In 2020, we wrote about the increased regulatory attention on financial institutions’ obligations to detect and respond to human trafficking. In 2021, we wrote about how anti-human trafficking programs fit squarely in banks’ risk management and ESG platforms. As 2022 comes to a close, we add to these alerts an area of emerging potential bank liability – civil actions alleging failure to detect and respond to human trafficking.
A few weeks ago, two sex trafficking survivors filed lawsuits against two international financial institutions including claims under the ...
Most entities formed or registered to do business in the U.S. will, beginning January 1, 2024, be required to self-report beneficial ownership information to the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”). The new federal database, to be known as “BOSS” (Beneficial Ownership Secure System), is not yet online, but FinCEN on Friday, September 30 published the final regulations[1] implementing beneficial ownership information disclosure requirements pursuant to the Corporate Transparency Act (“CTA”)[2] passed by Congress in 2021 ...
On October 15, 2020, the Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) released its Supplemental Advisory on Identifying and Reporting Human Trafficking and Related Activity (Supplemental Advisory). The last time FinCEN provided guidance on identifying trafficking in anti-money laundering (AML) processes was in Guidance on Recognizing Activity that May be Associated with Human Smuggling and Human Trafficking – Financial Red Flags on September 11, 2014. The evolving tactics of human traffickers and behaviors of victims required ...
By Barbara Meeks and Kristina Whittaker. Last month the Financial Crimes Enforcement Network (FinCEN) and the federal bank regulators issued a Joint Statement aimed at improving transparency into their risk-focused examination and supervision of banks’ compliance with Bank Secrecy Act/Anti-money Laundering (BSA/AML) requirements.
The statement outlines common supervisory practices for assessing a bank’s BSA/AML risk profile, scope and planning of examinations and evaluating the adequacy of BSA/AML compliance programs. The risk-focused approach enables federal ...
About MVA White Collar Defense, Investigations, and Regulatory Advice Blog
As government authorities around the world conduct overlapping investigations and bring parallel proceedings in evolving regulatory environments, companies face challenging regulatory and criminal enforcement dynamics. We help keep our clients up to date in these fast-moving areas and to serve as a thought leader.
MVA White Collar Defense, Investigations, and Regulatory Advice Blog Updates
- Federal Reserve Board Issues Denial to Custodia Bank
- States Look to Impose Financing Disclosure Requirements on Commercial Loans and the CFPB Considers Potential TILA Preemption Considerations
- Banks – What Should You Know? Civil Liability for Failure to Detect Human Trafficking
- Client Alert: Beneficial Ownership Reporting at the Federal Level effective January 1, 2024