Bank Secrecy Act & Anti-Money Laundering Counseling and Defense

Violations of BSA/AML obligations can lead to investigations and enforcement proceedings by a host of regulators, including the Office of the Comptroller of the Currency, the Department of Treasury’s Financial Crimes Enforcement Network, the Federal Reserve Bank and Federal Deposit Insurance Corporation, as well as agencies like the Securities and Exchange Commission. Additionally, willful violations of the BSA and implementing regulations can be, and have been, prosecuted criminally by the DOJ. Accordingly, retaining qualified legal counsel — whether proactively or reactively — can be critical to the ongoing operation of a supervised financial institution. This is particularly true as enforcement agencies increasingly target individuals in addition to entities

McGuireWoods has experience across the full spectrum of BSA/AML program needs from program design and testing to compliance advisory; from independent program testing to partnering with third-party consultants and software providers to ensure risks are adequately assessed and accounts monitored; from training to, critically, responding to and defending against enforcement actions and investigations.

We advise numerous clients, including the nation’s largest national banks, community banks, fintech companies and non-bank financial institutions, on their BSA/AML obligations. Our team represents clients before the state and federal regulatory and law enforcement agencies. The services we provide include coordinating subpoena response, conducting internal investigations, managing strategic communications externally and with a board, negotiating appropriate resolutions, and defending against government and third-party actions.

Given this combination of relevant experience and skill, McGuireWoods’ BSA/AML team stands ready to assist clients before regulatory issues begin, through sound counseling and guidance ensuring that a company has designed, implemented and maintained effective BSA/AML compliance programs. If enforcement investigations arise, however, McGuireWoods helps clients navigate the process and develop successful strategies to resolve them with minimal disruption to business.

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