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Money Laundering: A Changing Paradigm
When government officials speak, those regulated by them should listen carefully. Over the past several months there has been a slew of public pronouncements that should put financial institutions on edge. Enhanced enforcement of the Foreign Corrupt Practices Act (FCPA) is now migrating into the financial sector and linking up with anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) compliance requirements.
Item: The Financial Industry Regulatory Authority (FINRA) wrote to securities industry executives last March to “highlight new and existing areas of particular significance to FINRA's examination program for 2009,” warning them to reassess their firms' compliance and supervisory programs with special attention to AML and the FCPA. The letter concludes: “We hope that by sharing these areas of potential examination focus and other developments, your Firm will be well armed to assess your compliance operations, internal controls and supervisory systems.” http://www.finra.org/web/groups/industry/@ip/@reg/@guide/documents/industry/p118113.pdf
Item: New York State's Insurance Department last June issued Circular Letter 11 (2009) to all Licenses, setting forth the Superintendent's expectations regarding compliance by licensees with three areas of federal law: the Bank Secrecy Act, the FCPA, and regulations of the Office of Foreign Assets Control. “Although supervision and enforcement of these statutes resides with national regulators,” the Superintendent observes warns that “compliance with these laws is consonant with prudent risk management” and that well designed programs to ensure compliance with federal law “should prove effective in detecting violations of New York law ' pertaining to money laundering and insurance fraud.” The letter warns that the Insurance Department may specifically ask the members of a licensee's senior most governing body or senior management” about policies aimed at compliance with federal law. http://www.ins.state.ny.us/circltr/2009/cl2009_11.htm.
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Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.