Tagged: AML

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6 Aug, 2024

FinCEN Issues Proposed Rule to Strengthen and Modernize Financial Institutions’ AML/CFT Programs

By: Sam Finkelstein and Daniela Melendez, associates at the Volkov Law Group . Sam can be reached at [email protected] and Daniela can be reached at [email protected]. On June 28, 2024, the Financial Crimes Enforcement Network released a notice of proposed rulemaking. The purpose of the proposed rule is to strengthen and modernize Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CFT”) processes for financial institutions (including, but not...

General

8 Nov, 2023

OFAC Settlement with DaVinci Payments Is Wake-Up Call for Prepaid Access Industry

Rewards programs have become ubiquitous in recent years. These so-called loyalty management programs exist to nudge customers or employees in a particular direction; a company’s workers might be inclined to exercise more regularly, for example, if they know there is a $5 gift card waiting for them after a specified number of gym check-ins. Their rapid expansion and cash-equivalent, pre-paid nature make loyalty management programs...

General

8 Jan, 2023

Danske Bank Pleads Guilty and Pays $2 Billion to Resolve Massive Fraud Case

Danske Bank, the largest bank in Denmark, agreed to plead guilty to fraud and paid $2 billion to settle long-standing anti-money laundering and fraud violations stemming from its banking operations in Estonia.  Danske Bank plead guilty to one count of bank fraud conspiracy. The notorious Danske Bank case in Estonia has been the subject of regulators in Denmark, the European Union and non-governmental watchdogs because...

General

8 Dec, 2022

Kraken Coughs Up $362,158 to OFAC to Settle Iran Sanctions Violations

Cryptocurrency companies are in trouble.  Regulators are bearing down on crypto companies with the Eye of Sauron – pulling the crypto companies into their jurisdiction, prosecuting fraud cases, and aggressively prosecuting companies for sanctions and anti-money laundering violations.  One by one you can bet that crypto companies will be in the enforcement headlines.  As they fall, policy makers can point to their continuing excesses as...

selective focus of bitcoins on laptop computer

Podcasts

2 Nov, 2022

Episode 252 — Matt Stankiewicz on the Bittrex OFAC and FinCEN Enforcement Action: Cryptocurrency and AML and Sanctions Compliance 

The Episode is available HERE. Matt Stankiewicz, a Partner at Volkov Law, is a leading industry expert on cryptocurrency.  Bittrex, a leading cryptocurrency exchange, suffered twin enforcement actions for AML and Sanctions Compliance deficiencies.  Matt takes a deep dive on the enforcement actions and outlines practical compliance steps that every cryptocurrency exchange should implement.   The Episode is available HERE. Corruption Crime and Compliance is available...

General

16 Dec, 2021

The United States Strategy on Countering Corruption: Digging into the Anti-Corruption Initiatives (Part III of III)

The new United States Strategy on Countering Corruption includes several important statements of interest to legal and compliance professionals.  Under the third of the five pillars, Holding Corrupt Actors Accountable, the U.S. Government specifically calls out the importance of private sector commitment to anti-corruption compliance programs “to improve the international business climate by encouraging the adoption and enforcement of anti-corruption compliance programs by U.S. and...

Podcasts

12 Dec, 2021

Episode 218 — The Biden Administration’s New Strategy on Countering Corruption

The Biden Administration announced a new, comprehensive anti-corruption initiative, the United States Strategy on Countering Corruption. The new anti-corruption initiative is the follow on to the earlier announcement elevating the global anti-corruption battle to a national security concern. After that announcement, the Biden Administration conducted a 200-day inter-agency examination to develop a comprehensive government-wide anti-corruption initiative. The 38-page plan released last week outlines steps for cracking...

Podcasts

11 May, 2020

Episode 141 — Practical Approaches to Managing Beneficial Ownership Risks (Part II of II)

In a two-part series, Michael Volkov examines the continuing problem of identifying and mitigating beneficial ownership risks.  Money launderers and corrupt individuals continue to rely on corporate structures to disguise their ownership interests to further illicit schemes.  Companies have to develop strategies that practically address the risks without dedicating disproportionate resources to the problem. In the first episode, Michael Volkov discusses beneficial ownership risks and...

Podcasts

2 Feb, 2020

Episode 125 — Interview of Elizabeth Slim, Senior Consultant at the Volkov Law Group: AML and Financial Compliance Trends

Elizabeth Slim, Senior Consultant at the Volkov Law Group, discusses Anti-Money Laundering and Financial Compliance trends.  Liz recently joined the Volkov Law Group and has extensive experience in the banking and financial compliance industry.  She is major thought leader in anti-money laundering compliance and enforcement, and a leader at ACAMS. In this Episode, Michael Volkov discusses Liz’s career and her thoughts on AML and financial...

General

2 Jan, 2020

Elizabeth Slim, a Certified Anti-Money Laundering Specialist, Joins The Volkov Law Group

The Volkov Law Group is pleased to announce that Elizabeth (“Liz”) Slim has joined the firm as a Senior Consultant. Liz can be reached at [email protected]. Liz has been a Certified Anti-Money Laundering Specialist (“CAMS”) for 15 years; she has over thirty-five (35) years specializing in bank operations, compliance, risk management and regulatory training at various community to mid-size financial institutions.  For the last fifteen...

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