Anti-Money Laundering

Lawyers at Gibson, Dunn & Crutcher are recognized as leaders in providing advice to financial institutions and other businesses on issues related to compliance with anti-money laundering and economic sanctions laws and regulations and the development of global and risk-based anti-money laundering compliance programs.

The Anti-Money Laundering practice provides legal and regulatory advice to all types of financial institutions and nonfinancial businesses with respect to compliance with federal and state anti-money laundering laws and regulations, including the U.S. Bank Secrecy Act as amended by the USA PATRIOT Act.  We represent clients in criminal and regulatory government investigations.

We have developed extensive knowledge and broad anti-money laundering experience.  The group’s members have experience as government lawyers with the Department of the Treasury, the U.S. Department of Justice (DOJ), the U.S. Securities and Exchange Commission (SEC), and the U.S. Attorneys’ Offices, as well as private practitioners.

Our practice includes advising U.S. and global banks, securities broker-dealers, mutual funds, investment advisors, private equity funds, insurance companies, money services businesses, financial technology companies, casinos, other financial services businesses, and multinationals on how to comply with Bank Secrecy Act and anti-money laundering laws and regulations.  We assist financial institutions and businesses in developing, enhancing and implementing  enterprise-wide anti-money laundering compliance programs, including customer due diligence and enhanced due diligence, suspicious activity identification and reporting, and currency transaction reporting policies, procedures and internal controls.

We regularly provide legal and regulatory advice with respect to the development, implementation and enhancement of risk-based enterprise-wide anti-money laundering compliance programs, including drafting Customer Identification Program (CIP), Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD) policies and procedures, and policies, procedures and internal controls that are reasonably designed to ensure compliance with suspicious activity and currency transaction reporting requirements; wire transfer and other recordkeeping requirements; and economic sanctions laws and regulations administered and enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC).  In matters involving anti-money laundering and sanctions, we work closely with partners in our International Trade Practice Group’s Economic and Trade Sanctions team.

When Bank Secrecy Act, anti-money laundering and OFAC issues arise in the course of a regulatory examination, we help financial institutions respond to the regulators and address their criticisms.  We also advise clients in connection with regulatory enforcement actions before the federal bank regulators, state regulatory authorities, including the New York State Department of Financial Services (DFS), the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), the IRS, the SEC, the Financial Industry Regulatory Authority (FINRA), and the Nevada Gaming Commission, including assisting financial institutions in taking remedial actions.

We represent clients in connection with federal and state criminal money laundering and Bank Secrecy Act investigations and prosecutions, including those involving the DOJ, the U.S. Attorneys’ Offices, and the New York County District Attorney’s Office.  The group also conducts internal investigations involving money laundering and Bank Secrecy Act violations for a wide range of clients in the financial services industry and companies with multinational operations.

In connection with mergers, acquisitions and underwritings, we conduct due diligence reviews for compliance with U.S. and applicable local anti-money laundering, OFAC and other economic sanctions laws and regulations, the U.S. Foreign Corrupt Practices Act (FCPA), and non-U.S. anti-bribery laws.

We provide training on all aspects of anti-money laundering and Bank Secrecy Act laws, regulations and requirements, procedures, and current schemes and trends.

Experience

Recent representations include:

• Represented national banks in connection with investigations regarding U.S. Bank Secrecy Act/anti-money laundering and OFAC compliance programs, as well as other potential regulatory and criminal issues, involving the banking regulators, DOJ, and OFAC.
• Represented foreign banks and Boards of Directors in connection with regulatory actions by the Federal Reserve Board and New York Department of Financial Services.
• Represented non-bank financial institutions in connection with Department of Justice criminal investigations and FinCEN regulatory investigations.
• Represented individuals in connection with Department of Justice criminal investigations.
• Represented broker-dealer in connection with regulatory investigation by the Financial Industry Regulatory Authority (FINRA).
• Conducted internal investigations for financial institutions and multinational companies involving potential money laundering allegations.
• Represented clients in criminal and civil asset forfeiture matters.
• Represented a UK bank group and its U.S. operations in connection with an enforcement action by the Federal Reserve Board, DFS, and other state banking regulators relating to deficiencies in the UK group’s consolidated U.S. Bank Secrecy Act/anti-money laundering and OFAC compliance programs, including correspondent banking and other CDD and suspicious activity reporting procedures, and Board and management oversight of the U.S. operations, and to assist the U.S. operations in enhancing their Bank Secrecy Act/anti-money laundering and OFAC programs.  We also assisted in conducting a U.S. CDD remediation project.
• Represented an Edge corporation in connection with a written agreement entered into with the Federal Reserve Bank of New York arising out of deficiencies in the bank’s Bank Secrecy Act program related to its foreign correspondent banking business, including with its EDD program and suspicious activity reporting procedures and monitoring systems, and assisted the bank in enhancing its CDD and suspicious activity monitoring and reporting policies and procedures.
• Represented an Asian bank in connection with regulatory actions by the Federal Reserve Board and DFS.
• Represented a U.S. bank in connection with a deferred prosecution agreement with the DOJ and enforcement actions by FinCEN and the Office of the Comptroller of the Currency (OCC) that involved the failure to maintain effective anti-money laundering and CDD programs, including with respect to Mexican casas de cambio, and to identify and file timely Suspicious Activity Reports (SARs).  We also assisted the bank in enhancing its Bank Secrecy Act/anti-money laundering policies, procedures, and internal controls bankwide and in conducting a historical transaction review (“SAR lookback”).
• Represented a U.S. bank in connection with a formal investigation and a consent cease and desist order entered into with OCC and a subsequent civil money penalty arising out of deficiencies in the bank’s Bank Secrecy Act program, including with its correspondent banking CDD and suspicious activity reporting procedures, and in conducting a SAR lookback.
• Represented a small U.S. bank in connection with a civil money penalty assessed by the OCC and in responding to examination criticisms related to deficiencies in its Bank Secrecy Act/anti-money laundering program.
• Represented a leading global bank in connection with a DOJ grand jury, SEC investigation, and Swiss Attorney General investigation relating to money laundering issues.
• Represented U.S. broker-dealers in connection with enforcement actions by DOJ, SEC and FINRA.
• Represented a global money transmitter in connection with the assessment of civil money penalties by FinCEN and the New York State Banking Department related to deficiencies in SAR and CTR reporting.
• Represented a large traveler’s check issuer in connection with the assessment by FinCEN of a civil money penalty for the late filing of SARs and in enhancing its Bank Secrecy Act/anti-money laundering program.
• Conducted an internal investigation and implemented a compliance program for a major accounting firm regarding alleged money laundering by the client’s foreign subsidiary.