Anti-Money Laundering

Our clients span the financial services industry

• Community banks
• Global, national, and regional banks
• FinTech and alternative lenders
• Card managers and processors
• Money services businesses and money transmitters
• Investment banks, brokers, investment advisors

Regulatory and economic sanctions compliance

De-risking is paramount. The AML Team works with clients to

• Conduct compliance audits
• Review current compliance programs and conduct risk assessments
• Create or update programs that are customized to the client’s business and properly resourced to monitor transactions, detect suspicious activities, and respond quickly and effectively
• Reinforce specific de-risking activities, including filing SAR reports
• Support compliance with economic sanctions programs
• Assess the role of the board and inform directors of relevant AML mandates and company responsibilities 
• Train employees to monitor, detect, and respond

Investigations and enforcement action defense

When money laundering allegations arise, the team responds to government investigations and subpoenas, negotiates settlements, and, if necessary, defends clients at trial. We handle allegations concerning

• Company’s AML program
• SAR reporting
• Transaction monitoring
• Suspected wire, mail, and/or financial institution fraud
• Correspondent banking due diligence and controls
• Individual liability
• Securities fraud

Our lawyers also conduct minimally-disruptive internal investigations prompted by client concerns or by government allegations of wrongdoing.

Lawyers who see the full AML picture and beyond

AML regulations and enforcement are dynamic; their substance and direction are always changing. To provide comprehensive compliance counsel and defense strategies, NM lawyers continuously monitor AML developments by lawmakers, federal and state agencies, and the courts, and in international jurisdictions. Recent developments and trends include:

• Individual liability – Federal regulators are starting to hold compliance officers and other staff personally liable for the company’s failure to comply as well as impose prohibitions on industry employment.
• Current administrations – Our lawyers monitor relevant executive orders and other direction to agencies, which are geared towards easing restraints. 
• True Incorporation Transparency for Law Enforcement (TITLE) Act – Notwithstanding the administration’s deregulatory environment, this Act, which was effective May 11, 2018, requires financial institutions to identify and verify the “beneficial owners” of legal entities when the entity opens a new account. The act aims to make shell companies less secretive.
• AML, fraud and cybersecurity – Perpetrators are blurring the lines between money laundering, fraud, and cyber crimes. As a result, FinCEN has encouraged greater collaboration among financial institutions’ AML, fraud prevention, and cybersecurity units.
• Global enforcement activity – Other countries’ AML investigations and enforcement actions are on the rise, which could result in even higher penalties for clients operating internationally.

Following is a selected sampling of matters and is provided for informational purposes only. Past success does not indicate the likelihood of success in any future matter.

• Represented individuals under investigation for using banks or others to unwittingly launder money for them
• Represented entities under investigation for involvement (unwitting and otherwise) in alleged money laundering operations
• Represent entities prior to investigation or enforcement actions in auditing context for involvement (unwitting and otherwise) in alleged money laundering operations
• Team includes the Former Financial Institution Fraud Chief in U.S. Attorney’s Office
• Team has extensive first chair trial experience in financial institution fraud cases 
• Team has experience advising banks about FATCA (Foreign Account Tax Compliance Act)