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FinCEN Proposes Broad AML Obligations for Investment Advisers

August 31, 2015

Authors

John ReVeal and Jeff Ziesman

FinCEN Proposes Broad AML Obligations for Investment Advisers

August 31, 2015

by: John ReVeal and Jeff Ziesman

As part of its continuing but slow expansion of the types of financial institutions that are subject to anti-money laundering (AML) obligations under the Bank Secrecy Act and USA PATRIOT Act, FinCEN proposed on August 25, 2015, to require certain investment advisers to establish and maintain AML programs and file suspicious activity reports (the Proposed Rules).  The Proposed Rules go further than FinCEN’s 2002 and 2003 proposals for investment advisors, which generally were limited to proposing AML program requirements only, without additional suspicious activity reporting and certain other record keeping requirements.

In explaining its rationale for the Proposed Rules, FinCEN acknowledges that advisers work with financial institutions that are already subject to BSA requirements, such as when executing trades through broker-dealers to purchase or sell client securities, or when directing custodial banks to transfer assets.  FinCEN notes, however, that these institutions may not have sufficient information to assess suspicious

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How Well Do I Know You – Let Me Count the Ways

August 21, 2014

Authors

Jerry Blanchard

How Well Do I Know You – Let Me Count the Ways

August 21, 2014

by: Jerry Blanchard

FinCen Updates Customer Due Diligence Requirements

Modern entertainment, whether it be books or movies,  oftentimes grapple with the issues of “who are you?” As a story line develops the audience is kept guessing as characters turn out to have different motivations or identities than what they were first perceived to have. Political thrillers oftentimes involve agents of shadowy groups behind which the true masterminds operate. How much effort will it take to reach the truth? FinCEN has recently come out with some proposed guidance that addresses this issue in the context of the legal entities that financial institutions do business with.

In a proposed rulemaking published in late July, FinCEN proposed a new regulatory requirement to identify beneficial owners of legal entity customers. Going forward, the essential elements of customer due diligence will include: (i) identifying and verifying the identity of customers; (ii) identifying

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Bryan Cave Hosts ACAMS Atlanta Chapter Event on Digital Currencies

April 17, 2013

Authors

Bryan Cave

Bryan Cave Hosts ACAMS Atlanta Chapter Event on Digital Currencies

April 17, 2013

by: Bryan Cave

Bryan Cave is hosting the CPE and general membership meeting for the Atlanta Chapter of the Association of Certified Anti-Money Laundering Specialists on Thursday, April 25 2013, from 2:00pm to 4:00pm. The event’s presentation is “Digital Currencies, Third Party Payment Processing, Oh My!” featuring Anthony Gallippi, co-founder and CEO of BitPay.

All AML/CTF professionals in the region are welcome to attend.

June 7, 2012 2:00 PM – 4:00 PM

Fourteenth Floor 1201 W. Peachtree Street, NW Atlanta, GA 30309

Parking is available at 14th Street and West Peachtree St. $4 cash and cards accepted

Free for Chapter Members; $20 for Non-Chapter Members

RSVP Here

Bitcoin and other digital currencies are gaining traction in the marketplace against traditional fiat and specie currencies.  Current economic conditions have led many average citizens to exploring potential ways to

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FDIC Issues Another Consent Order on Third-Party Payment Processor Issues

December 17, 2012

Authors

Jeannie Osborne

FDIC Issues Another Consent Order on Third-Party Payment Processor Issues

December 17, 2012

by: Jeannie Osborne

The FDIC recently released a consent order with Meridian Bank (Paoli, Penn.) which dealt largely with the bank’s oversight and management of its electronic payment program and third-party payment processors (TPPPs), as well as BSA/AML issues. Although this order is tailored by the FDIC to address specific issues found at the bank and focuses on merchant transaction processing, a review of the requirements outlined in the order may be useful for banks and other financial services companies that deal with third-party providers or high-risk customers.

The order includes a lengthy and detailed list of the steps the bank must take regarding its oversight and management of third parties involved in the bank’s electronic payments program, including the following:

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FinCEN/FDIC Assess $15 Million Civil Money Penalties against Bank for BSA/AML Violations

November 30, 2012

Authors

Jeannie Osborne

FinCEN/FDIC Assess $15 Million Civil Money Penalties against Bank for BSA/AML Violations

November 30, 2012

by: Jeannie Osborne

Hot on the heels of FinCEN’s advisory on risks associated with third-party payment processors (see Government Update, issue 18), FinCEN and the FDIC assessed concurrent $15 million civil money penalties against First Bank of Delaware for violations of BSA/AML laws and regulations. Among other things, FinCEN and the FDIC found that the bank “failed to adequately oversee third-party payment processor relationships and related products and services commensurate with associated risks.”

The bank also settled related civil claims with the DOJ, which alleged it “established direct relationships with several fraudulent merchants and third-party payment processors working in cahoots with a large number of additional fraudulent merchants.” On behalf of those entities, the DOJ alleged, the bank originated hundreds of thousands of debit transactions against consumers’ bank accounts, many of which originated via remotely created checks (RCCs). The DOJ also alleged that the bank was aware of “significant red flags

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Bryan Cave Hosts ACAMS Atlanta Chapter Event on BSA/AML Look Backs

June 3, 2012

Authors

Bryan Cave

Bryan Cave Hosts ACAMS Atlanta Chapter Event on BSA/AML Look Backs

June 3, 2012

by: Bryan Cave

Bryan Cave is hosting the quarterly CPE and general membership meeting for the Atlanta Chapter of the Association of Certified Anti-Money Laundering Specialists on Thursday, June 7, 2012, from 2:00pm to 4:00pm, with registration starting at 1:30pm. The event’s presentation is “Look Backs: The Good, The Bad and The Ugly” featuring Craig Stone and Donna DeMartino with Alvarez & Marsal.

All AML/CTF professionals in the region are welcome to attend.

June 7, 2012 2:00 PM – 4:00 PM

Fourteenth Floor 1201 W. Peachtree Street, NW Atlanta, GA 30309

Parking is available at 14th Street and West Peachtree St. $4 cash and cards accepted

Free for Chapter Members; $20 for Non-Chapter Members

RSVP Here

The overall presentation will focus on several key factors associated with a BSA/AML look back relative to various activities that are

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Bryan Cave Hosts ACAMS Atlanta Chapter Event on BSA/AML Software Testing

March 5, 2012

Authors

Robert Klingler

Bryan Cave Hosts ACAMS Atlanta Chapter Event on BSA/AML Software Testing

March 5, 2012

by: Robert Klingler

Bryan Cave is hosting the quarterly CPE and general membership meeting for the Atlanta Chapter of the Association of Certified Anti-Money Laundering Specialists on Thursday, March 15, 2012, from 2:00pm to 4:00pm. The event’s presentation is “Best Practices for BSA/AML Software Testing,” featuring Allan Cuttle, Director of Risk Management for ICS Risk Advisors.

All AML/CTF professionals in the region are welcome to attend.

March 15, 2012 2:00 PM – 4:00 PM

Fourteenth Floor 1201 W. Peachtree Street, NW Atlanta, GA 30309

Parking is available at 14th Street and West Peachtree St. $4 cash and cards accepted

Free for Chapter Members; $20 for Non-Chapter Members

RSVP Here

This event will include tips on pre and post software implementation issues, pitfalls, best practices, regulatory environment and expectations, along with testimonials on the value of this

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What Bank Directors Need to Know About Bank Secrecy Act Compliance

February 24, 2012

Authors

John ReVeal

What Bank Directors Need to Know About Bank Secrecy Act Compliance

February 24, 2012

by: John ReVeal

Ten years ago, Bank Secrecy Act (BSA)/anti-money laundering (AML) compliance was one of the biggest areas of concern for banks and their regulators.  Following September 11 and the heightened regulatory focus on BSA matters, most banks found it necessary to expend significant resources to enhance or even rebuild their BSA/AML programs.

In the past few years, bank regulators have had to focus on other matters, including residential and commercial loan concentrations, adequate capitalization, and even bank failures.  Banks also wisely have focused on these matters during these difficult economic times.

It is important, however, that these other matters do not push BSA/AML compliance aside.  This article summarizes some of the top BSA-related issues that the Board of Directors of every bank should keep in mind.

Best Practices for the Board

It is easy in difficult financial times for the Board and management to push aside compliance matters, including BSA/AML compliance. 

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Bryan Cave Hosts ACAMS Atlanta Chapter Prepaid Access Event

October 11, 2011

Authors

Bryan Cave

Bryan Cave Hosts ACAMS Atlanta Chapter Prepaid Access Event

October 11, 2011

by: Bryan Cave

Bryan Cave is hosting the quarterly CPE and general membership meeting for the Atlanta Chapter of the Association of Certified Anti-Money Laundering Specialists on Thursday, November 3, 2011, from 10:00am to 12:00pm.  We are also very pleased to announce that our own Judie Rinearson will be the guest speaker.

All AML/CTF professionals in the region are welcome to attend.

November 3, 2011 10:00 AM – 12:00 PM

Fourteenth Floor 1201 W. Peachtree Street, NW Atlanta, GA 30309

Free for Chapter Members; $5 for Non-Chapter Members

RSVP Here

Judith Rinearson leads the payments practice team for Bryan Cave LLP, where she is a partner in the firm’s New York City office. She also is chair of the Network Branded Prepaid Card Association’s Government Relations Working Group, the association’s representative to FinCEN’s Bank Secrecy Act Advisory

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Bryan Cave Hosts ACAMS Atlanta Chapter Launch Event

August 2, 2011

Authors

Robert Klingler

Bryan Cave Hosts ACAMS Atlanta Chapter Launch Event

August 2, 2011

by: Robert Klingler

Bryan Cave is hosting the kick-off event for the Atlanta Chapter of the Association of Certified Anti-Money Laundering Specialists on Monday, August 22nd, from 2:00pm to 4:00pm.  All AML/CTF professionals in the region are welcome to attend, and the event is open and complimentary to all.

August 22, 2011 ׀ 2:00 PM – 4:00 PM

Fourteenth Floor 1201 W. Peachtree Street, NW Atlanta, GA 30309

RSVP Here

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