Jeff’s practice includes complex litigation at the trial and appellate level, focusing on matters arising from government, regulatory, and criminal and corporate internal investigations.
By Matthew Orso, Jeffrey M. Hanna and McGuireWoods LLP on Financial Institution RegulationAt long last, the Financial Crimes Enforcement Network (“FinCEN”) issued a final rule establishing a beneficial ownership information reporting requirement for corporations and companies both large and small. In its announcement earlier today, FinCEN explained that the rule will require most companies and corporations registered to do business in the United States to report information about their… Continue Reading
By Jeffrey M. Hanna and McGuireWoods LLP on Anti-Money LaunderingOn January 25, 2022, the Financial Crimes Enforcement Network (“FinCEN”) solicited commentary regarding its proposed rule that would create a time-limited pilot program to expand the ability of financial institutions to share Suspicious Activity Reports (“SARs”) and SAR-related information. (See 31 U.S.C. § 5318(g)(8)). The proposed program would permit a financial institution with a SAR… Continue Reading
By Patrick Rowan and Jeffrey M. Hanna on Financial Institution RegulationOn December 10, 2020, FinCEN Director Kenneth Blanco delivered prepared remarks at the ABA’s annual Financial Crimes Enforcement Conference. At the outset, Director Blanco addressed the importance of U.S. national security amidst the unprecedented environment created by the COVID-19 pandemic. In his remarks, Director Blanco announced “important guidance” and “much needed clarity” concerning FinCEN’s voluntary… Continue Reading
By Jeffrey M. Hanna and McGuireWoods LLP on Anti-Money LaunderingOn September 15, 2020, the Financial Crimes Enforcement Network (“FinCEN”) published a Final Rule bringing banks that lack a federal functional regulator further under its purview. The rule subjects these institutions to minimum standards for anti-money laundering (“AML”) requirements, including a BSA officer, AML policies and procedures, and regular employee training, among other obligations. It… Continue Reading
By Jeffrey M. Hanna, John Adams, Todd R. Steggerda, Mona G. Mohib, Paul J. Reagan and McGuireWoods LLP on ComplianceThe CARES Act is only a month old, but plans for investigations to track the nearly $3 trillion in coronavirus relief funds are already emerging from Congress. Among the mechanisms for oversight created and funded by the CARES Act itself is the Congressional Oversight Commission, a five-member committee overseeing $500 billion in loans doled out… Continue Reading
By Jeffrey M. Hanna and McGuireWoods LLP on Anti-Money Laundering,Financial Institution Regulation,Fraud, Deception and False ClaimsThe Financial Crimes Enforcement Network (FinCEN) released a statement to financial institutions on March 16, 2020, concerning the COVID-19 pandemic. The statement covered two main topics: Potential delays by financial institutions in filing required Bank Secrecy Act (BSA) reports Remaining alert to identify malicious or fraudulent transactions, which often arise during natural disasters First, FinCEN… Continue Reading
By Alex J. Brackett, Emily P. Gordy, Jeffrey M. Hanna and Patrick Rowan on Sanctions, Trade Embargo, and Export ControlsWhen the Trump Administration designated Venezuelan state-owned oil producer Petreoleos de Venezuela (“PdVSA”) on January 28, 2019, pursuant to preexisting sanctions relating to the political situation created by the Maduro regime, it sent a significant but not unanticipated ripple through the global petroleum markets. The impact of the sanctions for commodities traders and petroleum refiners—particularly… Continue Reading
By Jeffrey M. Hanna and McGuireWoods LLP on Anti-Money Laundering,Enforcement and Prosecution Policy and Trends,Securities and CommoditiesAs we have highlighted in prior posts, regulators of financial institutions, including FinCEN, FINRA and SEC, have increasingly brought actions to bring organizations – and individuals – into compliance with AML / BSA obligations. This enforcement activity is consistent with FinCEN’s August 2014 Advisory, now nearly three years old, emphasizing the idea that U.S. financial institutions… Continue Reading
By Jeffrey M. Hanna, Matthew Orso and Patrick Rowan on Anti-Money Laundering,ComplianceFinancial institutions’ ability to share suspicious activity reports (“SARs”) within the corporate organizational structure serves as an important tool for Bank Secrecy Act compliance and risk avoidance. FinCEN began 2017 by reminding casinos of their ability to share information under this rule. Subject to certain limitations, casinos may share with domestic parents and affiliates suspicious… Continue Reading
By Jeffrey M. Hanna and Patrick Rowan on Anti-Money Laundering,Compliance,Financial Institution RegulationOn the day after his appointment in August 2016, the Associate Director for Enforcement for the Financial Crimes Enforcement Network (FinCEN), Thomas Ott, addressed the National Title 31 Suspicious Activity & Risk Assessment Conference in Las Vegas, Nevada. In his remarks, he (1) covered recent enforcement actions, (2) sought to dispel myths or misconceptions about… Continue Reading
By Patrick Rowan and Jeffrey M. Hanna on Anti-Money LaunderingAttributing observed deficiencies to a lack of a culture of compliance, FinCEN has again targeted a casino for willful violations of the anti-money laundering (“AML”) provisions of the Bank Secrecy Act (“BSA”). This time the casino in FinCEN’s sights is the Sparks Nugget, Inc. d/b/a John Ascuaga’s Nugget (“Sparks Nugget”), located in Sparks, Nevada. In… Continue Reading
By Jeffrey M. Hanna and Jodie Herrmann Lawson on Compliance,Financial Institution RegulationAt the end of February 2016, the Consumer Financial Protection Bureau (CFPB) announced nine priority goals for the next two years. According to its press release, the CFPB set these priorities by balancing the amount of consumer harm observed against the Bureau’s capacity to eliminate or mitigate that harm. The CFPB identified three core tools… Continue Reading
By Jeffrey M. Hanna and Alex J. Brackett on Election and Political LawThe news media has already engaged in rampant speculation regarding the potential candidates from both parties in the 2016 presidential election. Inextricably tied to the talk of political campaigns is the public discussion about campaign finance, particularly with reference to political action committees (PACs). In the wake of the Citizens United decision, the public has… Continue Reading
By Jeffrey M. Hanna on Anti-Bribery and Corruption,ComplianceOch-Ziff Capital Management (Och-Ziff), a publicly traded hedge fund, hasdisclosed that it is the subject of an ongoing investigation by the U.S. Department of Justice (DOJ) and Securities and Exchange Commission (SEC). The inquiry focuses on a “placement fee” Och-Ziff paid in 2007 to a London middleman − Lebanese businessman Mohamad Ali Ajami − to… Continue Reading
By Alex J. Brackett, Jeffrey M. Hanna and Patrick Rowan on Compliance,Financial Institution RegulationOn August 14, 2014, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) published revised guidance regarding entities owned by persons whose property and interests in property are blocked pursuant to an Executive Order or regulations administered by OFAC (blocked persons). Fed. Reg. 47726 (August 14, 2014). Under the revised guidance, any entity that… Continue Reading
By Jeffrey M. Hanna on Enforcement and Prosecution Policy and TrendsImagine you are a federal prosecutor and the following fact pattern lands on your desk: a college student has gained unauthorized access to the email account of a candidate for federal office. He changed the email account password and then shared the new password on an Internet message board. Within one day, fearing a possible… Continue Reading
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