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The onslaught of civil and criminal enforcement actions against financial institutions for violating anti-money laundering and counter-terrorist financing (AML/CTF) laws has continued its brisk pace in the past few months, with enforcement of the AML provisions of the Bank Secrecy Act (BSA) and the sanctions regulations administered by the Office of Foreign Assets Control (OFAC) showing no signs of slowing down. From the recent convictions of a major French bank for conspiring to violate OFAC sanctions, to the deferred prosecution agreement with one of the largest U.S.-based banks for substantive BSA violations in connection with the Bernie Madoff fraud, money laundering and sanctions violations are clearly at the front of the government’s collective mind.
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Common Pitfalls In Personal Device Collection
By Marjorie Peerce and Marguerite O’Brien
Both the DOJ and the SEC have made it clear that they will look at company BYOD policies when assessing how to resolve matters under their purview. To avoid pitfalls —and sanctions — counsel must take proactive steps to ensure proper preservation and collection of personal mobile data and verify that clients comply.
FCPA Compliance Guidance for Global Businesses
By Cole Callihan
The Biden administration and its Justice Department have established countering corruption as a core U.S. national security interest. Companies with any international operations should ensure they have a robust written policy and compliance program focused on anti-bribery and corruption.
Regulators Want AI Companies to Respect Antitrust and Consumer Protection Laws
By Karen Hoffman-Lent and Kenneth Schwartz
The new era of AI technology has ushered in competition concerns alongside consumer-protection fears. Accordingly, regulators and lawmakers are taking note of the AI craze and are keen on ensuring that companies involved in AI are respecting both antitrust and consumer protection laws.
Will the Corporate Transparency Act Smother the Cannabis Industry?
By Steve Schain
The CTA requires business entities to file information on their “beneficial owners” with FinCEN, which, in turn, may disclose it to domestic and foreign law enforcement agencies, prosecutors, judges and financial institutions.
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