AML

UBS Financial Services Pays $125M To Settle FinCEN Charges of BSA Violations

By the Constantine LLP Whistleblower Team On August 3, the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) announced that UBS Financial Services Inc. would pay $125 million for violating the Bank Secrecy Act (BSA).[1]  It is the largest penalty ever imposed against a broker-dealer for BSA violations.

How Did UBS Violate the Bank Secrecy Act?

The BSA is the principal U.S. statute that...

EagleBank to Pay More Than $9.7M to Resolve Bank Secrecy Act Investigation

By the Constantine Cannon Whistleblower Team On June 30, the DOJ announced its latest Bank Secrecy Act enforcement action, with EagleBank and its parent company Eagle Bancorp Inc. (collectively EagleBank) agreeing to pay more than $9.7 million to resolve AML compliance failures.[1] EagleBank, which operates in Maryland, Virginia, and D.C., also entered into a non-prosecution agreement in which EagleBank...

Constantine Cannon Submits Comments to Proposed Rulemaking for FinCEN AML/Sanctions Whistleblower Program

By the Constantine Cannon Whistleblower Team As we previously reported, two months ago the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a press release announcing its Notice of Proposed Rulemaking “to fully implement” FinCEN’s AML/Sanctions Whistleblower Program.

What is the FinCEN AML/Sanctions Whistleblower Program?

Congress established the FinCEN Whistleblower Program...

Constantine Cannon Partner Marlene Koury Featured in Law360 on How FinCEN’s Record $80M Fine Paves the Way for FinCEN Whistleblower Awards

By the Constantine Cannon Whistleblower Team On April 21, Constantine Cannon Partner Marlene Koury shared an Expert Analysis in a Law360 article titled “Record Penalty Sets Stage For FinCEN Whistleblower Awards.” Koury analyzed the importance of Financial Crimes Enforcement Network (FinCEN)’s proposed rule to launch monetary awards under its whistleblower program, enhancing enforcement of the Bank Secrecy...

FinCEN Moves Another Step Closer to Issuing Its First Award Under Its AML/Sanctions Whistleblower Program

 By the Constantine Cannon Whistleblower Team On Monday (March 30), the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a press release announcing its Notice of Proposed Rulemaking “to fully implement” FinCEN’s AML/Sanctions Whistleblower Program.[1]

What is the FinCEN AML/Sanctions Whistleblower Program?

This is the whistleblower program Congress established in 2021 (and...

FinCEN Imposes Record $80 Million Fine on Canaccord Genuity LLC for Alleged BSA Violations Linked to Securities Fraud

By the Constantine Cannon Whistleblower Team  The U.S, Treasury Department's Financial Crimes Enforcement Network (FinCEN) imposed an $80 million civil monetary penalty on Canaccord Genuity for willful violations of the Bank Secrecy Act (BSA). The BSA is the primary law for combating money laundering and terrorism financing, designed to protect the financial system from illicit activity. This penalty is the...

Calling All AML/Sanctions Whistleblowers -- FinCEN Wants to Hear From You

By the Constantine Cannon Whistleblower Team Two weeks ago (on February 13), the Treasury Department announced that its Financial Crimes Enforcement Network (FinCEN) has “launched a new dedicated webpage to confidentially accept whistleblower tips on fraud, money laundering, and sanctions violations.”[1]

What Is the AML/Sanctions Whistleblower Program?

The dedicated site is the latest development of...