Tag Archives: M. Kendall Day

The Top 5 Mid-Year Developments in Anti-Money Laundering Enforcement in 2024

by Stephanie Brooker, M. Kendall Day, Ella Capone, Chris Jones, and Ben Schlichting

Photos of the authors

From left to right: Stephanie Brooker, M. Kendall Day, Ella Capone, Chris Jones, and Ben Schlichting. (Photos courtesy of Gibson Dunn & Crutcher LLP)

In this piece, we analyze some of the most important mid-year trends and developments in AML regulation and enforcement thus far in 2024.  Overall, 2024 has been very active, including key proposed and finalized rules, DOJ policy initiatives, and a notable judicial opinion discussed below.  For a longer version of this piece, please visit Gibson Dunn’s website.

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To Disclose or Not to Disclose: Analyzing the Consequences of Voluntary Self-Disclosure for Financial Institutions

by F. Joseph Warin, M. Kendall Day, Stephanie L. Brooker, Adam M. Smith, Linda Noonan, Elissa N. Baur, Stephanie L. Connor, Alexander R. Moss, and Jaclyn M. Neely.

One of the most frequently discussed white collar issues of late has been the benefits of voluntarily self-disclosing to the U.S. Department of Justice (“DOJ”) allegations of misconduct involving a corporation.  This is the beginning of periodic analyses of white collar issues unique to financial institutions, and in this issue we examine whether and to what extent a financial institution can expect a benefit from DOJ for a voluntary self-disclosure (“VSD”), especially with regard to money laundering or Bank Secrecy Act violations.  Although the public discourse regarding VSDs tends to suggest that there are benefits to be gained, a close examination of the issue specifically with respect to financial institutions shows that the benefits that will confer in this area, if any, are neither easy to anticipate nor to quantify.  A full consideration of whether to make a VSD to DOJ should include a host of factors beyond the quantifiable benefit, ranging from the likelihood of independent enforcer discovery; to the severity, duration, and evidentiary support for a potential violation; and to the expectations of prudential regulators and any associated licensing or regulatory consequences, as well as other factors.  Continue reading