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Articles by Alexa Levy
Williams & Connolly WLA Lunch Talk - Harvard Law School
Please join the Women’s Law Association for a lunch talk with Williams & Connolly on Monday, March 18th from 12:30 – 1:15 in WCC 3018. All class years are invited, and you do not need to be a member of WLA to attend. Lunch will be provided! RSVP: https://forms.gle/yfBpV3AE427jjCeK8 Add to Calendar March 18, 2024, 12:30 pm - 1:15 pm +Google Calendar +iCal/Outlook Website https://forms.gle/yfBpV3AE427jjCeK8
Hamas, Terrorist Financing, and Cryptocurrency | JD Supra Original
The October 7, 2023 attacks on Israel by Hamas have re-focused U.S. government efforts to identify and counter funding streams for Hamas and terrorist activity in general – including, in particular, through the use of cryptocurrency. This heightened focus is exemplified by a recent report (“Report”) published by the Congressional Research Service (“CRS”), which examines the role of cryptocurrency donations in Hamas fundraising campaigns, which long predate the October 7 attacks.
Hamas, Terrorist Financing, and Cryptocurrency
The October 7, 2023 attacks on Israel by Hamas have re-focused U.S. government efforts to identify and counter funding streams for Hamas and terrorist activity in general – including, in particular, through the use of cryptocurrency. This heightened focus is exemplified by a recent report (“Report”) published by the Congressional Research Service (“CRS”), which examines the role of cryptocurrency donations in Hamas fundraising campaigns, which long predate the October 7 attacks.
Mortgage Banking Update - October 19, 2023
In This Issue: CFPB and DOJ Issue Joint Statement on Consideration of Immigration Status Under ECOA But Omit Clear Guidance CFPB Planning Significant Staff Increases; Number of Full-Time Enforcement Attorneys to Increase by 50 Percent SCOTUS Agrees to Hear Second Case Challenging Chevron Deference FTC Issues Proposed Rule to Regulate “Junk Fees” White House, CFPB, FTC Continue Assault on “Junk Fees” CFPB Issues Advisory Opinion on Fees Charged by Large Banks and Credit Unions to Respond to...
New FinCEN Director Addresses Key Topics in BSA/AML | JD Supra
The new Director of FinCEN, Andrea Gacki, addressed several key topics on October 3, 2023 at the Association of Certified Anti-Money Laundering Specialists (“ACAMS”) conference in Las Vegas, Nevada. Specifically, Director Gacki addressed the issues of beneficial ownership under the Corporate Transparency Act (“CTA”); the real estate industry; investment advisers; fentanyl trafficking; and whistleblowers under the Bank Secrecy Act (“BSA”).
New FinCEN Director Addresses Key Topics in BSA/AML
The new Director of FinCEN, Andrea Gacki, addressed several key topics on October 3, 2023 at the Association of Certified Anti-Money Laundering Specialists (“ACAMS”) conference in Las Vegas, Nevada. Specifically, Director Gacki addressed the issues of beneficial ownership under the Corporate Transparency Act (“CTA”); the real estate industry; investment advisers; fentanyl trafficking; and whistleblowers under the Bank Secrecy Act (“BSA”).
Consumer Finance Monitor
In an unusual move, Laura Akahoshi, former Rabobank (the “Bank”) Chief Compliance Officer (“CCO”), filed on July 6, 2023 an opposition to the Office of the Comptroller of the Currency’s (“OCC”) dismissal of its own administrative enforcement proceeding against her.
Former bank compliance chief seeks appellate review of OCC administrative enforcement proceeding dismissal
In an unusual move, Laura Akahoshi, former Rabobank (the “Bank”) Chief Compliance Officer (“CCO”), filed on July 6, 2023 an opposition to the Office of the Comptroller of the Currency’s (“OCC”) dismissal of its own administrative enforcement proceeding against her. Akahoshi filed her petition in the U.S. Ninth Circuit Court of Appeals, arguing in part that the Administrative Procedures Act and 18 U.S.C. § 1818 provide the court with jurisdiction to review the OCC’s dismissal.
Former bank compliance chief seeks appellate review of OCC administrative enforcement proceeding dismissal
In an unusual move, Laura Akahoshi, former Rabobank (the “Bank”) Chief Compliance Officer (“CCO”), filed on July 6, 2023 an opposition to the Office of the Comptroller of the Currency’s (“OCC”) dismissal of its own administrative enforcement proceeding against her. Akahoshi filed her petition in the U.S. Ninth Circuit Court of Appeals, arguing in part that the Administrative Procedures Act and 18 U.S.C. § 1818 provide the court with jurisdiction to review the OCC’s dismissal.
Former Bank Compliance Chief Seeks Appellate Review of OCC Administrative Enforcement Proceeding Dismissal | JD Supra
In an unusual move, Laura Akahoshi, former Rabobank (the “Bank”) Chief Compliance Officer (“CCO”), filed on July 6, 2023 an opposition to the Office of the Comptroller of the Currency’s (“OCC”) dismissal of its own administrative enforcement proceeding against her. Akahoshi filed her petition in the U.S. Ninth Circuit Court of Appeals, arguing in part that the Administrative Procedures Act and 18 U.S.C. § 1818 provide the court with jurisdiction to review the OCC’s dismissal.
SEC’s Suit Against Binance Demonstrates Scope of Its Crypto Enforcement Efforts | JD Supra
On June 5, 2023, the SEC filed an extensive civil complaint against Binance Holdings Limited, its assorted affiliates and its beneficial owner and CEO, Changpeng Zhao, alleging multiple violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.
SEC’s Suit Against Binance Demonstrates Scope of Its Crypto Enforcement Efforts
On June 5, 2023, the SEC filed an extensive civil complaint against Binance Holdings Limited, its assorted affiliates and its beneficial owner and CEO, Changpeng Zhao, alleging multiple violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.
Senate and House Judiciary Committees Demand Answers Regarding Indictment of Former High-Ranking FBI Official for Sanctions Conspiracy | JD Supra
The U.S. Attorney’s Office for the Southern District of New York recently unsealed an indictment of Charles McGonigal (“McGonigal”), a former high-ranking FBI official, who has been accused of helping Russian oligarch Oleg Deripaska (“Deripaska”) avoid U.S. sanctions. Last Thursday, Chairmen of the Senate and House Judiciary Committees wrote letters to U.S. Attorney General, Merrick Garland, and FBI Director, Christopher Wray demanding information.
European Commission Highlights Online Gambling’s Money Laundering Risks | JD Supra
Report Previews Potential Implications for the United States The European Commission (“Commission”) recently released its 2022 Supranational Risk Assessment Report (“SNRA Report”) to the European Parliament and Counsel regarding the “risk of money laundering and terrorist financing affecting the internal market and relating to cross-border activities.” The SNRA Report analyzes, on a broad scale, money laundering and terrorism financing risks and proposes a plan of action to address them.
European Commission Highlights Online Gambling’s Money Laundering Risks
Report Previews Potential Implications for the United States The European Commission (“Commission”) recently released its 2022 Supranational Risk Assessment Report (“SNRA Report”) to the European Parliament and Counsel regarding the “risk of money laundering and terrorist financing affecting the internal market and relating to cross-border activities.” The SNRA Report analyzes, on a broad scale, money laundering and terrorism financing risks and proposes a plan of action to address them.
OFAC Sanctions Virtual Currency “Mixer” Tornado Cash and Faces Crypto Backlash
On August 8, the U.S. Department of the Office of Foreign Assets Control (“OFAC”) sanctioned “notorious” virtual currency “mixer” Tornado Cash, which allegedly has been used to launder more than $7 billion worth of virtual currency since its creation in 2019. Tornado Cash is a virtual currency mixer that operates on the Ethereum blockchain. Tornado Cash receives a variety of transactions and mixes them together before transmitting them to their individual recipients.
OFAC Sanctions Virtual Currency “Mixer” Tornado Cash and Faces Crypto Backlash | JD Supra
On August 8, the U.S. Department of the Office of Foreign Assets Control (“OFAC”) sanctioned “notorious” virtual currency “mixer” Tornado Cash, which allegedly has been used to launder more than $7 billion worth of virtual currency since its creation in 2019. Tornado Cash is a virtual currency mixer that operates on the Ethereum blockchain. Tornado Cash receives a variety of transactions and mixes them together before transmitting them to their individual recipients.
Consumer Finance Monitor
In addition to discussing what cryptocurrency is, we look at some of the regulatory rules that apply to this increasingly popular but complicated financial instrument, including registration and compliance program requirements, and consider how crypto exchanges, financial institutions, and other businesses should address crypto transactions involving unhosted digital wallets and requirements for the identification and…
Consumer Finance Monitor
On June 15, FinCEN issued an Advisory on Elder Financial Exploitation (“Advisory”) to warn financial institutions about the rising trend of elder financial exploitation (“EFE”), which FinCEN defines as “the illegal or improper use of an older adult’s funds, property, or assets, and is often perpetrated either through theft or scams.” The Advisory is detailed.
Consumer Finance Monitor
The Financial Crimes Enforcement Network (“FinCEN”) just issued another Advisory pertaining to two consumer fraud schemes exacerbated by the COVID-19 pandemic. This Advisory focuses on “imposter schemes” and “money mule schemes, ”which we discuss below. This most recent Advisory is the latest in a string of pronouncements relating to the pandemic by FinCEN, which has…
Consumer Finance Monitor
As we previously reported, the Office of the Comptroller of the Currency (“OCC”) rescinded its 2020 Community Reinvestment Act (“CRA”) final rule (the “2020 CRA Final Rule” or the “Rescinded Rule”) in December 2021 and has since been operating under a CRA framework largely based on the OCC’s 1995 CRA rule (the “1995 Rule”)… On May 19, 2022, the Associate Director of the Enforcement and Compliance Division of the Financial Crimes Enforcement Network (“FinCEN”), Alessio Evangelista, spoke at...
FinCEN and OCC Address Cryptocurrency: Responsible Innovation and Pervasive Hype | JD Supra
On May 19, 2022, the Associate Director of the Enforcement and Compliance Division of the Financial Crimes Enforcement Network (“FinCEN”), Alessio Evangelista, spoke at the Chainalysis Links Conference in New York City on the topic of “The Intersection of Cryptocurrencies and National Security.” Associate Director Evangelista stressed “responsible innovation” by the cryptocurrency industry, in order to protect consumers and national security interests, as well as to combat cybercrime and...
FinCEN and OCC Address Cryptocurrency: Responsible Innovation and Pervasive Hype
On May 19, 2022, the Associate Director of the Enforcement and Compliance Division of the Financial Crimes Enforcement Network (“FinCEN”), Alessio Evangelista, spoke at the Chainalysis Links Conference in New York City on the topic of “The Intersection of Cryptocurrencies and National Security.” Associate Director Evangelista stressed “responsible innovation” by the cryptocurrency industry, in order to protect consumers and national security interests, as well as to combat cybercrime and...
FinCEN and OCC Address Cryptocurrency: Responsible Innovation and Pervasive Hype
On May 19, 2022, the Associate Director of the Enforcement and Compliance Division of the Financial Crimes Enforcement Network (“FinCEN”), Alessio Evangelista, spoke at the Chainalysis Links Conference in New York City on the topic of “The Intersection of Cryptocurrencies and National Security.” Associate Director Evangelista stressed “responsible innovation” by the cryptocurrency industry, in order to protect consumers and national security interests, as well as to combat cybercrime and...
National Bank of Pakistan Fined $55.4 Million for Alleged Repeated AML and Compliance Deficiencies | JD Supra
The New York State Department of Financial Services (“NYDFS” or “the Department”) published a press release on February 24, 2022 announcing the issuance of a Consent Order (“the Consent Order”) to the National Bank of Pakistan (“NBP” or “the Bank”), which will require the Bank to pay $35 million in penalties to NYDFS.
National Bank of Pakistan Fined $55.4 Million for Alleged Repeated AML and Compliance Deficiencies
The New York State Department of Financial Services (“NYDFS” or “the Department”) published a press release on February 24, 2022 announcing the issuance of a Consent Order (“the Consent Order”) to the National Bank of Pakistan (“NBP” or “the Bank”), which will require the Bank to pay $35 million in penalties to NYDFS.
The FFIEC’S Third 2021 Update to the BSA/AML Examination Manual | JD Supra
On December 1, 2021, the Federal Financial Institutions Examination Council (“FFIEC”) released updates to its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (the “Manual”), which provides guidance to examiners for evaluating a financial institution’s BSA/AML compliance program and its compliance with related regulatory requirements. This update is the third of 2021: the FFIEC also released updates to the Manual on February 25, 2021 and June 21, 2021.
The FFIEC’S Third 2021 Update to the BSA/AML Examination Manual
On December 1, 2021, the Federal Financial Institutions Examination Council (“FFIEC”) released updates to its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (the “Manual”), which provides guidance to examiners for evaluating a financial institution’s BSA/AML compliance program and its compliance with related regulatory requirements. This update is the third of 2021: the FFIEC also released updates to the Manual on February 25, 2021 and June 21, 2021.
The FFIEC’S Third 2021 Update to the BSA/AML Examination Manual
On December 1, 2021, the Federal Financial Institutions Examination Council (“FFIEC”) released updates to its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (the “Manual”), which provides guidance to examiners for evaluating a financial institution’s BSA/AML compliance program and its compliance with related regulatory requirements. This update is the third of 2021: the FFIEC also released updates to the Manual on February 25, 2021 and June 21, 2021.
OFAC Targets Alleged Funders of Hizballah Using Gold and Front Companies
Second Post in a Two-Part Series on Recent OFAC Designations As we blogged yesterday, OFAC has been busy.
OFAC Targets Virtual Currency Exchange For Ransomware Attack
OFAC Updates Advisory on Enforcement Risks Relating to Agreeing to Pay Ransomware First Post in a Two-Part Series on Recent OFAC Designations On September 21, 2021 OFAC issued its first sanctions designation against a virtual currency exchange by designating the virtual currency exchange, SUEX OTC, S.R.O. (SUEX) “for its part in facilitating financial transactions for ransomware variants.” Although this is a unique development, the broader and more important issue for any financial...
FATF Report Stresses Challenges in Combatting Ethnically- and Racially-Motivated Terrorism | JD Supra
Third Post in a Series on the FATF Plenary Outcomes This blog is the third post on the Financial Action Task Force (“FATF”) fourth Plenary, an event where delegates were invited from around the world to (virtually) meet and discuss a wide range of global financial crimes and ongoing risk areas.
FATF Report Stresses Challenges in Combatting Ethnically- and Racially-Motivated Terrorism
Third Post in a Series on the FATF Plenary Outcomes This blog is the third post on the Financial Action Task Force (“FATF”) fourth Plenary, an event where delegates were invited from around the world to (virtually) meet and discuss a wide range of global financial crimes and ongoing risk areas.
FATF Report Stresses Challenges in Combatting Ethnically- and Racially-Motivated Terrorism
Third Post in a Series on the FATF Plenary Outcomes This blog is the third post on the Financial Action Task Force (“FATF”) fourth Plenary, an event where delegates were invited from around the world to (virtually) meet and discuss a wide range of global financial crimes and ongoing risk areas.
Congress Regulates the Antiquities Market – and Perhaps the Art Market – for AML Compliance: A Guest Blog. | JD Supra
[co-author: Tess Davis] Today we are very pleased to welcome guest blogger Tess Davis, who is the Executive Director of the Antiquities Coalition. Tess, a lawyer and archaeologist by training, oversees the organization’s work to fight cultural racketeering worldwide, as well as its award-winning think tank in Washington. She has been a legal consultant for the U.S. and foreign governments and works with both the art world and law enforcement to keep looted antiquities off the market.
Congress Regulates the Antiquities Market – and Perhaps the Art Market – for AML Compliance: A Guest Blog.
Today we are very pleased to welcome guest blogger Tess Davis, who is the Executive Director of the Antiquities Coalition. Tess, a lawyer and archaeologist by training, oversees the organization’s work to fight cultural racketeering worldwide, as well as its award-winning think tank in Washington. She has been a legal consultant for the U.S. and foreign governments and works with both the art world and law enforcement to keep looted antiquities off the market.
“Real Housewives” Star Indicted for Money Laundering and Fraud | JD Supra
The U.S. Attorney’s Office for the Southern District of New York announced the unsealing of a superseding indictment charging Jennifer Shah and another person for conspiring to commit wire fraud and money laundering. Shah, described in promotional materials as having an “extravagant personality and sharp tongue,” is a star on the reality television series The Real Housewives of Salt Lake City.
"Real Housewives" Star Indicted for Money Laundering and Fraud
The U.S. Attorney’s Office for the Southern District of New York announced the unsealing of a superseding indictment charging Jennifer Shah and another person for conspiring to commit wire fraud and money laundering. Shah, described in promotional materials as having an “extravagant personality and sharp tongue,” is a star on the reality television series The Real Housewives of Salt Lake City.
"Real Housewives" Star Indicted for Money Laundering and Fraud
The U.S. Attorney’s Office for the Southern District of New York announced the unsealing of a superseding indictment charging Jennifer Shah and another person for conspiring to commit wire fraud and money laundering. Shah, described in promotional materials as having an “extravagant personality and sharp tongue,” is a star on the reality television series The Real Housewives of Salt Lake City.
Investigative Journalists Lose FOIA Bid to Obtain GTO Info Reported to FinCEN | JD Supra
Case Highlights Confidentiality of BSA Reporting and Continued Focus on Real Estate as Money Laundering Tool The Northern District of California granted summary judgment to the Financial Crimes Enforcement Network (“FinCEN”) in a Freedom of Information Act (“FOIA”) case pertaining to an attempt by a group of investigative journalists to obtain information reported to FinCEN on the beneficial owners of high-end real estate.
Investigative Journalists Lose FOIA Bid to Obtain GTO Info Reported to FinCEN
Case Highlights Confidentiality of BSA Reporting and Continued Focus on Real Estate as Money Laundering Tool The Northern District of California granted summary judgment to the Financial Crimes Enforcement Network (“FinCEN”) in a Freedom of Information Act (“FOIA”) case pertaining to an attempt by a group of investigative journalists to obtain information reported to FinCEN on the beneficial owners of high-end real estate.
Investigative Journalists Lose FOIA Bid to Obtain GTO Info Reported to FinCEN
Case Highlights Confidentiality of BSA Reporting and Continued Focus on Real Estate as Money Laundering Tool The Northern District of California granted summary judgment to the Financial Crimes Enforcement Network (“FinCEN”) in a Freedom of Information Act (“FOIA”) case pertaining to an attempt by a group of investigative journalists to obtain information reported to FinCEN on the beneficial owners of high-end real estate.
U.S. Passes Historic BSA/AML Legislative Change
To print this article, all you need is to be registered or login on Mondaq.com. Covered Companies Must Report Beneficial Ownership to National Database Upon Incorporation First Blog Post in an Extended Series on Legislative Changes to BSA/AML Regulatory Regime Change is upon us. The U.S. House and Senate have passed - over a Presidential veto - the National Defense Authorization Act ("NDAA"), a massive annual defense spending bill.
U.S. Passes Historic BSA/AML Legislative Change | JD Supra
Covered Companies Must Report Beneficial Ownership to National Database Upon Incorporation First Blog Post in an Extended Series on Legislative Changes to BSA/AML Regulatory Regime Change is upon us. The U.S. House and Senate have passed – over a Presidential veto – the National Defense Authorization Act (“NDAA”), a massive annual defense spending bill.
U.S. Passes Historic BSA/AML Legislative Change
Covered Companies Must Report Beneficial Ownership to National Database Upon Incorporation First Blog Post in an Extended Series on Legislative Changes to BSA/AML Regulatory Regime Change is upon us. The U.S. House and Senate have passed – over a Presidential veto – the National Defense Authorization Act (“NDAA”), a massive annual defense spending bill.
U.S. Passes Historic BSA/AML Legislative Change
Covered Companies Must Report Beneficial Ownership to National Database Upon Incorporation First Blog Post in an Extended Series on Legislative Changes to BSA/AML Regulatory Regime Change is upon us. The U.S. House and Senate have passed – over a Presidential veto – the National Defense Authorization Act (“NDAA”), a massive annual defense spending bill.
Criminal Enforcement Round Up: October Yields a Trio of High-Profile Money Laundering Charges With International Focus | JD Supra
DOJ Charges a U.S. Billionaire, an Alleged International Drug Conspiracy Using Chinese Bank Accounts and a Guatemalan Casino, and a Former Top Mexican Official in the “War on Drugs” The term “October Surprise” garnered new meaning this year among money laundering enthusiasts with the announcement of three major indictments. All three announcements came on October 15 – at the midpoint of a month of news cycles otherwise dominated by the upcoming United States presidential election.
Criminal Enforcement Round Up: October Yields a Trio of High-Profile Money Laundering Charges With International Focus
DOJ Charges a U.S. Billionaire, an Alleged Multi-Nation Drug Conspiracy Using Chinese Bank Accounts and a Guatemalan Casino, and a Former Top Mexican Official The term “October Surprise” garnered new meaning this year among money laundering enthusiasts with the announcement of three major indictments. All three announcements came on October 15 – at the midpoint of a month of news cycles otherwise dominated by the upcoming United States presidential election.
Criminal Enforcement Round Up: October Yields a Trio of High-Profile Money Laundering Charges With International Focus
DOJ Charges a U.S. Billionaire, an Alleged International Drug Conspiracy Using Chinese Bank Accounts and a Guatemalan Casino, and a Former Top Mexican Official in the “War on Drugs” The term “October Surprise” garnered new meaning this year among money laundering enthusiasts with the announcement of three major indictments. All three announcements came on October 15 – at the midpoint of a month of news cycles otherwise dominated by the upcoming United States presidential election.
FATF Identifies Red Flags for Virtual Assets and Money Laundering | JD Supra
The Financial Action Task Force (FATF) recently published a report titled Virtual Assets: Red Flag Indicators of Money Laundering and Terrorist Financing.
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