Over the years, compliance with the regulatory regimes related to anti-money laundering and combating the financing of terrorism (AML/CFT) has become an increasingly critical area of focus for our financial services clients. Aggressive enforcement actions and large fines related to failings in AML/CFT programs highlight the need for knowledgeable and experienced advisors in this area. We counsel our financial institution clients on a broad range of issues related to AML/CFT compliance, as well as the financial sanctions regimes administered by the Office of Foreign Assets Control (OFAC). We regularly advise on the Bank Secrecy Act and the AML/CFT aspects of the USA PATRIOT Act, including the provisions of these laws and their implementing regulations and associated agency policies that mandate anti-money laundering programs, customer identification programs, customer due diligence, suspicious activity reporting, and currency transaction reporting. Together with our colleagues in our White Collar practice area, we also assist in the integration of OFAC compliance within broader AML/CFT programs. We guide our clients through the complexities of these increasingly important regulatory regimes, offering practical advice and interacting with regulators, including the Financial Crimes Enforcement Network (FinCEN), on their behalf as necessary to achieve business objectives in a compliant manner. Our work in this area includes assisting our clients in the development and review of their AML/CFT policies and procedures, training our clients on AML/CFT compliance, guiding clients through AML/CFT examinations, and obtaining official interpretations of novel compliance issues. Working with our London office, we are able to advise clients on cross-border policies and procedures to comply with both the U.S. and EU regulatory requirements in this area. We also are actively involved for our clients in the development of international AML/CFT standards and U.S. AML/CFT laws and regulations.
- Developed AML/CFT programs for domestic and international financial institutions.
- Provided training for financial institutions on AML/CFT compliance.
- Defended clients against OFAC subpoenas and counseled clients on OFAC compliance voluntary disclosures.
- Obtained FinCEN interpretations on novel legal issues, such as the treatment of an ATM and point-of-sale based reload program for prepaid cards.
- Conducted annual reviews of existing AML programs.
- Assisted a large domestic money services business in responding to an IRS compliance exam.
- Advised financial institutions on Foreign Corrupt Practices Act (FCPA) issues.
- Assisted clients with reporting suspicious transactions.