New York Law Journal—Katherine Lemire, President of Lemire LLC, writes for New York Law Journal on the risks associated with correspondent banking as a pathway to money laundering, and the need for continued review and updates to compliance protocols.
The Panama Papers have exposed enormous money transfers previously concealed from financial regulators in the U.S. and elsewhere. With the assistance of at least one law firm in Panama, a country with loose AML restrictions and bank secrecy laws designed to block inquiries from financial regulators abroad, politically-connected individuals have shielded their identities in moving funds.
Law360—Katherine Lemire, the President and Founder of Lemire LLC, writes for Law360 about the latest round of regulatory activity adding to the increasing pressure on the banking and real estate sectors to serve as frontlines for detection of criminal activities.
In the aftermath of the terrorist attacks in Paris and Mali, regulators swiftly outlined measures to curb terrorist financing and money laundering in banks doing business in New York.
In the aftermath of the indictment of FIFA officials, U.S. prosecutors and international regulators have opened probes into potentially related bank fraud. The federal indictment, unsealed in May, charged multiple FIFA officials with money-laundering and other crimes, and also named over two dozen banks that allegedly furthered the scheme by knowingly processing illegal transactions and failing to monitor suspicious activity by FIFA officials and executives.
Rather than risk hefty fines and regulatory backlash, some U.S. banks are moving to close entire branches neighboring the Mexican border. While concerns over human trafficking and the narcotics industry are not new for banks operating in this region, the sharp increase in fines and other penalties have prompted large banks to shut down local branches rather than risk exposure to money laundering violations.
The New York Times—Lemire LLC has been engaged in the monitorship of Credit Suisse following the bank's settlement with the New York State Department of Financial Services. Lemire LLC was chosen to provide forensic accounting and other investigative support in the course of the two-year monitorship.