Banking and Finance

Recent Posts

Massachusetts Man Indicted For $6 Million Ponzi Scheme
Posted on 1 Oct 2014 by Jordan D. Maglich

Two years after being charged with fraud by Massachusetts securities regulators, a former Belmont resident and prominent Shaklee distributor was arrested and charged with operating a Ponzi scheme that duped over a dozen investors out of at least $6 million... Read More

How Secret is Your Report of Suspected Money Laundering?
Posted on 22 Sep 2011 by K & L Gates LLP

by Clare Tanner Esq. and Anne T. McCarthy Employers who make reports under POCA of suspected money laundering can be required to disclose any relevant documentation in subsequent litigation with a disgruntled client. Firms should review their anti-money... Read More

Changes Coming With Anti-Money Laundering Requirements
Posted on 31 Jan 2012 by Doug Cornelius

James H. Freis, Jr., Director of the Financial Crimes Enforcement Network, let us know that his agency is working on anti-money laundering requirements for investment advisers. At a November 15, 2011 speech at the American Bankers Association/American... Read More

Florida Lawyer Gets 3-Year Sentence For Helping Ponzi Schemer's Wife Hide $1 Million in Jewelry
Posted on 16 Oct 2013 by Jordan D. Maglich

A Florida lawyer will spend the next three years in federal prison for assisting the wife of convicted Ponzi schemer Scott Rothstein hide more than $1 million in jewelry - including a 12.08 carat yellow diamond ring valued at nearly $500,000. Scott Saidel... Read More

Anti-Money Laundering Obligations For Private Funds
Posted on 18 Jul 2011 by Doug Cornelius

The Financial Crimes Enforcement Network, Treasury's financial intelligence unit has been trying to impose anti-money laundering obligations on private funds for years. On September 26, 2002, FinCENissued a notice of proposed rulemaking, proposing... Read More

New Anti-Money Laundering Requirements for Non-Bank Mortgage Lenders and Originators
Posted on 9 Feb 2012 by Doug Cornelius

Private Equity has been siting on the fringes of Anti-money laundering regulation for many years. It's still illegal to be involved in money laundering and fund managers should be taking some steps to protect themselves and to identify problems... Read More

“Bamboo Cyclist” Gets 4-Year Sentence For $2.5 Million Ponzi Scheme
Posted on 24 Oct 2014 by Jordan D. Maglich

A Utah man once known as the “Bamboo Cyclist” was sentenced to serve a four-year prison term for masterminding a Ponzi scheme that duped victims out of nearly $3 million. James Ronald Donahoo, II, of Pleasant Grove, Utah, received the sentence... Read More

Hedge Funds And Money Laundering
Posted on 21 May 2013 by Judith Gross

There are indications from Washington that hedge funds, long exempt from anti-money laundering reporting rules, may soon be brought into the fold under new rules proposed by the Treasury Department's Financial Crimes Enforcement Network (FinCEN... Read More

Ponzi Associate Jailed For "Mind-Boggling" Money Laundering Scheme
Posted on 3 Feb 2014 by Jordan D. Maglich

A New York man accused of playing a role in the $425 million Ponzi scheme perpetrated by Nicholas Cosmo had his bail revoked by a New York federal judge who called "mind-boggling" his efforts to hide over $1.7 million in illicit scheme proceeds... Read More

Standard Chartered to Pay $327M to Settle Money Laundering Claims
Posted on 11 Dec 2012 by Timothy Raub

WASHINGTON, D.C. - (Mealey's) Standard Chartered Bank (SCB) has agreed to the forfeiture of $227 million to the U.S. Department of Justice and to pay a $100 million penalty to the Federal Reserve Board for violating the International Emergency... Read More

BSA/AML Compliance – The Importance of Currency Transaction Reports (CTRs)
Posted on 1 May 2014 by Sheshunoff Team

Currency Transaction Reports have been around since the Money Laundering Control Act of 1986, and along with its stricter Suspicious Activity Report progeny implemented in 96, have greatly contributed to a financial institution’s compliance workload... Read More

HSBC to Pay $1.9 Billion to Settle Money Laundering Claims
Posted on 11 Dec 2012 by Timothy Raub

LONDON - (Mealey's) Financial giant HSBC has agreed to pay $1.9 billion to the U.S. Department of Justice and other federal agencies to settle claims that it instituted "inadequate compliance with anti-money laundering [AML] and sanctions... Read More

Money Laundering Using Trust and Company Service Providers
Posted on 28 Dec 2010 by Doug Cornelius

Trusts and Company Service Providers (TCSPs) can provide an important link between financial institutions and some of their customers. TCSPs have often been used, wittingly or unwittingly, in the conduct of money laundering activities. The majority of... Read More