Reported by Howard Stutz By 2007, as casino expansion flourished across multiple states, the U.S. Department of Treasury stepped up its scrutiny of large financial transactions at casinos. Nevada gaming overseers decided a change was needed in the state’s regulatory structure and removed Regulation 6A, which covered currency reporting requirements by casinos. It essentially led to […]
Reported by U.S. Attorney’s Office, Southern District of New Damian Williams, the United States Attorney for the Southern District of New York, and Ivan J. Arvelo, the Special Agent in Charge of the New York Field Office of Homeland Security Investigations (“HSI”), announced today the unsealing of two Complaints charging flight attendants CHARLIE HERNANDEZ, SARAH […]
Reported by Connor Jones The World-Check database used by businesses to verify the trustworthiness of users has fallen into the hands of cybercriminals. The Register was contacted by a member of the GhostR group on Thursday, claiming responsibility for the theft. The authenticity of the claims was later verified by a spokesperson for the London Stock […]
Reported by Erica Hanichak & Zorka Milin As U.S. Treasury Secretary Janet Yellen said last year, “Unmasking shell corporations is the single most significant thing we can do to make our financial system inhospitable to corrupt actors.” Illicit shell networks span states and continents, threatening American public safety and national security. There is evidence that these networks foster cross-continental fentanyl […]
Reported by Cameron Weil and Dustin W. Lauermann Special Purpose Entities in Commercial Real Estate Transactions Corporate structures in commercial real estate transactions can often be very complex and involve layers of entities. Special purpose entities that are bankruptcy remote (“SPEs”) are frequently used in commercial real estate loans to limit certain risks associated with […]
Reported by Protos Staff The US Justice Department (DoJ) has indicted and arrested an heir to the Cartier jewelry empire with conspiring to launder the proceeds of drug trafficking using tether (USDT). In Miami, law enforcement arrested Maximilien de Hoop Cartier, a direct descendant of Louis Cartier, the founder of the luxury watch, necklace, and […]
Reported by Kristen E. Larson, Beth Moskow-Schnoll & Peter D. Hardy The Financial Crimes Enforcement Network (“FinCEN”) recently issued a Financial Trend Analysis (“Analysis”) focusing on patterns and trends identified in Bank Secrecy Act (“BSA”) data linked to Elder Financial Exploitation (“EFE”) involving scams or theft perpetrated against older adults. The Analysis is a follow up to FinCEN’s June 2022 EFE […]
Reported by Richard J. Gibbon Of Squire Patton Boggs (US) LLP – Global Investigations And Compliance Review Updated OFAC Guidance on Implementation of the Price Cap Policy On December 20, 2023, OFAC updated its Guidance on the implementation of the price cap policy that was first issued on February 3, 2023.[2] In addition to clarifying details of the price cap policy, […]
Reported by Matthew Erskine FinCEN has recently refined the Corporate Transparency Act FAQs, offering much-needed clarity and direction for businesses grappling with the intricacies of the CTA. These revisions play a crucial role in delineating the compliance obligations of both domestic and foreign reporting entities and their beneficial owners, aiming to bolster efforts against financial […]
Reported by FinCEN The Corporate Transparency Act requires many companies doing business in the United States to report information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) about who ultimately owns or controls them. Watch FinCEN representative for a virtual information session on beneficial ownership information reporting requirements and how to […]
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