Tagged: anti-money laundering

14 Oct, 2024

TD Bank Agrees to Pay Over $3 Billion for Systemic Violations of Bank Secrecy Act and Money Laundering Violations (Part I of IV)

In yet another reminder of the scope of Justice Department enforcement powers, and an important demonstration of the risks of non-compliance, the Justice Department and relevant banking agencies announced a $3 billion settlement with TD Bank companies to resolve systemic and pervasive Bank Secrecy Act (“BSA”) and money laundering violations. In addition to the financial settlement, TD Bank US Holding Company (TDBUSH) (together with TDBNA,...

Lessons Learned from Binance’s Criminal Settlement (III of III)

General

13 Dec, 2023

Lessons Learned from Binance’s Criminal Settlement (III of III)

Matt Stankiewicz, Partner at The Volkov Law Group, finishes his series on Binance by providing key takeaways for AML compliance programs. Matt can be reached at [email protected]. Binance’s $4.3 billion fine is one of the largest penalties the DOJ has ever obtained from a corporate defendant. Furthermore, its founder and CEO Changpeng Zhao (“CZ”) was also personally subject to a fine, amounting to $150 million. ...

Episode 243 — Scott Greytak, Transparency USA, and Erica Hanichak, the FACT Coalition, on House Passage of The Enablers Act

Podcasts

14 Aug, 2022

Episode 243 — Scott Greytak, Transparency USA, and Erica Hanichak, the FACT Coalition, on House Passage of The Enablers Act

In a bipartisan success story, the House recently passed The Enablers Act, which is a far-reaching reform bill aimed at reducing AML and corrupt financial activity in the United States. Scott Greytak, Advocacy Director at Transparency International USA, and Erica Hanichak, Director of Government Affairs at the FACT Coalition, join Michael Volkov for a discussion of this legislative accomplishment and the implications for the battle...

Prosecutors Embrace Criminal AML Charges in Corruption Cases

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17 Feb, 2022

Prosecutors Embrace Criminal AML Charges in Corruption Cases

Federal prosecutors enjoy flipping through the United States Criminal Code, 18 U.S.C. §§ 1 et seq., to pick out tools to charge defendants. Over the last ten years, DOJ’s reliance on criminal charges in FCPA cases has evolved. The FCPA only punishes the bribe-givers and not the bribe-takers. The Biden Administration is proposing to amend the FCPA to fill in this gap. To fill in...

Whistleblower Protections under the Anti-Money Laundering Act of 2020

General

26 Apr, 2021

Whistleblower Protections under the Anti-Money Laundering Act of 2020

Alex Cotoia, Regulatory Manager and Compliance Consultant at the Volkov Law Group, re-joins us for a posting on whistleblower protections. Alex can be reached at [email protected]. When Congress overrode former President Donald J. Trump’s veto of the 2021 National Defense Authorization Act (“NDAA”) in January of this year, it simultaneously enacted the Anti-Money Laundering Act of 2020 (“AMLA”) into law. AMLA significantly expands upon the...

Webinar — The Anti-Money Laundering Act: Enforcement and Compliance Implications

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8 Feb, 2021

Webinar — The Anti-Money Laundering Act: Enforcement and Compliance Implications

Webinar: The Anti-Money Laundering Act — Enforcement and Compliance Implications March 4, 2021, 12 Noon EST Sign Up Here The Anti-Money Laundering Act of 2020 (AMLA) was enacted on Jan. 2, 2020, when Congress overrode President Donald Trump’s veto of the National Defense Authorization Act. The AMLA is the most significant revision of U.S. anti-money laws since the USA PATRIOT Act in 2001. The AMLA:...

Bank Secrecy Act Compliance During the COVID-19 Crisis

General

25 Mar, 2020

Bank Secrecy Act Compliance During the COVID-19 Crisis

Elizabeth Slim, Senior Consultant at The Volkov Law Group, joins us for a posting on AML and BSA compliance during the current pandemic crisis. Elizabeth can be reached at [email protected]. The COVID-19 outbreak has affected all of us and we now face the new normal of self-quarantine and social distancing. As Anti-Money Laundering (AML) professionals, we are still required to ensure that financial institutions maintain...

U.S. Marijuana Laws Cause Uncertainty for Financial Institutions

General

25 Feb, 2019

U.S. Marijuana Laws Cause Uncertainty for Financial Institutions

Noah Smith, Associate at The Volkov Law Group, rejoins us for an interesting blog posting on the compliance challenges for financial institutions and other businesses involved in legal marijuana transactions. Noah can be reached at [email protected]. The quasi-legal status of marijuana in today’s United States is raising serious questions about federalism and enforcement for U.S. financial institutions. It is well known that marijuana is still...

Episode 76 — Review of 2018 AML Enforcement and Compliance Trends

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10 Feb, 2019

Episode 76 — Review of 2018 AML Enforcement and Compliance Trends

Global prosecutors and regulators continued to increase anti-money laundering enforcement and regulatory actions. Global and US regulators have increasingly focused on beneficial ownership and transparency requirements. In 2018, FinCEN’s Customer Due Diligence rule went into effect. US prosecutors also brought several significant AML criminal prosecutions against large banks; the SEC has increased AML enforcement as part of reviews of internal controls. Regulators brought enforcement actions...

US Brings First Criminal AML Case Against Broker-Dealer

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29 Jan, 2019

US Brings First Criminal AML Case Against Broker-Dealer

In a stark message, Justice Department prosecutors have brought the first criminal case for anti-money laundering violations against a broker-dealer. Central States Capital Markets, LLC (Central States) agreed to pay a $400,000 penalty and entered into a deferred prosecution agreement (DPA) with the US Attorney’s Office for the Southern District of New York for violating the bank Secrecy Act. As set forth in the court...