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Articles by Andrew D'Aversa
Safe Harbor Policy Incentivizes Disclosure of Acquired Companies’ Misconduct | JD Supra
October 6, 2023 Andrew D'Aversa, Henry Hockeimer Jr., Kelly Lenahan-Pfahlert Ballard Spahr LLP + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: Summary Deputy Attorney General Lisa O. Monaco unveiled Wednesday, Oct. 4, the Department of Justice’s (DOJ) new safe harbor policy for voluntary self-disclosures (VSD) arising from mergers and acquisitions (Safe Harbor Policy).
Safe Harbor Policy Incentivizes Disclosure of Acquired Companies’ Misconduct
Summary Deputy Attorney General Lisa O. Monaco unveiled Wednesday, Oct. 4, the Department of Justice’s (DOJ) new safe harbor policy for voluntary self-disclosures (VSD) arising from mergers and acquisitions (Safe Harbor Policy).
ABA's Money Laundering Resolution Is a Balancing Act
The American Bar Association recently revised its Model Rules of Professional Conduct to explicitly recognize a lawyer's duty to assess the facts and circumstances of a representation at the time the lawyer is engaged and throughout the representation to ensure that the lawyer's services are not used to "commit or further a crime or fraud." Read the full article here.
Mortgage Banking Update - August 24, 2023
In This Issue: More Than 200 Ballard Spahr Attorneys Recognized in Best Lawyers 2024 CFPB Files Reply Brief With SCOTUS in Case Challenging Constitutionality of CFPB’s Funding SCOTUS Denies Motion of Republican State Attorneys General to Participate in Oral Argument in Case Challenging Constitutionality of CFPB’s Funding Townstone Mortgage Files Brief With Seventh Circuit in CFPB Appeal From District Court Ruling That ECOA Only Applies to Applicants August 17 Podcast Episode: An Even Deeper...
American Bar Association Revises Model Rule of Professional Conduct to Combat Money Laundering | JD Supra
On August 8, 2023, the American Bar Association (“ABA”) House of Delegates voted overwhelmingly (216–102) to pass Revised Resolution 100 (the “Resolution”), which in turn revised ABA Model Rule of Professional Conduct 1.16 and its Comments (the “Rule”) to explicitly recognize a lawyer’s duty to assess the facts and circumstances of a representation at the time the lawyer is engaged and throughout the representation to ensure that the lawyer’s services are not used to “commit or further a...
American Bar Association Revises Model Rule of Professional Conduct to Combat Money Laundering
On August 8, 2023, the American Bar Association (“ABA”) House of Delegates voted overwhelmingly (216–102) to pass Revised Resolution 100 (the “Resolution”), which in turn revised ABA Model Rule of Professional Conduct 1.16 and its Comments (the “Rule”) to explicitly recognize a lawyer’s duty to assess the facts and circumstances of a representation at the time the lawyer is engaged and throughout the representation to ensure that the lawyer’s services are not used to “commit or further a...
Bipartisan group of Senators re-introduce Digital Asset Money Laundering Act | JD Supra
On July 28th, Senators Elizabeth Warren (D-Mass), Roger Marshall (R-Kan.), Joe Manchin (D-W.Va.) and Lindsey Graham (R-S.C.), reintroduced the Digital Asset Anti-Money Laundering Act (the “Act”), legislation aimed at closing gaps in the existing anti-money laundering and countering of the financing of terrorism (AML/CFT) framework as it applies to digital assets.
Bipartisan Group of Senators Re-Introduce the Digital Asset Money Laundering Act | JD Supra
On July 28th, Senators Elizabeth Warren (D-Mass), Roger Marshall (R-Kan.), Joe Manchin (D-W.Va.) and Lindsey Graham (R-S.C.), reintroduced the Digital Asset Anti-Money Laundering Act (the “Act”), legislation aimed at closing gaps in the existing anti-money laundering and countering of the financing of terrorism (AML/CFT) framework as it applies to digital assets.
Bipartisan Group of Senators Re-Introduce the Digital Asset Money Laundering Act
On July 28th, Senators Elizabeth Warren (D-Mass), Roger Marshall (R-Kan.), Joe Manchin (D-W.Va.) and Lindsey Graham (R-S.C.), reintroduced the Digital Asset Anti-Money Laundering Act (the “Act”), legislation aimed at closing gaps in the existing anti-money laundering and countering of the financing of terrorism (AML/CFT) framework as it applies to digital assets.
FinCEN and BIS Issue Supplemental Joint Alert on Russian Export Control Evasion Attempts | JD Supra
On May 19, 2023 the Financial Crimes Enforcement Network (“FinCEN”) and the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) released a joint supplemental alert (the “Supplemental Alert”) concerning Russian export control evasion attempts. The supplemental alert adds to and refines the June 28, 2022 alert about which we previously blogged.
FinCEN and BIS Issue Supplemental Joint Alert on Russian Export Control Evasion Attempts
On May 19, 2023 the Financial Crimes Enforcement Network (“FinCEN”) and the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) released a joint supplemental alert (the “Supplemental Alert”) concerning Russian export control evasion attempts. The supplemental alert adds to and refines the June 28, 2022 alert about which we previously blogged.
FinCEN and BIS Issue Supplemental Joint Alert on Russian Export Control Evasion Attempts
hardyp@ballardspahr.com | 215.864.8838 | view full bio Peter is a national thought leader on money laundering, tax fraud, and other financial crime. He is the author of Criminal Tax, Money Laundering, and Bank Secrecy Act Litigation, a comprehensive legal treatise published by Bloomberg BNA.
FinCEN and USPS Issue Alert on Mail-Theft Check Fraud and SAR Filing Instructions | JD Supra
On February 27, 2023, the Financial Crimes Enforcement Network (FinCEN) in conjunction with the United States Postal Service (USPS) issued a press release and alert concerning the “national surge in check fraud schemes targeting the U.S. Mail.” In what FinCEN Acting Director Himamauli Das called a “disturbing trend,” criminals are increasingly stealing checks from the U.S. Mail and USPS mail carriers—sometimes by force—and using the personal information contained therein to commit identity...
Russian Agent’s Beverly Hills Condominiums Subject to Forfeiture Based on Alleged Violations of Bank Fraud, Money Laundering, and U.S. Sanctions Statutes | Ballard Spahr LLP - JDSupra
Indictment Alleges Use of Shell Companies, Nominees, Foreign Bank Accounts and Real Estate On December 7, 2022, the United States Attorney’s Office for the Eastern District of New York (“DOJ”) unsealed a seven-count indictment against Andrii Derkach.
Connecticut Department of Banking Issues Advisory on Money Transmission
On July 20, 2022, the Connecticut Department of Banking (the “Department”) issued a Consumer and Industry Advisory on Money Transmission (the “Advisory”). The Department believes the Advisory was necessary for two reasons.
AML Compliance "Expert" Pleads Guilty to Failure to Maintain Effective AML Program for Over $1 Billion in High-Risk Transactions
Indictment Focuses on “High Risk” Transactions Involving Mexico, Bulk Cash, and Zero SAR Filings On September 13, the United States Attorney’s Office for the Eastern District of New York announced that defendant Hanan Ofer pleaded guilty to “failing to maintain an effective anti-money laundering program.” Ofer and his co-defendant, Gyanendra Asre, were named in a March 2021 indictment (the “Indictment”) alleging they funneled “hundreds of millions of dollars from high-risk foreign...
AML Compliance “Expert” Pleads Guilty to Failure to Maintain Effective AML Program for Over $1 Billion in High-Risk Transactions | JD Supra
Indictment Focuses on “High Risk” Transactions Involving Mexico, Bulk Cash, and Zero SAR Filings On September 13, the United States Attorney’s Office for the Eastern District of New York announced that defendant Hanan Ofer pleaded guilty to “failing to maintain an effective anti-money laundering program.” Ofer and his co-defendant, Gyanendra Asre, were named in a March 2021 indictment (the “Indictment”) alleging they funneled “hundreds of millions of dollars from high-risk foreign...
AML Compliance "Expert" Pleads Guilty to Failure to Maintain Effective AML Program for Over $1 Billion in High-Risk Transactions
Indictment Focus on “High Risk” Transactions Involving Mexico, Bulk Cash, and Zero SAR Filings On September 13, the United States Attorney’s Office for the Eastern District of New York announced that defendant Hanan Ofer pleaded guilty to “failing to maintain an effective anti-money laundering program.” Ofer and his co-defendant, Gyanendra Asre, were named in a March 2021 indictment (the “Indictment”) alleging they funneled “hundreds of millions of dollars from high-risk foreign...
Connecticut Department of Banking Issues Advisory on Money Transmission | JD Supra
On July 20, 2022, the Connecticut Department of Banking (the “Department”) issued a Consumer and Industry Advisory on Money Transmission (the “Advisory”). The Department believes the Advisory was necessary for two reasons.
Connecticut Department of Banking issues consumer and industry advisory on money transmission | JD Supra
On July 20, 2022, the Connecticut Department of Banking (the “Department”) issued a Consumer and Industry Advisory on Money Transmission (the “Advisory”). The Department believes the Advisory was necessary for two reasons.
Consumer Finance Monitor
On July 20, 2022, the Connecticut Department of Banking (the “Department”) issued a Consumer and Industry Advisory on Money Transmission (the “Advisory”). The Department believes the Advisory was necessary for two reasons. First, the Department notes the “significant disruption to traditional money transmission systems” caused by the “increased use of technology to enable immediate payment…
Consumer Finance Monitor
Tom Dresslar, the Deputy Commissioner for Policy and Planning at the California Department of Business Oversight, California’s state bank regulator, has retired. Mr. Dresslar joined the DBO in late 2014 after a long career in California state government and, before that, as the Sacramento Bureau Chief for the Daily Journal, Los Angeles’s daily legal newspaper. …
Consumer Finance Monitor
On June 23, 2022, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective (SRP) for spring 2022. In the SRP, the OCC opines on its current safety and soundness concerns for banks under its regulatory umbrella, focusing on Russia sanctions, climate-related risk, and rising inflation.
Consumer Finance Monitor
On June 23, 2022, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective (SRP) for spring 2022. In the SRP, the OCC opines on its current safety and soundness concerns for banks under its regulatory umbrella, focusing on Russia sanctions, climate-related risk, and rising inflation. Despite these challenges, the OCC…
OCC Highlights Risks Associated with Compliance Staffing Concerns, Russia Sanctions, Environmental Crimes, Cyber Attacks and Digital Assets | JD Supra
On June 23, 2022, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective (SRP) for spring 2022. In the SRP, the OCC opines on its current safety and soundness concerns for banks under its regulatory umbrella, focusing on Russia sanctions, climate-related risk, and rising inflation.
OCC Highlights Risks Associated with Compliance Staffing Concerns, Russia Sanctions, Environmental Crimes, Cyber Attacks and Digital Assets
On June 23, 2022, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective (SRP) for spring 2022. In the SRP, the OCC opines on its current safety and soundness concerns for banks under its regulatory umbrella, focusing on Russia sanctions, climate-related risk, and rising inflation.
OCC Highlights Risks Associated with Compliance Staffing Concerns, Russia Sanctions, Environmental Crimes, Cyber Attacks and Digital Assets
On June 23, 2022, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective (SRP) for spring 2022. In the SRP, the OCC opines on its current safety and soundness concerns for banks under its regulatory umbrella, focusing on Russia sanctions, climate-related risk, and rising inflation.
How the Feds Are Prosecuting NFT Insider Trading Scheme as Wire Fraud - and Why That Matters
The U.S. Department of Justice last week took an innovative step in applying established criminal theories of liability to non-fungible tokens (NFTs). On June 1, the U.S. attorney’s office for the Southern District of New York announced an indictment charging Nathaniel Chastain with engaging in an insider trading scheme involving NFTs sold on OpenSea, an NFT marketplace, where Chastain previously worked.
OFAC Designates “Hydra” – the Largest Darknet Market – and Third Russian Virtual Currency Exchange | JD Supra
On April 5, 2022 the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced sanctions against “the world’s largest and most prominent darknet market, Hydra Market” and Garantex, a virtual currency exchange registered in Estonia but operating in Moscow and St. Petersburg, Russia.
OFAC Designates "Hydra" – the Largest Darknet Market – and Third Russian Virtual Currency Exchange
On April 5, 2022 the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced sanctions against “the world’s largest and most prominent darknet market, Hydra Market” and Garantex, a virtual currency exchange registered in Estonia but operating in Moscow and St. Petersburg, Russia.
A Record $3.6 Billion Seizure and the Twisting Paths of Money Laundering in the Digital World | JD Supra
On February 8, 2022, the Department of Justice announced the seizure of a record $3.6 billion in stolen BTC it alleges was tied to the 2016 hack of Bitfinex, a virtual currency exchange. A husband-wife duo, Ilya “Dutch” Lichtenstein and Heather Morgan of New York, New York were arrested the same day and charged via a criminal complaint with conspiracy to commit money laundering and conspiracy to defraud the United States.
A Record $3.6 Billion Seizure and the Twisting Paths of Money Laundering in the Digital World
On February 8, 2022, the Department of Justice announced the seizure of a record $3.6 billion in stolen BTC it alleges was tied to the 2016 hack of Bitfinex, a virtual currency exchange. A husband-wife duo, Ilya “Dutch” Lichtenstein and Heather Morgan of New York, New York were arrested the same day and charged via a criminal complaint with conspiracy to commit money laundering and conspiracy to defraud the United States.
A Record $3.6 Billion Seizure and the Twisting Paths of Money Laundering in the Digital World
On February 8, 2022, the Department of Justice announced the seizure of a record $3.6 billion in stolen BTC it alleges was tied to the 2016 hack of Bitfinex, a virtual currency exchange. A husband-wife duo, Ilya “Dutch” Lichtenstein and Heather Morgan of New York, New York were arrested the same day and charged via a criminal complaint with conspiracy to commit money laundering and conspiracy to defraud the United States.
Money Laundering Watch: 2021 Year in Review
Farewell to 2021, and welcome 2022 — which hopefully will be better year for all. As we do every year, let’s look back — because 2021 was a very busy year in the world of money laundering and BSA/AML compliance, and 2022 is shaping up to be the same. Indicative of the increased pace and breadth of activity in this space both, our list is bigger this year.
(More) Money Laundering Charges Announced for Alleged $1.6 Billion Venezuelan Corruption Scheme | JD Supra
Caracas, VenezuelIndictment Alleges $1.6 Billion in Corrupt Contracts, Funneled Through Shell Companies and Correspondent Accounts, and Paid With Gold Sold on Behalf of Venezuela On October 21, 2021, a grand jury indictment was unsealed in the Southern District of Florida charging two Venezuelan and three Colombian citizens with one count of conspiracy to commit money laundering and four counts of money laundering.
(More) Money Laundering Charges Announced for Alleged $1.6 Billion Venezuelan Corruption Scheme
Caracas, Venezuela Indictment Alleges $1.6 Billion in Corrupt Contracts, Funneled Through Shell Companies and Correspondent Accounts, and Paid With Gold Sold on Behalf of Venezuela On October 21, 2021, a grand jury indictment was unsealed in the Southern District of Florida charging two Venezuelan and three Colombian citizens with one count of conspiracy to commit money laundering and four counts of money laundering.
(More) Money Laundering Charges Announced for Alleged $1.6 Billion Venezuelan Corruption Scheme
Indictment Alleges $1.6 Billion in Corrupt Contracts, Funneled Through Shell Companies and Correspondent Accounts, and Paid With Gold Sold on Behalf of Venezuela On October 21, 2021, a grand jury indictment was unsealed in the Southern District of Florida charging two Venezuelan and three Colombian citizens with one count of conspiracy to commit money laundering and four counts of money laundering.
The Basel AML Index 2021: Virtual Assets and Money Laundering. A Guest Blog. | JD Supra
Global AML Compliance Faces Challenges Relating to Regulator Expertise, the Travel Rule, Decentralized Finance, and “Regulator Shopping” Today we are very pleased to welcome guest blogger Federico Paesano from the Basel Institute on Governance (“Basel Institute”). The Basel Institute recently issued its Basel AML Index for 2021 (“Basel AML Index”).
The Basel AML Index 2021: Virtual Assets and Money Laundering. A Guest Blog.
Global AML Compliance Faces Challenges Relating to Regulator Expertise, the Travel Rule, Decentralized Finance, and “Regulator Shopping” Today we are very pleased to welcome guest blogger Federico Paesano from the Basel Institute on Governance (“Basel Institute”). The Basel Institute recently issued its Basel AML Index for 2021 (“Basel AML Index”).
European Union Round-Up: A Summer of AML Enforcement and Compliance Proposals | JD Supra
European Commission Proposes EU-Level Supervisory Authority and Cryptocurrency Travel Rule European Banking Authority Offers New Guidelines on AML Compliance Officers Just as the United States has expanded significantly its anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”) regulatory and enforcement regime through recent passage of the AML Act of 2020, the European Union (“EU”) has taken significant steps this summer towards implementing a rigorous new...
European Union Round-Up: A Summer of AML Enforcement and Compliance Proposals
European Commission Proposes EU-Level Supervisory Authority and Cryptocurrency Travel Rule European Banking Authority Offers New Guidelines on AML Compliance Officers Just as the United States has expanded significantly its anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”) regulatory and enforcement regime through recent passage of the AML Act of 2020, the European Union (“EU”) has taken significant steps this summer towards implementing a rigorous new...
European Union Round-Up: A Summer of AML Enforcement and Compliance Proposals
European Commission Proposes EU-Level Supervisory Authority and Cryptocurrency Travel Rule European Banking Authority Offers New Guidelines on AML Compliance Officers Just as the United States has expanded significantly its anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”) regulatory and enforcement regime through recent passage of the AML Act of 2020, the European Union (“EU”) has taken significant steps this summer towards implementing a rigorous new...
President Biden Unveils Broad Vision To Crack Down On Foreign And Domestic Corruption
United States: President Biden Unveils Broad Vision To Crack Down On Foreign And Domestic Corruption 13 July 2021 by Henry E. Hockeimer (Philadelphia) , Andrew N. D'Aversa (Philadelphia) and Kaitlin M. Gurney (Denver) Ballard Spahr LLP To print this article, all you need is to be registered or login on Mondaq.com.
President Biden Unveils Broad Vision to Crackdown on Foreign and Domestic Corruption | JD Supra
Agenda Highlights Intersection of National Security, Corruption and Anti-Money Laundering On June 3, 2021, President Biden unveiled a National Security Study Memorandum entitled Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest (the “Memo”).
President Biden Unveils Broad Vision to Crackdown on Foreign and Domestic Corruption
Agenda Highlights Intersection of National Security, Corruption and Anti-Money Laundering On June 3, 2021, President Biden unveiled a National Security Study Memorandum entitled Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest (the “Memo”).
President Biden Unveils Broad Vision to Crack Down on Foreign and Domestic Corruption
Agenda Highlights Intersection of National Security, Corruption and Anti-Money Laundering On June 3, 2021, President Biden unveiled a National Security Study Memorandum entitled Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest (the “Memo”).
Shareholder Derivative Suits - The Next Wave Of COVID-19 Litigation? - Corporate/Commercial Law - United States
United States: Shareholder Derivative Suits – The Next Wave Of COVID-19 Litigation? 26 April 2021 by Shannon D. Farmer , David J. Margules , Karli Lubin and Andrew N. D'Aversa Ballard Spahr LLP To print this article, all you need is to be registered or login on Mondaq.com. The COVID-19 pandemic has led to a variety of claims brought by employees, as well as government enforcement actions.
AMLA Information-Sharing And Privacy And Data Security Concerns
To print this article, all you need is to be registered or login on Mondaq.com. Sixth Post in an Extended Series on Legislative Changes to BSA/AML Regulatory Regime As we have blogged, the Anti-Money Laundering Act of 2020 ("AMLA") contains major changes to the Bank Secrecy Act ("BSA"), coupled with other changes relating to money laundering, anti-money laundering ("AML"), counter-terrorism financing ("CTF"), and protecting the U.S. financial system against illicit foreign actors.
AMLA Information-Sharing and Privacy and Data Security Concerns
Sixth Post in an Extended Series on Legislative Changes to BSA/AML Regulatory Regime As we have blogged, the Anti-Money Laundering Act of 2020 (“AMLA”) contains major changes to the Bank Secrecy Act (“BSA”), coupled with other changes relating to money laundering, anti-money laundering (“AML”), counter-terrorism financing (“CTF”), and protecting the U.S. financial system against illicit foreign actors. A recurring theme of the changes offered by AMLA is information sharing.
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