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Articles by Shauna Pierson
SDNY Grants Ex Parte Applicants the Ability to Subpoena Deutsche Bank Entities as Part of Ongoing AML-Related Litigation Against Danske Bank | JD Supra
On December 14, 2023, the United States District Court for the Southern District of New York (the “Court”) granted an unusual ex parte application to serve third-party discovery subpoenas on U.S.-based Deutsche Bank entities. The subpoenas seek evidence to assist the Applicants’ ongoing litigation against Danske Bank, which is taking place in the City Court of Copenhagen.
Steel Company President with Ties to Russian Oligarch Pleads Guilty to Money Laundering Conspiracy Involving Alleged Sanctions Violations
Earlier this month, John Can Unsalan, the president of a steel-making company with ties to Russian oligarchs, pled guilty to one count of conspiracy to commit money laundering, based on financial transactions committed with the alleged intent to promote U.S. sanctions violations. Unsalan’s company, known as Metalhouse LLC, was formed in Florida in 2014.
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...
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.
Department of Treasury Issues Strategy on De-Risking | JD Supra
Report Offers Weak Insight on Causation but Lists Steps that Treasury Can and Should Take The Department of Treasury (“DOT”) recently released its first ever strategy report (the “Strategy”) on the topic of de-risking, taking the form of a 54-page document that combines a summary of the problem of de-risking with an overview of recommended steps to solve it.
Consumer Finance Monitor
Report Offers Weak Insight on Causation but Lists Steps that Treasury Can and Should Take The Department of Treasury (“DOT”) recently released its first ever strategy report (the “Strategy”) on the topic of de-risking, taking the form of a 54-page document that combines a summary of the problem of de-risking with an overview of recommended steps to solve it.… Continue Reading
Correspondent Bank Accounts
Report Offers Weak Insight on Causation but Lists Steps that Treasury Can and Should Take The Department of Treasury (“DOT”) recently released its first ever strategy report (the “Strategy”) on the topic of de-risking, taking the form of a 54-page document that combines a summary of the problem of de-risking with an overview of recommended steps to solve it.… Continue Reading
FATF Plenary Suspends Membership of Russian Federation and Reiterates Other Strategic Initiatives | JD Supra
The Financial Action Task Force (“FATF”) Plenary was held on February 22-24, bringing together delegates from around the world to meet in Paris and discuss a variety of global financial crimes and ongoing risk areas. In a historic move, FATF decided to suspend the Russian Federation from membership in the intergovernmental organization, based upon its actions in Ukraine over the past year.
FATF Plenary Suspends Membership of Russian Federation and Reiterates Other Strategic Initiatives
The Financial Action Task Force (“FATF”) Plenary was held on February 22-24, bringing together delegates from around the world to meet in Paris and discuss a variety of global financial crimes and ongoing risk areas. In a historic move, FATF decided to suspend the Russian Federation from membership in the intergovernmental organization, based upon its actions in Ukraine over the past year.
European Court Puts the Brakes on AML Directive: Public Access to Beneficial Ownership Database Violates European Privacy Laws | JD Supra
Ruling Could Influence FinCEN in Forthcoming Regulations Under the CTA On November 22nd, an appeals court in Luxembourg issued a decision that highlights the tensions between anti-money laundering (“AML”) goals and privacy concerns, and could impact impending beneficial ownership regulations to be issued under the U.S. Corporate Transparency Act (“CTA”).
European Court Puts the Brakes on AML Directive: Public Access to Beneficial Ownership Database Violates European Privacy Laws
Ruling Could Influence FinCEN in Forthcoming Regulations Under the CTA On November 22nd, an appeals court in Luxembourg issued a decision that highlights the tensions between anti-money laundering (“AML”) goals and privacy concerns, and could impact impending beneficial ownership regulations to be issued under the U.S. Corporate Transparency Act (“CTA”).
Changes to Data Collection for OCC’s Money Laundering Risk System
On September 8, the Office of the Comptroller of the Currency (“OCC”) published an extension of its notice and request for comment (the “Notice”) in the Federal Register regarding changes to the OCC’s Money Laundering Risk System (the “MLR System”) The Notice indicates that the OCC is inviting greater scrutiny of customers and transactions involving cryptocurrency, cannabis, and (fiat) currency.
Changes to Data Collection for OCC’s Money Laundering Risk System | JD Supra
On September 8, the Office of the Comptroller of the Currency (“OCC”) published an extension of its notice and request for comment (the “Notice”) in the Federal Register regarding changes to the OCC’s Money Laundering Risk System (the “MLR System”) The Notice indicates that the OCC is inviting greater scrutiny of customers and transactions involving cryptocurrency, cannabis, and (fiat) currency.
Changes to Data Collection for OCC’s Money Laundering Risk System
On September 8, the Office of the Comptroller of the Currency (“OCC”) published an extension of its notice and request for comment (the “Notice”) in the Federal Register regarding changes to the OCC’s Money Laundering Risk System (the “MLR System”) The Notice indicates that the OCC is inviting greater scrutiny of customers and transactions involving cryptocurrency, cannabis, and (fiat) currency.
DOJ Report Calls For International Cooperation to Fight Digital Asset Crime | JD Supra
On June 6, Attorney General Merrick Garland (“AG”) issued a report titled “How to Strengthen International Law Enforcement Cooperation For Detecting, Investigating And Prosecuting Criminal Activity Related To Digital Assets” (the “Report).
DOJ Report Calls For International Cooperation to Fight Digital Asset Crime
On June 6, Attorney General Merrick Garland (“AG”) issued a report titled “How to Strengthen International Law Enforcement Cooperation For Detecting, Investigating And Prosecuting Criminal Activity Related To Digital Assets” (the “Report).
DOJ Report Calls For International Cooperation to Fight Digital Asset Crime
On June 6, Attorney General Merrick Garland (“AG”) issued a report titled “How to Strengthen International Law Enforcement Cooperation For Detecting, Investigating And Prosecuting Criminal Activity Related To Digital Assets” (the “Report).
Russian Sanctions Redux: FinCEN Issues Guidance on Suspicious Transactions and Evasion Using High-Value Assets | JD Supra
Sanctions involving Russia is a front-burner issue for all businesses, but particularly for financial institutions. As we previously blogged, the Financial Crimes Enforcement Network (“FinCEN”) issued on March 7 an alert calling for increased vigilance in the face of potential evasion of Russian sanctions.
Russian Sanctions Redux: FinCEN Issues Guidance on Suspicious Transactions and Evasion Using High-Value Assets
Sanctions involving Russia is a front-burner issue for all businesses, but particularly for financial institutions. As we previously blogged, the Financial Crimes Enforcement Network (“FinCEN”) issued on March 7 an alert calling for increased vigilance in the face of potential evasion of Russian sanctions.
FinCEN Assesses Civil Penalty Against CommunityBank of Texas for AML Program Weaknesses | JD Supra
Consent Order Stresses that Only Three AML Analysts Struggled to Review 100 “Alerts” Per Day, Each – and Notes in Passing that “Outside Examiners” Blessed the Bank’s AML Program for the Same Five Years that the Bank Allegedly Maintained a Willfully Deficient Program On December 16, 2021, the Financial Crimes Enforcement Network (“FinCEN”) entered into a Consent Order with CommunityBank of Texas, N.A. (“CBOT”), in which CBOT admitted to major shortcomings with respect to the implementation and...
FinCEN Assesses Civil Penalty Against CommunityBank of Texas for AML Program Weaknesses
Consent Order Stresses that Only Three AML Analysts Struggled to Review 100 “Alerts” Per Day, Each – and Notes in Passing that “Outside Examiners” Blessed the Bank’s AML Program for the Same Five Years that the Bank Allegedly Maintained a Willfully Deficient Program On December 16, 2021, the Financial Crimes Enforcement Network (“FinCEN”) entered into a Consent Order with CommunityBank of Texas, N.A. (“CBOT”), in which CBOT admitted to major shortcomings with respect to the implementation and...
FinCEN Assesses Civil Penalty Against CommunityBank of Texas for AML Program Weaknesses
Consent Order Stresses that Only Three AML Analysts Struggled to Review 100 “Alerts” Per Day, Each – and Notes in Passing that “Outside Examiners” Blessed the Bank’s AML Program for the Same Five Years that the Bank Allegedly Maintained a Willfully Deficient Program On December 16, 2021, the Financial Crimes Enforcement Network (“FinCEN”) entered into a Consent Order with CommunityBank of Texas, N.A. (“CBOT”), in which CBOT admitted to major shortcomings with respect to the implementation and...
ESG, AML Compliance and the Convergence of Social Concerns | JD Supra
Meaningful Overlap or Superficial Similarities? On October 3, the release of the Pandora Papers flooded the global media, as millions of documents detailed incidents of wealthy and powerful people allegedly using so-called offshore accounts and other structures to shield wealth from taxation and other asset reporting.
ESG, AML Compliance and the Convergence of Social Concerns
Meaningful Overlap or Superficial Similarities? On October 3, the release of the Pandora Papers flooded the global media, as millions of documents detailed incidents of wealthy and powerful people allegedly using so-called offshore accounts and other structures to shield wealth from taxation and other asset reporting.
Implementing the Corporate Transparency Act: A Guest Blog
A Guest Blog by Angelena Bradfield Today we are very pleased to welcome guest blogger Angelena Bradfield, who is the Senior Vice President of AML/BSA, Sanctions & Privacy for the Bank Policy Institute. BPI is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks. Its members include universal banks, regional banks and the major foreign banks doing business in the United States.
FATF Issues First-Ever Report on Environmental Crime and Money Laundering | JD Supra
Second Post in a Series on the FATF Plenary Outcomes As we blogged, last month the Financial Action Task Force (“FATF”) held its fourth Plenary, inviting delegates from around the world to (virtually) meet and discuss a wide range of global financial crimes and ongoing risk areas. Following the Plenary, FATF identified a number of strategic initiatives for future research and publication, and issued six reports to detail their findings on specific topics.
American Bankers Association Weighs In On The Corporate Transparency Act
United States: American Bankers Association Weighs In On The Corporate Transparency Act 30 May 2021 Ballard Spahr LLP To print this article, all you need is to be registered or login on Mondaq.com. As we recently blogged, the Financial Crimes Enforcement Network ("FinCEN") issued an advance notice of proposed rulemaking ("ANPRM") on April 5, 2021 to solicit public comment on the implementation of the Corporate Transparency Act ("CTA").
American Bankers Association Weighs in on the Corporate Transparency Act | JD Supra
As we recently blogged, the Financial Crimes Enforcement Network (“FinCEN”) issued an advance notice of proposed rulemaking (“ANPRM”) on April 5, 2021 to solicit public comment on the implementation of the Corporate Transparency Act (“CTA”). In response, FinCEN received over 200 letters from industry stakeholders. This post will focus on one such letter, from the American Bankers Association (“ABA”), which highlights the industry perspective of large financial institutions.
American Bankers Association Weighs in on the Corporate Transparency Act
As we recently blogged, the Financial Crimes Enforcement Network (“FinCEN”) issued an advance notice of proposed rulemaking (“ANPRM”) on April 5, 2021 to solicit public comment on the implementation of the Corporate Transparency Act (“CTA”). In response, FinCEN received over 200 letters from industry stakeholders. This post will focus on one such letter, from the American Bankers Association (“ABA”), which highlights the industry perspective of large financial institutions.
American Bankers Association Weighs in on the Corporate Transparency Act
As we recently blogged, the Financial Crimes Enforcement Network (“FinCEN”) issued an advance notice of proposed rulemaking (“ANPRM”) on April 5, 2021 to solicit public comment on the implementation of the Corporate Transparency Act (“CTA”). In response, FinCEN received over 200 letters from industry stakeholders. This post will focus on one such letter, from the American Bankers Association (“ABA”), which highlights the industry perspective of large financial institutions.
Congress Tasks GAO to Study the Intersection of Money Laundering and Humanitarian Issues: Human Trafficking and De-Risking | JD Supra
Fifth 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”) makes major changes to the Bank Secrecy Act (“BSA”) and the U.S. approach to money laundering, anti-money laundering (“AML”), counter-terrorism financing (“CTF”) and protecting the U.S. financial system against illicit foreign actors.
Congress Tasks GAO to Study the Intersection of Money Laundering and Humanitarian Issues: Human Trafficking and De-Risking
Fifth 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”) makes major changes to the Bank Secrecy Act (“BSA”) and the U.S. approach to money laundering, anti-money laundering (“AML”), counter-terrorism financing (“CTF”) and protecting the U.S. financial system against illicit foreign actors.
Ballard Spahr to Offer Webinar on BSA Regulatory Developments and Reform
The Financial Crimes Enforcement Network has been busy lately, and has issued a flurry of proposed rulemakings and requests for comment. Although “reform” is often in the eye of the beholder, all of these proposals will have a practical impact. As part of Ballard Spahr’s webcast series, Consumer Financial Services in Turbulent Times, we will present a webinar on these developments on Friday, December 11, 2020 from 10:00 a.m. to 11 a.m. ET.
Ballard Spahr to Offer Webinar on BSA Regulatory Developments and Reform
The Financial Crimes Enforcement Network has been busy lately, and has issued a flurry of proposed rulemakings and requests for comment. Although “reform” is often in the eye of the beholder, all of these proposals will have a practical impact. As part of Ballard Spahr’s webcast series, Consumer Financial Services in Turbulent Times, we will present a webinar on these developments on Friday, December 11, 2020 from 10:00 a.m. to 11 a.m. ET.
The State of Cannabis Affairs: New Legislation and a Regulatory Recap | JD Supra
On November 3rd, voters in Arizona, New Jersey, South Dakota, Montana, and Mississippi passed ballot measures to bring legal cannabis to each of their states. It’s not every year that we see states from opposite ends of the political spectrum agree on something with such vigor.
The State of Cannabis Affairs: New Legislation and a Regulatory Recap
On November 3rd, voters in Arizona, New Jersey, South Dakota, Montana, and Mississippi passed ballot measures to bring legal cannabis to each of their states. It’s not every year that we see states from opposite ends of the political spectrum agree on something with such vigor.
The State of Cannabis Affairs: New Legislation and a Regulatory Recap
On November 3rd, voters in Arizona, New Jersey, South Dakota, Montana, and Mississippi passed ballot measures to bring legal cannabis to each of their states. It’s not every year that we see states from opposite ends of the political spectrum agree on something with such vigor.
Regulatory Round Up: FinCEN Extends BSA/AML Requirements to Banks Lacking a Federal Functional Regulator | JD Supra
First Post in a Three-Post Series Regarding Recent Regulatory Action by FinCEN The Financial Crimes Enforcement Network (“FINCEN”) has been busy. In the last two weeks, FinCEN has posted three documents in the Federal Register. Any one of these publications, standing alone, would be significant, particularly given the infrequency of such postings.
Regulatory Round Up: FinCEN Extends BSA/AML Requirements to Banks Lacking a Federal Functional Regulator
First Post in a Three-Post Series Regarding Recent Regulatory Action by FinCEN The Financial Crimes Enforcement Network (“FINCEN”) has been busy. In the last two weeks, FinCEN has posted three documents in the Federal Register. Any one of these publications, standing alone, would be significant, particularly given the infrequency of such postings.
Regulatory Round Up: FinCEN Extends BSA/AML Requirements to Banks Lacking a Federal Functional Regulator
First Post in a Three-Post Series Regarding Recent Regulatory Action by FinCEN The Financial Crimes Enforcement Network (“FINCEN”) has been busy. In the last two weeks, FinCEN has posted three documents in the Federal Register. Any one of these publications, standing alone, would be significant, particularly given the infrequency of such postings.
Civil Forfeiture of Real Estate to Fight Money Laundering: A Round-Up | JD Supra
High Profile Corruption, High End Real Estate, Shell Companies . . . and Fine Art Second of Two Posts on Evolving Issues Regarding Real Estate and Money Laundering In our last post, we blogged on a major regulatory tool to combat the use of real estate as a potential vehicle for money laundering: the real estate Geographic Targeting Orders (“GTOs”) issued by the Financial Crimes Enforcement Network.
Civil Forfeiture of Real Estate to Fight Money Laundering: A Round-Up
High Profile Corruption, High End Real Estate, Shell Companies . . . and Fine Art Second of Two Posts on Evolving Issues Regarding Real Estate and Money Laundering In our last post, we blogged on a major regulatory tool to combat the use of real estate as a potential vehicle for money laundering: the real estate Geographic Targeting Orders (“GTOs”) issued by the Financial Crimes Enforcement Network.
Civil Forfeiture of Real Estate to Fight Money Laundering: A Round-Up
High Profile Corruption, High End Real Estate, Shell Companies . . . and Fine Art Second of Two Posts on Evolving Issues Regarding Real Estate and Money Laundering In our last post, we blogged on a major regulatory tool to combat the use of real estate as a potential vehicle for money laundering: the real estate Geographic Targeting Orders (“GTOs”) issued by the Financial Crimes Enforcement Network.
GAO Publishes Report on Effectiveness of Real Estate GTOs Issued by FinCEN | JD Supra
Law Enforcement Has Been Using GTO Data First of Two Posts on Evolving Issues Regarding Real Estate and Money Laundering The U.S. Government Accountability Office (“GAO”) has issued a report on the status and effectiveness of the Geographic Targeting Orders (“GTOs”) issued by the Financial Crimes Enforcement Network (“FinCEN”) since 2016, and on which we repeatedly have blogged. The GAO’s report, entitled “f,” (“the Report”) is lengthy.
GAO Publishes Report on Effectiveness of Real Estate GTOs Issued by FinCEN
Law Enforcement Has Been Using GTO Data First of Two Posts on Evolving Issues Regarding Real Estate and Money Laundering The U.S. Government Accountability Office (“GAO”) has issued a report on the status and effectiveness of the Geographic Targeting Orders (“GTOs”) issued by the Financial Crimes Enforcement Network (“FinCEN”) since 2016, and on which we repeatedly have blogged.
GAO Publishes Report on Effectiveness of Real Estate GTOs Issued by FinCEN
Law Enforcement Has Been Using GTO Data First of Two Posts on Evolving Issues Regarding Real Estate and Money Laundering The U.S. Government Accountability Office (“GAO”) has issued a report on the status and effectiveness of the Geographic Targeting Orders (“GTOs”) issued by the Financial Crimes Enforcement Network (“FinCEN”) since 2016, and on which we repeatedly have blogged.
The Banking of Cannabis and Hemp-Related Customers: An Update | JD Supra
Ballard Spahr to Present on Banking and Cannabis FinCEN and the National Credit Union Administration Both Issue Guidance on Hemp and Banking We are really pleased to presenting on July 9, 2020 to the National Association of Federally-Insured Credit Unions (“NAFCU”) on banking issues relating to cannabis. The cannabis and hemp industry continues to pose a fascinating mix of competing opportunities and risks – particularly from an anti-money laundering (“AML”) perspective.
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