Articles by Priya Roy
Consumer Finance Monitor
On May 24, 2017, the FTC will hold a daylong conference on identity theft in Washington, D.C. The conference, “Planning for the Future,” will include panel discussions about how identity thieves acquire and use consumer information, how websites trade in stolen consumer information, the impact of identity theft on financial services, health care and other sectors, the challenges that identity theft victims face, and resources available to identity theft victims. … Continue Reading
Trends that will drive the education industry in 2022
Priya Roy is PGT- Physics, Modern English School, Guwahati Every year, we observe a shift in trends in almost every industry, and education does too. This is one of the areas where we witness significant changes year after year. It significantly impacts a student's educational perspective and learning performance. Over time, the education industry has changed. The coronavirus outbreak induced a digital revolution. Since then, ed-tech platforms have emerged.
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…
How intersectionality can help screen storytellers
When it comes to screen content, there are many questions around who can tell what story, who is representing what group, and how do we know if we are doing justice to any given story? As time has passed, notions of diversity have progressed to include not just a single type of diversity (e.g., gender, race, or disability) but to include the various intersections of identity at play in any given individual.
AMLA Expands DOJ Grand Jury Subpoena Power Over Correspondent Bank Accounts and Foreign Banks | JD Supra
Fourth 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 Expands DOJ Grand Jury Subpoena Power Over Correspondent Bank Accounts and Foreign Banks
Fourth 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 Expands DOJ Grand Jury Subpoena Power Over Correspondent Bank Accounts and Foreign Banks
Fourth 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.
FinCEN Extends GTO Regarding Real Estate and Money Laundering | JD Supra
To the surprise of no one, FinCEN announced today that it is extending the Geographic Targeting Order, or GTO, regarding real estate transactions. FinCEN’s press release is here. The new GTO is here. It is identical to the most recently issued GTO. This is a topic on which we previously have blogged extensively. Arguably, this is just another step in the government’s seemingly inevitable march towards the issuance of regulations under the Bank Secrecy Act regarding real estate transactions.
FinCEN Extends GTO Regarding Real Estate and Money Laundering
To the surprise of no one, FinCEN announced today that it is extending the Geographic Targeting Order, or GTO, regarding real estate transactions. FinCEN’s press release is here. The new GTO is here. It is identical to the most recently issued GTO. This is a topic on which we previously have blogged extensively. Arguably, this is just another step in the government’s seemingly inevitable march towards the issuance of regulations under the Bank Secrecy Act regarding real estate transactions.
FinCEN Issues New FAQs on CDD Rule | JD Supra
On Monday, the Financial Crimes Enforcement Network (FinCEN) issued new Frequently Asked Questions (FAQs) regarding customer due diligence (CDD) requirements for covered financial institutions. The FAQs supplement FinCEN’s previously issued FAQs on the topic from July 2016 and April 2018 and deal with requirements regarding obtaining customer information, establishing a customer risk profile, and performing ongoing monitoring of the customer relationship.
FinCEN Issues New FAQs on CDD Rule
On Monday, the Financial Crimes Enforcement Network (FinCEN) issued new Frequently Asked Questions (FAQs) regarding customer due diligence (CDD) requirements for covered financial institutions. The FAQs supplement FinCEN’s previously issued FAQs on the topic from July 2016 and April 2018 and deal with requirements regarding obtaining customer information, establishing a customer risk profile, and performing ongoing monitoring of the customer relationship.
FinCEN Issues New FAQs on CDD Rule
On Monday, the Financial Crimes Enforcement Network (FinCEN) issued new Frequently Asked Questions (FAQs) regarding customer due diligence (CDD) requirements for covered financial institutions. The FAQs supplement FinCEN’s previously issued FAQs on the topic from July 2016 and April 2018 and deal with requirements regarding obtaining customer information, establishing a customer risk profile, and performing ongoing monitoring of the customer relationship.
FinCEN Issues Advisory On COVID-19 And Imposter And Money Mule Schemes | JD Supra
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 stated that it regularly will issue such documents.
FinCEN Issues Advisory on COVID-19 and Imposter and Money Mule Schemes
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 stated that it regularly will issue such documents.
FinCEN Issues Advisory on Medical Scams Relating to COVID-19
On May 18, the Financial Crimes Enforcement Network (“FinCEN”) issued an Advisory “to alert financial institutions to rising medical scams related to the COVID-19 pandemic.
The Intersection of Money Laundering and Real Estate
We are very pleased to announce that we have published a detailed chapter, The Intersection of Money Laundering and Real Estate, in Anti-Money Laundering Laws and Regulations 2020, a publication issued by International Comparative Legal Guides (ICLG). Money laundering and anti-money laundering concerns relating to the real estate industry is a topic on which we have blogged frequently, given its growing importance and the many fascinating issues implicated.
Ballard Spahr to Present on Money Laundering and the Real Estate Industry
Recent DOJ Forfeiture Action Against High-End Real Estate in Notorious Corruption Scheme Underscores Issues We are pleased to be presenting on Money Laundering and the Real Estate Industry on May 20 before the Real Estate Services Providers Council (RESPRO), a national non-profit trade association representing businesses before federal and state policy makers, and comprised of real estate broker-owners, real estate franchisors, mortgage lenders and brokers, title insurers and agents,...
FinCEN Renews Real Estate GTOs | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
FATF Issues Paper on COVID-19 Enhanced AML and Fraud Risks | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
FinCEN Renews Real Estate GTOs
As expected, on May 8, 2020, the Financial Crimes Enforcement Network (“FinCEN”) reissued its Geographic Targeting Orders (“GTOs”) requiring U.S. title insurance companies to identify the natural persons behind legal entities used in purchases of residential real estate performed without a bank loan or similar form of external financing. The monetary threshold remains at $300,000, and the nine districts remain the same.
FATF Issues Paper on COVID-19 Enhanced AML and Fraud Risks
On May 4, the Financial Action Task Force (“FATF”) issued a paper entitled “Covid-19-Related Money Laundering and Terrorist Financing – Risk and Policy Responses (“Paper”). This Paper follows up on the April 1, 2020 statement issued by FATF’s President on COVID-19 and measures to combat illicit financing, on which we previously blogged.
PLI Anti-Money Laundering Conference to Address Key Issues in BSA/AML
We are really pleased to be moderating the Practising Law Institute’s 2020 Anti-Money Laundering Conference on May 12, 2020, starting at 9 a.m. Perhaps needless to say, this year’s conference will be entirely virtual. But the conference still should be as informative, interesting and timely as always. Our conference co-chair, Nicole S. Healy of Ropers Majeski Kohn & Bentley PC in San Francisco, will conduct a similar program on May 15, 2020.
Ballard Spahr to Offer Webinar on Anti-Money Laundering Issues and COVID-19: Fraud Concerns for Financial Institutions and Opportunities for Non-Bank Lenders | LexBlog
The COVID-19 pandemic has created a perfect storm for money laundering and fraud. As we have blogged, financial institutions subject to the Bank Secrecy Act are facing increased incidents of fraud and must catch and report suspicious or illegal activity while compliance teams face potentially reduced staff and are trying to work remotely.
Ballard Spahr to Offer Webinar on Anti-Money Laundering Issues and COVID-19: Fraud Concerns for Financial Institutions and Opportunities for Non-Bank Lenders
The COVID-19 pandemic has created a perfect storm for money laundering and fraud. As we have blogged, financial institutions subject to the Bank Secrecy Act are facing increased incidents of fraud and must catch and report suspicious or illegal activity while compliance teams face potentially reduced staff and are trying to work remotely.
FinCEN Issues COVID-19 AML Update for Financial Institutions | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
FinCEN Issues COVID-19 AML Update for Financial Institutions
Some Commentary on the Unfortunate Relationship Between Crisis and Fraud The Financial Crimes Enforcement Network (“FinCEN”) released today an update (“Update”) on its March 16, 2020 COVID-19 Notice, on which we previously blogged, for the stated reason of assisting “financial institutions in complying with their Bank Secrecy Act (BSA) obligations during the COVID-19 pandemic, and announc[ing] a direct contact mechanism for urgent COVID-19-related issues.” Further, the Update states that...
FinCEN Warns About COVID-19 Scams and Requests Enhanced Communication from Financial Institutions | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
FinCEN Warns About COVID-19 Scams and Requests Enhanced Communication from Financial Institutions
The Financial Crimes Enforcement Network (“FinCEN”) just issued a release, entitled “The Financial Crimes Enforcement Network (FinCEN) Encourages Financial Institutions to Communicate Concerns Related to the Coronavirus Disease 2019 (COVID-19) and to Remain Alert to Related Illicit Financial Activity.” Given the topic and the simplicity of the release, this post merely provides the release in its entirety (including its footnotes and related links), without commentary — other than to sadly...
Commercial Appraiser-Appraisal 310.337.1973
Real Estate - Residential Improper Association Governing Document Amendments – How Expensive Is It When You Do It Wrong?
Treasury Report Targets Money Laundering Risks in Real Estate and Gatekeeper Professions | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Treasury Report Targets Money Laundering Risks in Real Estate and Gatekeeper Professions
Report Focuses on Anonymity, Real Estate Transactions and Complicit Lawyers Report Also Signals Upcoming AML Regulation for Certain Niche Institutions Second Post in a Two-Post Series In its 2020 National Strategy for Combating Terrorist and Other Illicit Financing (“2020 Strategy”), the U.S. Department of Treasury (“Treasury”) has laid out its AML and money laundering enforcement priorities.
Treasury Report Targets Money Laundering Risks in Real Estate and Gatekeeper Professions
Report Focuses on Anonymity, Real Estate Transactions and Complicit Lawyers Report Also Signals Upcoming AML Regulation for Certain Niche Institutions Second Post in a Two-Post Series In its 2020 National Strategy for Combating Terrorist and Other Illicit Financing (“2020 Strategy”), the U.S. Department of Treasury (“Treasury”) has laid out its AML and money laundering enforcement priorities.
Own a Tax-Exempt Property? Be Sure to Timely File Your Applications | Faegre Drinker Biddle & Reath LLP - JDSupra
Real Estate - Residential Must Your Association Ban Smoking As A Reasonable Accommodation? NO by Daniel Miske | Husch Blackwell LLP Condominium Associations, Condominiums, Reasonable Accommodation, Smoking Bans Own a Tax-Exempt Property?
Own a Tax-Exempt Property? Be Sure to Timely File Your Applications | Faegre Drinker Biddle & Reath LLP - JDSupra
Real Estate - Residential Must Your Association Ban Smoking As A Reasonable Accommodation? NO by Daniel Miske | Husch Blackwell LLP Condominium Associations, Condominiums, Reasonable Accommodation, Smoking Bans Own a Tax-Exempt Property?
Treasury Department’s 2020 National Illicit Finance Strategy: Aspirations for BSA/AML Modernization and the Combatting of Key Threats | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Treasury Department’s 2020 National Illicit Finance Strategy: Aspirations for BSA/AML Modernization and the Combatting of Key Threats
First in a Two-Post Series The U.S. Department of Treasury (“Treasury”) has issued its 2020 National Strategy for Combating Terrorist and Other Illicit Financing (“2020 Strategy”). This document sets forth the key priorities of the U.S. government regarding enforcement of the Bank Secretary Act (“BSA”), and the furthering of the government’s Anti-Money-Laundering (“AML”) and Combating the Financing of Terrorism (“CFT”) goals in general.
Treasury Department’s 2020 National Illicit Finance Strategy: Aspirations for BSA/AML Modernization and the Combatting of Key Threats
First in a Two-Post Series The U.S. Department of Treasury (“Treasury”) has issued its 2020 National Strategy for Combating Terrorist and Other Illicit Financing (“2020 Strategy”). This document sets forth the key priorities of the U.S. government regarding enforcement of the Bank Secretary Act (“BSA”), and the furthering of the government’s Anti-Money-Laundering (“AML”) and Combating the Financing of Terrorism (“CFT”) goals in general.
Money Laundering Watch: 2019 In Review
Happy New Year! And, happy birthday to Money Laundering Watch, which is entering its third year. Let’s look back. 2019 has been yet another busy year in the world of money laundering and BSA/AML.
AMA Updates AML Best Practices for AML Compliance | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
AMA Updates AML Best Practices for AML Compliance
AMA Details Components of a Strong AML/BSA Program Earlier this month, the American Gaming Association (“AGA”) released an updated Best Practices for Anti-Money Laundering (“AML”) Compliance (“Best Practices Guidance”) reflecting a heightened focus on risk assessment as well as Know Your Customer/Customer Due Diligence measures for the gaming industry. This update amends the industry’s first set of comprehensive best practices for AML compliance, issued in 2014.
AMA Updates AML Best Practices for AML Compliance
AMA Details Components of a Strong AML/BSA Program for the Gaming Industry Earlier this month, the American Gaming Association (“AGA”) released an updated Best Practices for Anti-Money Laundering (“AML”) Compliance (“Best Practices Guidance”) reflecting a heightened focus on risk assessment as well as Know Your Customer/Customer Due Diligence measures for the gaming industry. This update amends the industry’s first set of comprehensive best practices for AML compliance, issued in 2014.
FinCEN Renews GTOs | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
FinCEN Renews GTOs
On November 8, 2019, the Financial Crimes Enforcement Network (“FinCEN”) reissued its Geographic Targeting Orders (“GTOs”) requiring U.S. title insurance companies to identify the natural persons behind legal entities used in purchases of residential real estate performed without a bank loan or similar form of external financing. The monetary threshold remains at $300,000, and the nine districts remain the same.
FATF Issues Best Practices Guidance on Beneficial Ownership Information | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
FATF Issues Best Practices Guidance on Beneficial Ownership Information
Second Post in a Two-Post Series As we blogged yesterday, the issue of the beneficial ownership of entities and the potentially pernicious role of shell companies in perpetuating money laundering is the primary anti-money laundering (“AML”) concern across the globe for both enforcement officials and the financial industry.
Shell Company Update: Congress and FATF Target Beneficial Ownership | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Shell Company Update: Congress and FATF Target Beneficial Ownership
U.S. House Passes Corporate Transparency Act; FATF Issues Guidance on Identifying Entities’ Beneficial Owners First Post in a Two-Post Series on Beneficial Ownership As we often blog, the issue of the beneficial ownership of entities and the potentially pernicious role of shell companies in perpetuating money laundering is the primary anti-money laundering (“AML”) concern across the globe for both enforcement officials and the financial industry.
DOJ Announces Restructuring Within Fraud Section | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Anti-Terrorism Act Liability Requires More than Mere Failures of Customer Due Diligence | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Anti-Terrorism Act Liability Requires More than Mere Failures of Customer Due Diligence
On September 25, 2019, the Southern District of New York dismissed a complaint brought by victims of rocket attacks in Israel perpetrated in 2006 by Hizbollah, operating in Lebanon. Kaplan v. Lebanese Canadian Bank, SAL, Civ. No. 08 Civ. 7253, 2019 U.S. Dist. LEXIS 162505 (S.D.N.Y. Sept. 20, 2019). The Complaint was brought under the Anti-Terrorism Act, 18 USC 2333 (“ATA”).
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