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Over the past few years, Congress and law enforcement have notably increased their scrutiny of companies’ anti-money laundering (AML) compliance, and it appears that Congress is not yet finished with its drive for additional legislation and regulation. On Jan. 1, 2021, Congress passed the Anti-Money Laundering Act of 2020 (the AMLA), which was included in the National Defense Authorization Act for Fiscal Year 2021. The AMLA, which was widely perceived to represent one of the largest reforms of U.S. AML laws since the 2001 Patriot Act, included the creation of a national registry that tracks certain entities’ beneficial ownership information, brought antiquities dealers and cryptocurrency exchanges, and transmitting businesses under the Bank Secrecy Act’s (BSA) AML requirements, updated AML whistleblower provisions, and expanded law enforcement tools, including providing the Department of Justice and Treasury Department with the power to subpoena foreign banks with U.S. correspondent accounts for records related to any account at the bank. Since its passage, companies have been busy adapting their AML compliance programs to account for these significant changes to AML laws.
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By Harry Sandick and Sarah Hardtke
The guidance mirrors the recent, broader impulse among U.S. prosecutors and regulatory agencies to extend application of U.S. law to foreign persons and entities, even when those persons and entities have only threadbare connections to the U.S.
By Jonathan B. New, Patrick T. Campbell and Rachel H. Ofori
Because PR firms may be considered third parties for privilege purposes, it is crucial that communications between a company’s counsel and its PR firm are handled with care to avoid waiving the attorney-client privilege.
Navigating the SEC’s New Cybersecurity Disclosure Rules
By Olivia J. Greer, Catherine Kim and Jeeyoon Chung
With the first cybersecurity rule for public companies, and the landscape of ongoing scrutiny and enforcement, SEC registrants should not lose time in reviewing their cybersecurity postures and policies to ensure compliance and, even ahead of formal adoption of certain still-pending rules, align with best practices.
Understanding the Difference Between Advocacy and Obstruction When Facing Government Investigations
By Christopher D. Carusone
Corporate counsel must understand the difference between advocacy and obstruction when facing government investigations.