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Showing 9 posts in Financial Services.

Financial Services
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The U.S. Has Designated 18 Additional Iranian Banks for Sanctions

The U.S. government has levied additional sanctions on the Iranian financial sector that will put further strain on Tehran’s ability to access the international financial system. The designations are based upon an Executive Order President Trump issued in January 2020 giving the Secretary of State and the Secretary of Treasury the ability to impose sanctions on any part of Iran’s economy. (Read More)

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CFTC Issues Guidance on Corporate Compliance Programs

The mission of the Commodity Futures Trading Commission (CFTC) is crystal clear: “to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation.” And with recent guidance that, as of this writing, will soon be included in the CTFC’s enforcement manual, the agency has taken another step towards achieving its stated objective. (Read More)

Financial Services
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Delaware and U.S. Treasury to Collaborate on Sanctions Enforcement

Nonfinancial companies incorporated in Delaware may be in line for enhanced sanctions enforcement in the wake of an agreement recently entered between state officials and the U.S. Treasury Department.

Earlier this month, the Delaware Department of Justice and the U.S. Department of Treasury’s Office of Foreign Assets Control —which is tasked with enforcing U.S. sanctions—executed a memorandum of understanding that allows officials from Delaware and OFAC to join forces to shut down or otherwise disrupt illicit activities, including those of parties seeking to hide transactions behind anonymous entities. (Read More)

Financial Services
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FinCEN Expands Anti-Money Laundering Regulation and Oversight

The Financial Crimes Enforcement Network (“FinCEN”) has published a final rule requiring all banks not otherwise regulated or overseen by the federal government to establish and implement anti-money laundering programs. In so doing, FinCEN is unleashing relevant sections of the USA PATRIOT Act, removing the anti-money laundering program exemption for banks that lack a federal functional regulator, and extending to those financial institutions—private and other non-federally regulated banks; state-charted, non-depository trust companies; and non-federally insured credit unions—mandatory customer identification programs and beneficial owner requirements. (Read More)

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5 Key Considerations When Starting Your Cannabusiness

The estimate is staggering: $30,000,000,000. That’s a lot of zeros and a forecast of annual legal cannabis sales by 2025—this as more and more states legalize marijuana for medical or recreational use. No question, the cannabis business is booming, which is something of a given. Less obvious is what you, as a budding cannabusiness entrepreneur, should consider in making cannabis your business. Toward that end, there’s a broad range of issues to think about. (Read More)

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Senate Introduces Cyberthreat Data Sharing Legislation

On Wednesday, February 11, The Cyber Threat Sharing Act of 2015 was introduced in the U.S. Senate. The bill is aimed at improving cybersecurity for both the private and public sectors, through the increase of shared cyberthreat data and communication between both sectors. (Read more)

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SUPERVALU Experiences Criminal Intrusion in Computer Network

One of the largest grocery wholesalers and retailers in the U.S., SUPERVALU, recently experienced a criminal intrusion into its computer network. The perpetrators targeted the part of the network that processes payment card transactions. The intrusion may have resulted in the theft of account numbers, and other information associated with payment cards used at some of SUPERVALU’s owned and franchised stores. (Read More)

Financial Services
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How to Avoid Ponzi Purgatory: Careful Diligence Helps Banks Stay Away from Schemers

Since the global recession of 2009, the doors on many Ponzi schemes, like the one orchestrated by the infamous Bernie Madoff, have been blown wide open. 

The country’s financial crisis, in conjunction with vast media attention, resulted in the unraveling of a host of these kinds of investment scams.  Ponzi schemes are fraudulent arrangements whereby a new investor’s money is used to pay a promised return to previous investors. 

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Financial Services
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Defrauded Investors Pursue Recovery from Financial Institutions for Ponzi Schemes

Since the beginning of the Great Recession, Ponzi schemes, like the one orchestrated by the infamous Bernie Madoff, have been exposed with some regularity. Because of their “rob Peter to pay Paul” nature, the disintegration of Ponzi schemes usually leaves their defrauded investors with little to no assets for recovery. (Read More)