examination Council ("FFIEC") took another step toward regulating financial institutions'…

Stephen F. Donahoe, Erich M. Hellmold, Aaron M. Kaslow, Edward G. Olifer.

Cyber attacks: is your bank insured?

USA - January 12 2015 State and federal banking regulators' recent focus on cyber security and cyber insurance underscores the importance of procuring cyber insurance…

David L. Cox, Erica J. Dominitz, Erich M. Hellmold, Aaron M. Kaslow, Edward G. Olifer.