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Winston’s financial crimes compliance lawyers have been providing regulatory compliance counseling and enforcement services related to the Bank Secrecy Act (BSA), the Anti-Money Laundering Act of 2020 (AML), and countering the financing of terrorism (CFT) policy for decades. We also have experience with international AML matters, including in the EU and with respect to Financial Actions Task Force (FATF) recommendations.
Practice Area
Winston’s financial services litigators advise financial services companies of every size and scope on litigation, dispute resolution, and regulatory matters in local, state, and federal jurisdictions. While we are proud to have advised many clients as to how avoid formal legal proceedings, should litigation arise, we bring to bear the full strength of our nationally renowned litigation and trial practice when it does arise.
Industry
For more than a century, Winston has been a trusted advisor and advocate to financial services clients around the world, advising them in some of their highest-stakes and most sensitive matters. Our multidisciplinary Financial Services Industry Group represents leading banks and financial services companies in a range of complex corporate and transactional matters; litigation and disputes; and regulatory, compliance, and enforcement matters.
Insights & News 29 results
Client Alert
|October 25, 2024
|6 Min Read
Burdensome Proposed FDIC FBO Account Rules Loom Large for Banks and FinTechs
On September 17, 2024, the Federal Deposit Insurance Corporation (FDIC) published a notice of proposed rulemaking (the Proposed Rule) that would heighten record-keeping requirements on FDIC-insured depository institutions (banks) that maintain transactional deposit accounts for financial technology (FinTech) firms and other third parties that act as agents on behalf of an end customer—e.g., a digital-wallet customer, a buyer of a prepaid access card, and the like. If the FDIC finalizes the Proposed Rule, banks that maintain so-called FBO or for-the-benefit-of accounts (also referred to as custodial accounts) with their FinTech partners will need to update their program agreements and data-keeping practices, reconcile customer account balances on a daily basis, and make annual filings with the FDIC.
Webinar
|September 17, 2024
Partner Richard Weber and the Coalition Against Financial Crime presented a webinar that delved into the complexities surrounding the detention of Tigran Gambaryan, head of financial crime compliance at Binance, by the Government of Nigeria. The panel featured Stephen Sargeant, founder of Airdropd; Kevin Wadiak, senior manager of BSA/AML governance and oversight at GreenDot; and Sanjeev Menon, managing partner at Madison Davis.
Client Alert
|September 9, 2024
|7 Min Read
On August 8, 2024, the federal banking agencies—the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the Banking Agencies)—caused to be published in the Federal Register their jointly issued notice of proposed rulemaking (NPRM) for a proposed rule that would revise each of the Banking Agencies’ long-standing program rules for anti–money laundering and countering the financing of terrorism (AML/CFT) for the depository institutions that each agency supervises.[1]
Other Results 7 results
Law Glossary
FinTech (Financial Technology) is a term used to categorize technology-driven solutions to traditional banking products. FinTech aims to make financial services more accessible to consumers.
Location
Winston & Strawn’s Miami office opened in 2022 and represents the firm’s largest expansion in several years. Located in the heart of the city’s Financial District, the office launched with a strong team of transactional and litigation partners from prestigious law firms operating in South Florida. Our Miami office leverages the area’s status as a critical nexus point for banking and international trade with the United States, Europe, Latin America, and other parts of the world. Our attorneys have the cultural fluency and local knowledge necessary to work seamlessly with international clients, particularly those with ties to Latin America.
Location
Serving one of the world’s largest economies for over 20 years, Winston & Strawn’s Los Angeles office is home to more than 100 attorneys and professional staff. Under the guidance of Office Managing Partner Angela M. Machala, our L.A. office thrives as a dynamic and tightly knit community that celebrates diversity, with more than half of our L.A. attorneys identifying as women, racial/ethnic minorities, and/or LGBTQ+. Our L.A. lawyers—who are equally split between litigation and transactional work—advise 80+ Fortune 500 companies, which is a testament to the collaborative environment we’ve created to provide exceptional legal services.