Practices

Anti-Money Laundering

Ballard Spahr represents a broad range of financial institutions and other businesses regarding Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulatory compliance, and defense relating to examinations and enforcement. Our attorneys help clients establish and refine AML policies and procedures.

We advise on “Know Your Customer” and customer identification policies and procedures, beneficial ownership requirements, Suspicious Activity Report filings, Currency Transaction Report filings, Travel Rule compliance, the adequacy of transaction monitoring processes, and other BSA/AML reporting and record keeping requirements. We also assist clients with regulatory exam preparation and response, due diligence for lending and acquisitions, and issues regarding AML compliance staffing and training.

If potential violations have occurred, we conduct internal investigations and assist in responding to administrative, civil or criminal investigations, government enforcement actions, and related civil ligation by private parties.

Many members of Ballard Spahr’s AML Team have government experience and also belong to the firm’s Banking and Financial Services Team; Blockchain Technology and Cryptocurrency Team; Cannabis Team; Consumer Finance Services Group; Export Control and Compliance Team; and White Collar Defense/Internal Investigations Group. We therefore draw upon a cross-disciplinary group of attorneys in order to maximize our ability to serve our clients.

Ballard Spahr’s AML Team thought leadership includes a well-recognized blog with a broad and international readership, Money Laundering Watch, which provides detailed, thoughtful and timely analysis of regulatory and enforcement developments relating to BSA/AML and money laundering.

Our services include:

Compliance counseling
Drafting and reviewing compliance policies and procedures, and development of risk assessments
Federal and state licensing for Money Services Businesses and money transmitters
Assistance in regulatory examinations
Responding to subpoenas or other government requests for information
Internal investigations, including as to potential whistleblower actions
Defense in civil and criminal enforcement proceedings
Due diligence during M&A transactions
Executive and employee training
Defense in civil tort, negligence and securities actions based in part on alleged lack of BSA/AML compliance

We serve the following industries:

Banks
Credit unions
Loan or finance companies, including nonbank lenders partnering with banks
Virtual currency exchanges and administrators
Money transmitters, check cashers, and currency dealers and exchanges
Prepaid account providers and sellers
Nonbank residential mortgage lenders and originators, and other real estate industry participants
Gaming industry businesses
Brokers or dealers in securities, commodities, and mutual funds
Insurance companies, including title insurance companies
Dealers in jewels, precious metals, or stones
Other businesses impacted by AML, money laundering and sanctions-related laws

Experience

Our experience includes the following:

Advised numerous financial institutions and other companies across a spectrum of industries on regulatory compliance with BSA/AML, counter-terrorism financing, and anti-corruption requirements. This work has included drafting and revising compliance policies and procedures, developing risk assessments, determining whether a SAR filing(s) was appropriate, AML due diligence during M&A transactions, determining whether to close or maintain customer accounts, and helping institutions respond to regulatory examinations.
Assisted a major industry group in drafting a comment letter to FinCEN regarding proposed AML regulations.
Conducted numerous corporate internal investigations focused on potential BSA/AML, money laundering, fraud, tax, and securities violations. These internal investigations have included allegations by third parties or insiders that a financial institution failed to maintain an effective BSA/AML compliance program and therefore failed to file required SARs and/or respond adequately to known suspicious transactions.