56 Search Results

May 28, 2021 |
International Comparative Legal Guide to: Anti-Money Laundering 2021

Gibson, Dunn & Crutcher LLP is pleased to announce with Global Legal Group the release of the International Comparative Legal Guide to: Anti-Money Laundering 2021. Gibson Dunn partners Stephanie L. Brooker and Joel M. Cohen were again contributing editors to the publication which covers issues including criminal enforcement, regu

May 26, 2021 |
Anti-Money Laundering 2021: USA

New York partner Joel Cohen and Washington, D.C. of counsel Linda Noonan are the authors of "USA," [PDF] Chapter 32 of the of Anti-Money Laundering 2021 published by International Comparative Legal Guides on May 25, 2021.

May 26, 2021 |
The Anti-Money Laundering Act of 2020’s Corporate Transparency Act

Washington, D.C. partners Stephanie Brooker and M. Kendall Day are the authors of "The Anti-Money Laundering Act of 2020's Corporate Transparency Act," [PDF] Chapter 1 of Anti-Money Laundering 2021 published by International Comparative Legal Guides on May 25, 2021.

January 27, 2021 |
New federal anti-money laundering law could affect your company

Washington, D.C. partner M. Kendall Day is the author of "New federal anti-money laundering law could affect your company," [PDF] published by the Daily Journal on January 20, 2021.

December 10, 2020 |
Webcast: International Anti-Money Laundering and Sanctions Enforcement

Gibson Dunn provides a discussion regarding the latest developments and trends in anti-money laundering and sanctions laws, regulations, and enforcement. This webcast includes a particular focus on international AML developments, including the increasing overlap between sanctions and AML enforcement. We also discuss updates related to the FinCEN fi

June 24, 2020 |
Webcast: Bank Secrecy Act/Anti-Money Laundering and Sanctions Enforcement and Compliance in 2020 and Beyond

Anti-Money Laundering (AML), Bank Secrecy Act (BSA) and sanctions compliance and enforcement have become leading issues for companies across the full spectrum of the world's economy. Join Gibson Dunn partners as they discuss significant trends, emerging issues, and areas of risk in this dynamic, constantly evolving space. Topics to be covered in

May 21, 2020 |
International Comparative Legal Guide to: Anti-Money Laundering 2020

Gibson, Dunn & Crutcher LLP is pleased to announce with Global Legal Group the release of the International Comparative Legal Guide to: Anti-Money Laundering 2020. Gibson Dunn partners Stephanie L. Brooker and Joel M. Cohen were again contributing editors to the publication which covers issues including criminal enforcement, re

May 11, 2020 |
European Commission Launches Major AML Initiative

Overview On May 7, 2020, the European Commission (the “Commission”) announced an action plan of measures designed to pursue what will likely constitute a fundamental reshaping of how rules relating to anti-money laundering (“AML”) and counter-terrorist financing (“CTF”) are implemented, overseen and enforced in the

July 10, 2019 |
Former Special Counsel Prosecutor Zainab Ahmad to Join Gibson Dunn as Partner in New York

Gibson, Dunn & Crutcher LLP today announced that leading prosecutor Zainab Ahmad will join the firm as a partner in the New York office.  Ahmad will join the firm after serving as a Senior Assistant Special Counsel in Special Counsel Robert S. Mueller’s Office and following a successful career as a prosecutor and trial lawyer at the Departme

May 21, 2019 |
Webcast: Anti-Money Laundering and Sanctions Enforcement and Compliance in 2019 and Beyond

Anti-Money Laundering (AML), Bank Secrecy Act (BSA) and sanctions compliance and enforcement have become leading issues for companies across the full spectrum of the world’s economy. Join Gibson Dunn partners as they discuss significant trends, emerging issues, and areas of risk in this dynamic, constantly evolving space. Topics to be covered in

May 9, 2019 |
The International Comparative Legal Guide to: Anti-Money Laundering 2019: USA

New York partner Joel Cohen and Washington, D.C. of counsel Linda Noonan are the authors of “Chapter 35: USA” [PDF] published in The International Comparative Legal Guide to: Anti-Money Laundering 2019, 2nd Edition.

May 9, 2019 |
To Disclose or Not to Disclose: Analyzing the Consequences of Voluntary Self-Disclosure for Financial Institutions

Washington, D.C. partners Stephanie Brooker and M. Kendall Day are the authors of "To Disclose or Not to Disclose: Analyzing the Consequences of Voluntary Self-Disclosure for Financial Institutions" [PDF] published in The International Comparative Legal Guide to: Anti-Money Laundering 2019, 2nd Edition.

February 20, 2019 |
Supreme Court Holds That Eighth Amendment’s Prohibition Of Excessive Fines And Related Forfeitures Applies To The States

Decided February 20, 2019 Timbs v. Indiana, No. 17-1091  The Supreme Court held 9-0 that the Eighth Amendment’s prohibition of excessive fines applies to the States. Background: After Tyson Timbs pled guilty to dealing in a controlled substance and conspiracy to commit theft, an Indiana state trial court considered Ind

January 10, 2019 |
2018 Year-End Update on Corporate Non-Prosecution Agreements and Deferred Prosecution Agreements

In 2018, the number of corporate non-prosecution agreements ("NPAs") and deferred prosecution agreements ("DPAs")[1] in the United States remained steady—2018 yielded at least 24 agreements[2]—but the monetary recoveries skyrocketed to nearly $8.1 billion.[2a]  While the comparative year over year analysis has become more dif

July 12, 2018 |
Developments in the Defense of Financial Institutions

To Disclose or Not to Disclose: Analyzing the Consequences of Voluntary Self-Disclosure for Financial Institutions One of the most frequently discussed white collar issues of late has been the benefits of voluntarily self-disclosing to the U.S. Department of Justice ("DOJ") allegations of misconduct involving a corporation.  This

June 5, 2018 |
The International Comparative Legal Guide: Anti-Money Laundering 2018

New York partner Joel Cohen and Washington, D.C. partner Stephanie Brooker are contributing editors for the first edition of International Comparative Legal Guide to: Anti-Money Laundering 2018.   Mr. Cohen and Ms. Brooker are also the authors of “Anti-Money Laundering 2018 - Overview of Recent AML Gatekeeper International and U.S. Developments

May 9, 2018 |
The Trump Administration Pulls the Plug on the Iran Nuclear Agreement

On May 8, 2018, President Donald Trump announced his decision to abandon the 2015 Iran nuclear deal—the Joint Comprehensive Plan of Action (the "JCPOA")—and re-impose U.S. nuclear-related sanctions on the Iranian regime.[1]  Though it came as no surprise, the decision went further than many observers had anticipated.  Notably

May 3, 2018 |
Webcast: Anti-Money Laundering and Sanctions Enforcement and Compliance in 2018 and Beyond

Gibson Dunn partners provide an overview of significant trends and key issues in Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) and sanctions enforcement and compliance. Topics covered: BSA/AML Overview Recent trends in BSA/AML enforcement Recent trends in BSA/AML compliance BSA/AML Reform Efforts Sanctions Overview

April 23, 2018 |
FinCEN Issues FAQs on Customer Due Diligence Regulation

On April 3, 2018, FinCEN issued its long-awaited Frequently Asked Questions Regarding Customer Due Diligence Requirements for Financial Institutions, FIN-2018-G001. https://www.fincen.gov/resources/statutes-regulations/guidance/frequently-asked-questions-regarding-customer-due-0.[1]  The timing of this guidance is very controversi

April 12, 2018 |
Trump Administration Imposes Unprecedented Russia Sanctions

On April 6, 2018, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") significantly enhanced the impact of sanctions against Russia by blacklisting almost 40 Russian oligarchs, officials, and their affiliated companies pursuant to Obama-era sanctions, as modified by the Countering America's Adversaries T

March 15, 2018 |
Key 2017 Developments in Latin American Anti-Corruption Enforcement

In 2017, several Latin American countries stepped up enforcement and legislative efforts to address corruption in the region.  Enforcement activity regarding alleged bribery schemes involving construction conglomerate Odebrecht rippled across Latin America's business and political environments during the year, with allegations ste

January 24, 2018 |
Webcast – Challenges in Compliance and Corporate Governance -14th Annual Briefing

Our constantly-evolving regulatory landscape expands existing obligations while creating new compliance risks for companies big and small. Join our panel of experts as they review key developments in 2017 and offer valuable insight on how to address challenges forecasted for 2018. Topics discussed include: Global Enforcement and Regulatory

December 8, 2017 |
MOFCOM Clears Semiconductor Merger with a Two-Year “Hold-Separate” Condition

The Chinese Ministry of Commerce ("MOFCOM") recently conditionally approved Advanced Semiconductor Engineering's proposed acquisition of Siliconware Precision Industries under China's Anti-Monopoly Law. Despite the parties' market shares in China not exceeding 30%, the decision[1] imposes a two-year "hold-separate" condition, under which the two co

2016 Mid-Year E-Discovery Update

Our 2016 Mid-Year E-Discovery Update reflects that the e-discovery landscape today generally looks much better than has in several years.

January 25, 2017 |
Webcast: Challenges in Compliance and Corporate Governance

​Topics to be discussed include: Global Enforcement and Regulatory Developments The Impact of the Election on Enforcement and Regulation Key Tips for Identifying and Addressing Top Areas of Compliance Risk Practical Recommendations for Improving Corporate Compliance DOJ and SEC Priorities, Policies and Penalties Update on Key

January 11, 2017 |
2016 Year-End United Kingdom White Collar Crime Update

The year 2016 has been another of continuing developments in the UK's white collar sector. These have ranged from the Competition and Markets Authority's largest ever fine, to the UK's second deferred prosecution agreement, to the continuing enforcement efforts of the Serious Fraud Office ("SFO"), National Crime Agency ("NCA") and

December 16, 2016 |
The Comptroller’s Special Purpose Charter Proposal for Fintech: A Way Forward?

The Office of the Comptroller of the Currency (OCC), on December 2, 2016, issued a proposal in the form of a white paper (Fintech Proposal) describing a new special purpose national bank charter for Fintech firms.  With less than two months before the Trump Administration comes into office, the Fintech Proposal is best described as opening a discu

August 1, 2016 |
FinCEN Expands Temporary Reporting Requirements on Title Insurance Companies for All Cash Luxury Real Estate Transactions to Six Major U.S. Areas

On July 27, 2016, the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) announced an expansion of the Geographic Targeting Orders (GTOs) targeting alleged money laundering risk in the real estate sector.  Gibson Dunn published a comprehensive client alert on the original GTOs involving Manhattan and Miami-Dade County, Florid

July 13, 2016 |
2016 Mid-Year Securities Enforcement Update

In the wake of a record-breaking 2015, the SEC's Division of Enforcement appeared to continue to initiate new matters at breakneck speed throughout the first half of 2016.  The agency appeared particularly active in the public company reporting space.  As described in prior publications, the slowdown in public company financial reporting and disc

July 6, 2016 |
Beneficial Ownership and Customer Due Diligence:  Perspectives on the Increased Compliance Risk Associated with the Implementation of FinCEN’s Final Rule

The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) released its long-awaited final Customer Due Diligence rule (Final Rule) on May 6, 2016.[1]  In response to extensive comments from the industry, the Final Rule provides covered financial institutions with two years to implement new policies and procedures required by

April 5, 2016 |
Proposed Anti-Money Laundering Rules Focus on Investment Advisers

​Los Angeles partner Michael Farhang is the author of "Proposed Anti-Money Laundering Rules Focus on Investment Advisers" [PDF] published on April 5, 2016 by The Daily Journal.

February 11, 2016 |
Do Not Pass Go, Do Not Collect $200: FinCEN Imposes Temporary Reporting Requirements on Title Insurance Companies for All Cash Luxury Real Estate Transactions in Manhattan and Miami

On January 13, 2016, the U.S. Treasury Department's Financial Crimes Enforcement Network ("FinCEN") issued geographic targeting orders ("GTOs") that will temporarily require title insurance companies to identify and report the individuals behind legal entities that pay "all cash" for high-end residential real estate in

February 1, 2016 |
2015 Year-End United Kingdom White Collar Crime Update

2015 has been a year of unprecedented white collar enforcement, both in absolute terms, and in terms of the variety and broad base of enforcement actions taken. As a result, Gibson Dunn is issuing this year end alert on white collar crime in the United Kingdom ("UK") consistent with our alerts in other subject matters. It covers cr

January 4, 2016 |
2015 Year-End FCPA Update

​As we kick off our second decade of updates on the state of play in international anti-corruption enforcement, the stakes for multinational companies have never been higher.  No longer may entities operating abroad focus their attention narrowly on the two domestic enforcers of the Foreign Corrupt Practices Act ("FCPA")--the U.S. Department of

December 7, 2015 |
Personal Liability for Senior Compliance Officers Under New York’s Proposed Anti-Money Laundering and Anti-Terrorism Regulation

(Updated January 5, 2016)On December 1, 2015, New York Governor Andrew M. Cuomo announced that the New York State Department of Financial Services ("DFS") had proposed a new anti-money laundering ("AML") and anti-terrorist financing rule applicable to DFS-regulated institutions, to be set forth in Part 504 of the DFS Superintend

September 1, 2015 |
FinCEN Proposes Regulations That Would Require AML Programs and Suspicious Activity Reporting for SEC Registered Investment Advisers

​On September 1, 2015, the Department of the Treasury, Financial Crimes Enforcement Network ("FinCEN") published a long-awaited Notice of Proposed Rulemaking ("NPRM") with new rules that would require registered investment advisers to implement Anti-Money Laundering ("AML") programs and to file Suspicious Activity Reports ("SARs") under the Bank

June 20, 2013 |
Through the Looking Glass: The Disclosure of Ultimate Ownership and the G8 Action Plan

At the recently concluded G8 Summit at Lough Erne, Northern Ireland, leaders of the G8 economies agreed new measures to clamp down on money-laundering, tax evasion and tax avoidance, including the G8 Action Plan to prevent the misuse of companies and legal arrangements[1] (the "Action Plan").The Action PlanThe agreed Action Plan sets

June 5, 2013 |
The Consumer Financial Protection Bureau: Its Foundation, Authorities, and First Year of Enforcement

Since the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, (Dodd-Frank Act), Gibson Dunn has been monitoring regulatory developments that affect our clients, including developments at the Consumer Financial Protection Bureau (CFPB or the Bureau).  In this alert, we provide an in-depth analysis of the CFPB's enforcement act

April 11, 2012 |
Department of the Treasury Issues Bank Secrecy Act Advance Notice of Proposed Rulemaking Relating to Customer Due Diligence Requirements for Financial Institutions

On March 5, 2012, the United States Department of the Treasury ("Treasury"), Financial Crimes Enforcement Network ("FinCEN"), published an Advance Notice of Proposed Rulemaking ("ANPR") seeking comments on the concept of prescriptive rules for customer due diligence ("CDD") for certain financial institutions (and potentially all financial instituti

November 1, 2011 |
FinCEN Issues Final Rule Implementing New CISADA Regulations to Require U.S. Banks to Seek Information from Foreign Correspondent Banks Regarding Financial Ties to Iran

On October 11, 2011, the United States Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN)" published in the Federal Register the final version of new regulations implementing section 104(e) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ("CISADA")[1].  These regulations, effective October 1

February 17, 2011 |
U.S. SEC Extends the Customer Identification Program No-Action Letter for Broker-Dealers and Changes the Terms

On January 11, 2011, the U.S. Securities and Exchange Commission ("SEC"), in consultation with the Department of the Treasury, Financial Crimes Enforcement Network ("FinCEN"), again extended the Bank Secrecy Act ("BSA") Customer Identification Program ("CIP") no-action letter (initially issued in 2004) relati

January 26, 2011 |
U.S. Financial Crimes Enforcement Network Issues Guidance Regarding Recent Events in Tunisia

Printable PDF A popular uprising ended the 23-year old regime of former Tunisian president Zine El Abidine Ben Ali, who recently fled to Saudi Arabia.  It is estimated that he and his family may have amassed a fortune in excess of $5 billion as a result of the misappropriation of state assets and public corruption.  Many of these assets are be

October 12, 2010 |
FinCEN Proposes Reporting of Cross-Border Electronic Transmittals of Funds

On September 30, 2010, the United States Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) published in the Federal Register its long-awaited notice of proposed rulemaking (NPRM) that would require certain banks and money transmitters to report to FinCEN transmittal orders associated with certain cross-border electronic tra

July 28, 2010 |
Iran Sanctions Legislation: New Controls and Penalties for U.S. Financial Institutions

On July 1, 2010, President Obama signed the Comprehensive Iran Sanctions Accountability and Divestment Act of 2010 ("CISADA"), which amends and extends sanctions imposed under the Iran Refined Petroleum Sanctions Act of 2009 and the Iran Sanctions Act of 1996 (formerly the Iran and Libya Sanctions Act of 1996).  Congress passed CISADA after the Un

August 7, 2009 |
IRS Further Extends FBAR Filing Deadline to June 30, 2010 for Certain U.S. Persons

Today, the Internal Revenue Service ("IRS") announced that it was further extending the deadline for filing Reports of Foreign Bank and Financial Accounts ("FBARs") for calendar year 2008 and prior years for certain U.S. persons. IRS Notice 2009-62.  The IRS is providing this relief for (i) persons with signature authority over, but no financial i

June 29, 2009 |
IRS Confirms That Investors in Foreign Hedge Funds and Private Equity Funds Must File Reports of Foreign Financial Accounts; Filing Deadline Extended to 9/23/09 for Certain Taxpayers

On June 24, 2009, the Internal Revenue Service ("IRS") announced that it was extending the June 30, 2009 deadline for filing Reports of Foreign Bank and Financial Accounts ("FBAR"), TD F 90-22.1[1], to September 23, 2009, for certain taxpayers, i.e., taxpayers that properly report and pay tax on 2008 income, but that only recent

March 6, 2009 |
Congressional Investigation, Bill Focus on Offshore Tax Havens

A key Senate investigative body this week continued its series of investigative hearings on offshore tax havens and tax abuse, focusing on the strict secrecy in which U.S. clients' accounts and activities are maintained by Swiss financial institutions.  As part of this far-reaching investigation into alleged tax abuse, which is in its seventh

January 30, 2009 |
Senators Grassley and Levin Introduce Hedge Fund Transparency Act

Yesterday, Senators Charles Grassley (R-IA) and Carl Levin (D-MI) introduced the Hedge Fund Transparency Act ("HFTA"), which would require hedge funds, private equity and other private funds with $50 million or more in assets, or assets under management, to register with the Securities and Exchange Commission ("SEC"), notwithstanding the availabili

January 20, 2009 |
Joint Justice Department and Manhattan District Attorney Investigation Results in Record $350 Million Payment for OFAC Violations

On January 9, 2009, the U.S. Department of Justice (see press release) and the New York County District Attorney's Office  ("NYDA") (see press release) announced that Lloyds TSB Bank plc ("Lloyds") agreed to forfeit $350 million and take other actions to resolve its liability for violating the International Emerge

December 23, 2008 |
New Bank Secrecy Act/Anti-Money Laundering Examination Manual for Money Services Businesses

On December 9, 2008, as anticipated, the Department  of the Treasury's Financial Crimes Enforcement Network ("FinCEN") issued the Bank Secrecy Act/Anti-Money Laundering Examination Manual for Money Services Businesses (the "Examination Manual" or "the Manual").  This 153-page document sets forth a road map fo

December 9, 2008 |
OFAC Issues Guidance to the Securities and Futures Industry

On November 5, 2008, the Department of the Treasury, Office of Foreign Assets Control ("OFAC") issued guidance, Opening Securities and Futures Accounts from an OFAC Perspective, to make it clear that guidance or actions by its sister Treasury bureau, the Financial Crimes Enforcement Network ("FinCEN"), under the Bank Secrecy Act

October 3, 2008 |
Casinos Continue to Be Vulnerable to Money Laundering

The conviction in August of two former Bank of China managers and their wives in Las Vegas for money laundering and other crimes illustrates the continuing vulnerability of casinos to money laundering.  U.S. v. Xu Chaofan, et al. (2:02-CR-0674-PMP (LRL)).  Over the course of several years, the defendants facilitated the theft of $482 mill

December 17, 2007 |
Internet Gambling Rules Would Enlist Banks to Fight Uphill Battle

Washington, D.C. Partner Amy Rudnick and New York Associate Anthony Mahajan are authors of "Internet Gambling Rules Would Enlist Banks to Fight Uphill Battle" [PDF] published in BNA's Banking Report.

November 26, 2007 |
Treasury Issues New Bank Secrecy Act Guidance for Casinos and Card Clubs

On November 14, 2007, for the first time in several years, the Department of the Treasury, Financial Crimes Enforcement Network ("FinCEN"), issued Bank Secrecy Act ("BSA") compliance guidance for casinos and card clubs, Frequently Asked Questions:  Casino Recordkeeping, Reporting, and Compliance Program Requirements (FIN-20

March 15, 2007 |
U.S. Treasury Department Formally Severs Ties Between U.S. Financial Institutions and Banco Delta Asia

On March 14, 2007, Stuart Levey, the Undersecretary for Terrorism and Financial Intelligence at the U.S. Treasury Department, announced the issuance of a final rule under Section 311 of the USA PATRIOT Act that, in 30 days, will bar U.S. banks and certain other financial institutions from opening, maintaining, or managing correspondent accounts for

September 11, 2006 |
2006 Bank Secrecy Act/Anti-Money Laundering Examination Manual Clarifies Elements of Effective OFAC Compliance Program for ACH Transactions

On July 28, 2006, the Federal Financial Institutions Examination Council (FFIEC) released the 2006 Bank Secrecy Act/Anti-Money Laundering Manual ("BSA/AML Manual"). The section addressing compliance with economic and trade sanctions programs administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC)