CFPB, Federal Agencies, State Agencies, and Attorneys General
On August 21, 2019, FinCEN issued an advisory (the “Advisory”) alerting financial institutions to various financial schemes and mechanisms employed by fentanyl and synthetic opioid traffickers to facilitate the illegal fentanyl trade and launder its proceeds.
As defined by the Centers for Disease Control and Prevention (“CDC”), “fentanyl is a synthetic (man-made) opioid 50 times more potent than heroin and 100 times more potent that morphine.”… Continue Reading
Five U.S. regulatory agencies—the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”)—released on October 3, 2018 an Interagency Statement on Sharing Bank Secrecy Act Resources (“Statement”). … Continue Reading
I am pleased to announce that under the leadership of my partner Peter Hardy, Ballard Spahr has launched Money Laundering Watch, a new blog focused exclusively on money laundering issues to keep you informed of the latest developments in enforcement, compliance, and policy. Please visit the blog, and subscribe to receive updates. … Continue Reading
