Money service businesses (MSBs) are considered money transmitters under U.S. federal and state laws and regulations. The U.S. Financial Crimes Enforcement Network (FinCEN) requires that MSBs develop, implement, and maintain a risk-based anti-money laundering (AML...
Despite best efforts to clarify the intent and meaning of a particular law, regulation, or policy, it may be appropriate to contact regulatory agencies for a written interpretation, rather than risk engaging in a prohibited action. An advisory opinion is a non...
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury, is committed to helping financial institutions enhance efforts to detect, prevent, and report actual or suspected illicit fraudulent activity. The risk of fraud occurring...
Federal and state regulatory agencies are focused on the actions of financial institutions and financial technology companies (fintech), with an emphasis on data privacy. Existing laws and regulations generally require institutions to have reasonably designed policies...
Consumer mortgage protections are aimed at preventing exploitative fees charged by financial institutions. Companies are required to disclose all fees associated with consumer mortgages and reflect the true costs of their products or services in advertisements...
Institutions often seek non-public information from governmental agencies. Review this practice note, from Christine N. Walz, Cynthia A. Gierhart, and Sara Benson of Holland and Knight LLP, to learn about current requirements governing public access to certain...
The Fair Credit Reporting Act (FCRA) regulates how institutions may collect and use consumer information provided by third-party consumer reporting agencies. Institutions must establish and implement a compliance monitoring program to regularly review, assess,...
Cryptocurrency lawsuits in the United States continue to soar in 2023, with allegations of fraud, deceptive practices, violations of the Securities Act, breach of contract / fiduciary duty, and bankruptcy being most prevalent. At the same time, federal and state...
Countering the financing of terrorism is a top priority of the U.S. government. Financial institutions are obliged to identify terrorists and terrorist organizations included on sanctions lists and report potential violations of law in terrorist financing transactions...
Federal and state regulatory agencies are focused on partnerships between financial institutions and financial technology (fintech) companies, with an emphasis on information security and data privacy. Existing laws require institutions to have reasonably designed...
As the Russian invasion in Ukraine continues, financial institutions are reminded to remain vigilant in complying with economic sanctions imposed by the U.S. Executive Administration, U.S. Department of the Treasury Office of Foreign Assets Control (OFAC), and...
The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency issued final guidance June 6, 2023, on managing risks associated with third-party relationships. The final guidance presents risk management principles...
Federal banking agencies recently issued proposed changes to regulatory capital requirements for banks and bank holding companies. The proposal seeks to implement stronger capital and liquidity requirements to align more fully with risks and to implement the changes...
Mergers and acquisitions (M&A) involving insured depository institutions (IDIs) and their holding companies declined in 2023, according to market data comparing bank M&As in prior years. Institutions approach new divestitures, mergers, and acquisitions...