Monday, September 1, 2014

BNA INSIGHTS: 2012: Annus Horribilis for the Banking Industry

January 22, 2013 in BNA's Banking Report · Leave a Comment 

The year 2012 proved to be an annus horribilis for the banking industry.. This essay analyzes the most significant enforcement developments in 2012 and assesses the prospects for heightened scrutiny and increased enforcement action against the banking industry in 2013…

HSBC Agrees to Pay U.S.$1.9 Billion to Resolve Money Laundering Case

December 19, 2012 in BNA's Banking Report · Leave a Comment 

The London-based HSBC Group and HSBC Bank USA have agreed to pay $1.9 billion and enter into a deferred prosecution agreement (DPA) to resolve charges of money laundering and doing business with countries subject to U.S. sanctions…

BNA INSIGHTS: The Perilous Sanctions Regime: Understanding ING Bank’s $619 Million Settlement with the Office of Foreign Assets Control

November 6, 2012 in Banking Report · Leave a Comment 

ING Bank had agreed to pay $619 million to resolve its civil and criminal liability in connection with conduct that potentially violated a host of sanctions regulations promulgated pursuant to the Trading with the Enemy Act and the International Emergency Economic Powers Act as well as New York state laws…

New York Regulator Orders Standard Chartered Bank to Explain Alleged ‘Grave’ Money Laundering Violations

August 13, 2012 in Banking Report · Leave a Comment 

The New York State Financial Services Department Aug. 6 ordered officials of a New York-licensed Standard Chartered plc subsidiary to appear before department superintendent Benjamin M. Lawsky Aug. 15 to explain “apparent grave violations of law and regulation” …

BNA INSIGHTS: Federal Reserve Opens the Door to Increased Chinese Investment in U.S. Banking Organizations

June 13, 2012 in Banking Report · Leave a Comment 

On May 9, 2012, the Federal Reserve Board (“FRB”) released three orders approving investments in the U.S. banking market by entities based in China…

BNA INSIGHTS: Review of 2010 Bank Enforcement Actions: A Hardened Government Attitude

May 10, 2011 in Banking Report · Leave a Comment 

The number of formal enforcement actions issued by the federal banking agencies exploded again in 2010, following a record setting year in 2009 in which the federal banking agencies issued more than 1000 formal enforcement actions for the first time…

FinCEN Unveils Final Report of Foreign Bank Account Regulations, Clarifies Definition of Signature Authority

March 1, 2011 in Banking Report · Leave a Comment 

The Financial Crimes Enforcement Network (FinCEN) Feb. 23 unveiled final rules on the scope of persons required to file the Report of Foreign Bank Account (FBAR), clarifying the definition of those required to file because they have signature authority over an account and making a host of other changes…

Financial Crimes Enforcement Network Proposes Requirement to Report Cross-Border Electronic Fund Transmittals

September 28, 2010 in Banking Report · Leave a Comment 

The Financial Crimes Enforcement Network (FinCEN) announced Sept. 27 that it submitted a notice of proposed rulemaking that would require certain…