Anti Money Laundering Compliance (AML Compliance)

The day-to-day operations of a financial institution, such as broker dealer, money transferring company, savings and loan, or credit institution can be filled with many potential pitfalls, which may be very damaging to both the institution and the people who work for the institution. The act of concealing the originating source of funds that were gathered through illegal actions has been described as a criminal epidemic by law enforcement agencies for decades before the phrase “Money Laundering” was coined by reporters during the Watergate scandal. There are numerous law  enforcement agencies such as The United States; Department of Justice, Department of Homeland Security, Department of The Treasury,  Postal Service and The Board of Governors of the Federal Reserve that investigate businesses that are allegedly involved in a conspiracy to violate U.S. Federal law, 18 U.S.C. § 1956(a) (the statute that prohibits money laundering), or The Bank Secrecy Act. Aside from those agencies, money laundering is also investigated by; The Financial Crimes Enforcement Network, The Office of Intelligence and Analysis, The Executive Office for Asset Forfeiture, The Office of Terrorist Financing and Financial Crime, The Federal Bureau of Investigations, The Drug Enforcement Administration, The National Intelligence Center, The United States Department Of Justice, and The Criminal investigation and Small Business/Self Employed Divisions of the Internal Revenue Service. From this extensive, yet incomplete list of law enforcement agencies you can see to what extent The Federal Government is committed to battling money laundering.

Currency Transaction Reporting

Various organizations of The Federal Government such as The U.S. Department of the Treasury monitor the financial transactions that occur inside The United States and those that involve assets entering or leaving the country. The officers of these organizations are looking for suspicious patterns involving either bank deposits or cash transfers that suggest a conspiracy to laundering money. In The United States, financial institutions must fill out a currency transaction reports for deposits or transfers of over $10,000, stating that they believe the source of the funds to be a legal one. If a business or financial institution has been knowingly or unknowingly negligent in reporting their cash transactions, they may find themselves under investigation for currency transaction reporting violations which can result in civil penalties for the business and both criminal and civil charges for the officers at the business. If any of the aforementioned enforcement agencies have contacted you or officers at your business about irregularities in currency transaction and FINCEN reporting, contact the anti-money laundering (AML) compliance attorneys at The Blanch Law Firm today and begin the fight to protect you and your business.

Asset Forfeiture & Criminal Penalties   

If a business or financial institution is believed to be an integral participant in a conspiracy to launder money or other financial instruments, the business itself and the officers of the business may find themselves subject to criminal and civil asset forfeiture. The effect of such actions can be the freezing of business accounts, the seizing of valuable property such as real estate and or vehicles, and in some cases the temporary or permanent shut down to the financial institution or business. Officers of the financial institution or business may find themselves subject to similar restrictions to their assets which are believed to be the proceeds generated from illegal acts, as well criminal penalties that could lead to sentences of up to 20 years in jail and fines of $250,000 or twice the value of the transactions in question. If you are subject to asset forfeiture as a result of such alleged activities, contact the anti-money laundering litigation team at The Blanch Law Firm today and begin the fight to save your business.

Anti-Money Laundering Compliance (AML Compliance)

There are steps that business owners and officers can take to protect themselves and their companies from being involved in a government investigation into currency reporting violations. As all managers know, it is impossible to oversee every action that your employees undertake throughout the day, but at the end of the day, you will still be responsible for their successes and failures. This places managers of businesses and financial institutions in a very precarious position. How is one supposed to prevent their employees from knowingly or unknowingly aiding an ambitious money launder to circumvent the law? The answer is lies in protocol. Creating anti money laundering compliance protocols is a step which can be taken that can serve to protect you, your employees, and your business from government investigations. If you have any questions about what steps that you or your company can take to make sure that your company is up-to-date with its anti money laundering compliance, meet with the AML consultants at The Blanch Law Firm today and see what can be done to protect you and your company.