Hdeel Abdelhady Discussed the NYDFS Habib Bank Enforcement Action

MassPoint's Founder and Principal, Hdeel Abdelhady, discussed the legal significance and potential commercial implications of the NYDFS' enforcement action against Habib Bank at a time of correspondent banking derisking. Ms. Abdelhady stated that: "at any time, the loss a New York banking license and direct access to the U.S. financial system would be devastating, but the

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Congressional Hearing: Managing Terrorism Financing Risk in Remittances and Money Transfers

Congressional Subcommittee to Hold Hearing on Terrorism Financing Risk in Remittances and Money Transfers  The U.S. House of Representatives Financial Services Committee (the “FSC“) Terrorism and Illicit Finance Subcommittee will on July 18, 2017 hold a hearing entitled “Managing Terrorism Financing Risk in Remittances and Money Transfers.”  The FSC memorandum to all of its members states

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Correspondent Banking and Derisking Update

Financial Stability Board Publishes Action Plan to Address Decline in Correspondent Banking/Derisking Correspondent Banking Update |  July 4, 2017  | Author: Hdeel Abdelhady Ahead of the upcoming G20 meeting, the Financial Stability Board (FSB) published today, July 4, 2017, a progress report on efforts to address the withdrawal of correspondent banking relationships (derisking) and its action

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Maryland Banking Regulation: Commercial Bank Directors State Residency

Commercial banks in Maryland will soon have an added degree of latitude in selecting their directors. On April 18, 2017, Governor Hogan approved Maryland Senate Bill 206, Financial Institutions – Qualifications of Directors of Commercial Banks – Residency (the “Amendment”). The Amendment, which repeals and reenacts, with amendments, Section 3-403 of the Maryland Code, Financial Institutions Article,

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Basel Committee Clarifies Guidance on Countering Money Laundering and Terrorism Financing in Correspondent Banking

Guidelines on Sound management of risks related to money laundering and financing of terrorism Snapshot Update June 7, 2017 Today the Bank for International Settlements' Basel Committee on Banking Supervision (BCBS) issued "Guidelines on Sound management of risks related to money laundering and financing of terrorism" (the "Guidelines"). The Guidelines were issued "to describe how banks

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Congressional Hearing on Terrorism Financing Probes Bank Secrecy Act Data Effectiveness, Potential BSA Amendments

Congressional Hearing on Terrorism Finance Probes Bank Secrecy Act Data Processing Effectiveness, Lack of Beneficial Ownership Transparency, and Potential BSA and Patriot Act Amendments Business Update |  April 28, 2017 | Author: Hdeel Abdelhady | Download Full Update On April 27, 2017, I attended a Congressional hearing on “Safeguarding the Financial System from Terrorist Financing,” held

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Senate Bill to Combat ISIS Targets “Jurisdictions of Terrorism Financing Concern”

On February 13, 2017, Senator Bob Casey (D-PA) introduced in the Senate the “Stop Terrorist Operational Resources and Money Act” (the “STORM Act”). The purpose of the STORM Act is to “establish a designation for jurisdictions permissive to terrorism financing, to build the capacity of partner nations to investigate, prosecute, and hold accountable terrorist financiers,

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After Election 2016: 5 Legal and Business Issues to Watch in 2017

Download Infographic The dismantling of Obama-era laws and regulations, broader deregulation, and economic and political nationalism were and remain themes of the 2016 U.S. Election and presidential transition period. Donald Trump and members of the incoming Republican-controlled Congress have singled out for repeal or significant modification the Affordable Care Act (aka “Obamacare”) and the Dodd-Frank

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Do State Regulators Have Authority to Enforce OFAC Sanctions?

The enforcement of OFAC-administered sanctions by a state agency—even against banks by a banking regulator operating in a dual banking system—raises fundamental constitutional and other legal questions. Chief among them is the overarching question of whether U.S. states have authority to directly or effectively enforce OFAC-administered sanctions, particularly independently and prior to enforcement by competent

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Cross Compliance for Financial Institutions: Anti-Corruption – Anti-Money Laundering Nexus

Enforcement authorities in the US and Asia reportedly are investigating financial institutions for potentially corrupt employment and business relationships with family members of government officials. The investigations underscore policy links between anti-corruption and anti-money laundering regimes where dealings with Politically Exposed Persons (PEPs) are involved. This article, published by Hdeel Abdelhady in Butterworths Journal of Banking and Financial Law,

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