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Schulte Roth & Zabel LLP | USA | 24 Feb 2020
US Government Continues to Penalize Unauthorized Disclosures of Suspicious Activity Reports
On Jan. 13, 2020, a former senior adviser at the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) pleaded guilty in
Carrington Coleman | USA, European Union | 23 Feb 2020
Loss of Privacy Rights When Purchasing Art
In late 2018, the European Union adopted the Fifth Anti-Money Laundering Directive. This Directive updates previous guidance with a focus on
Buckley LLP | USA | 11 Feb 2020
NYDFS to take action against check cashing companies for BSAAML compliance deficiencies
On February 3, NYDFS announced it intends to take enforcement action through an administrative proceeding against several check cashing entities for
Buckley LLP | USA | 8 Jan 2020
FDIC releases November enforcement actions
On December 27, the FDIC announced a list of administrative enforcement actions taken against banks and individuals in November. The 14 orders
Cadwalader Wickersham & Taft LLP | USA | 16 Dec 2019
FinCEN Seeks Nominations for Bank Secrecy Act Advisory Group
FinCEN invited the public to nominate members for the Bank Secrecy Act Advisory Group (the "Group"). The Group serves as adviser to the Treasury on
Paul Hastings LLP | USA | 13 Dec 2019
Financial Regulators Issue Joint Guidance to Snuff Out Reporting Requirement on Legal Hemp-Related Businesses
The requirement under the Bank Secrecy Act (“BSA”) that banks file Suspicious Activity Reports (“SARs”) concerning their customers solely because
Morgan Lewis | USA | 12 Dec 2019
Interagency Statement on Hemp-Related Business: No Comfort for Cannabis
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and
Eversheds Sutherland (US) LLP | USA | 12 Dec 2019
Federal agencies clarify SAR filing requirements for financial services provided to hemp-related businesses
On December 3, 2019, four federal agencies, in consultation with state banking regulators, clarified the legal status of hemp growth and production
White & Case LLP | USA | 10 Dec 2019
Federal Banking Agencies Open a Pathway to the Provision of Banking Services to Hemp-Related Businesses
On December 3, 2019, in a rare public statement regarding the provision of banking services to cannabis- or hemp-related businesses, the Federal
Buckley LLP | USA | 6 Dec 2019
FinCEN report: SARs help prevent elder financial exploitation
On December 4, FinCEN announced the release of a Financial Trend Analysis titled, “Elders Face Increased Financial Threat from Domestic and Foreign
