Tag Archives: Anti-money Laundering

Travis Nelson to Speak on BSA/AML Enforcement and Cannabis Banking at NJ Bankers Conference

On Wednesday, June 20, 2018, Travis Nelson, a partner in Reed Smith’s Financial Services Regulatory Group, will present a lecture at the 2018 New Jersey Bankers Association’s Compliance University on two hot topics in bank regulation.  In the area of Cannabis Banking, the current political and regulatory environment has left many banks and their legal … Continue Reading

FinCEN Speech Outlines “Core Principles” on Enforcement

A recent Reed Smith Client Alert discusses a June 2015 speech by Stephanie Brooker, Associate Director for Enforcement at the Financial Crimes Enforcement Network (“FinCEN”). Although Ms. Brooker’s comments were specifically directed at the casino and card club industries, she discussed six “core principles” that have and will continue to guide FinCEN’s BSA/AML enforcement activities … Continue Reading

How Many SARs Does It Take to Find Yourself in Regulators’ Crosshairs? Answer: None

Securities and Exchange Commission (“SEC”) Enforcement Division Director Andrew Ceresney, recently drew attention when he announced that the SEC intends to include among its enforcement priorities compliance with the Bank Secrecy Act (the “BSA”). Ceresney’s comments, made during SIFMA’s 2015 Anti-Money Laundering and Financial Crimes Conference, focused on broker-dealers and the SEC’s concern that broker-dealers … Continue Reading

One More Thing for Mortgage Originators to Worry About: New AML/SAR Requirements

On February 14, 2012, the Financial Crisis Enforcement Network ("FinCEN") published new rules requiring non-bank residential mortgage lenders and originators ("RMLOs") to: (i) establish and implement anti-money laundering ("AML") programs; and (ii) file suspicious activity reports ("SARs") and keep records pertaining to such reports. These are the same requirements to which banks have long been subject.… Continue Reading