ProfessionalsJessica S. Carey
Jessica S. Carey
Partner
Tel: +1-212-373-3566
Fax: +1-212-492-0566
emailjcarey@paulweiss.com
1285 Avenue of the Americas
New York,
NY
10019-6064
Fax: +1-212-492-0566
Jessica Carey is a litigation partner with deep experience handling a range of sensitive criminal, regulatory and complex commercial litigation matters, particularly on behalf of financial institutions. She is co-chair of the Economic Sanctions & Anti-Money Laundering Practice Group, deputy chair of the White Collar & Regulatory Defense Practice Group and a member of the firm’s Management Committee. Jessica also helps clients navigate serious white collar matters and internal investigations, and represents a range of clients in securities, class action, insurance and general commercial litigation matters.
EXPERIENCE
Jessica has represented numerous financial institutions in investigations by the U.S. Department of Justice as well as federal and state banking regulators and other government agencies. She also represents banks and investment funds in securities and commercial matters in federal and state courts across the country, as well as before the SEC and federal and state regulatory authorities.
Jessica’s current and recent representations include:
- A global financial institution in investigations by various U.S. Attorney’s Offices, the SEC, and other U.S. and non-U.S. regulators of an alleged European money-laundering scheme;
- A major oil trading company in defense of antitrust, RICO and other claims related to alleged corruption in the Venezuela oil industry;
- A European financial institution in regulatory and civil matters involving the alleged manipulation of a global benchmark for interest rate swap rates and spreads;
- A major pharmaceutical company in a DOJ FCPA investigation of allegedly corrupt sales;
- An Asian financial institution in connection with a criminal investigation of anti-money laundering compliance;
- A U.S. financial institution in a federal grand jury investigation of its global compliance with Bank Secrecy Act/anti-money laundering requirements;
- A global pharmaceutical company in claims brought under the Anti-Terrorism Act;
- A financial institution in connection with sales practice and incentive compensation related issues;
- An investment bank in the trial of a securities action alleging misrepresentations of the bank’s financial condition in the run up to the financial crisis; and
- A number of financial institutions in actions in federal and state courts relating to structured mortgage products, including mortgage-backed securities and CDOs.
Jessica is recognized by Legal 500 in the Litigation: Corporate Investigations and White-Collar Criminal Defense category. In 2016, Jessica was recognized as a "Rising Star" by the New York Law Journal. She also received the “Law360 Distinguished Writing Award” at the 2017 Burton Awards. Jessica serves as co-chair of Paul, Weiss’s Women’s Initiatives Committee.
Related Resources
DOJ Announces Guidance for “Inability-to-Pay” Claims
- Oct 10, 2019
- Publications
DOJ Announces Guidance for “Inability-to-Pay” Claims
On October 8, 2019, the Criminal Division of the U.S. Department of Justice released guidance on how federal prosecutors should evaluate claims that corporations are unable to pay a proposed fine or monetary penalty.
SEC Concludes the 2018-19 Fiscal Year with Four FCPA Enforcement Actions
- Oct 08, 2019
- Publications
SEC Concludes the 2018-19 Fiscal Year with Four FCPA Enforcement Actions
The SEC closed out its 2018-19 fiscal year by resolving four FCPA enforcement actions and assessing over $25 million in combined penalties, bringing the total number of SEC resolutions in 2019 to twelve.
OFAC Reaches Settlement Agreement with U.K. Bank for Complex Payment Structures Used to Circumvent U.S. Sanctions
- Sep 19, 2019
- Publications
OFAC Reaches Settlement Agreement with U.K. Bank for Complex Payment Structures Used to Circumvent U.S. Sanctions
On September 17, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced a $4,000,000 settlement agreement with the British Arab Commercial Bank plc (“BACB”), a commercial bank located in the…
FinCEN Announces Launch of New Global Investigations Division Focused on Exercising Section 311 and Geographic Targeting Order Authorities
- Aug 30, 2019
- Publications
FinCEN Announces Launch of New Global Investigations Division Focused on Exercising Section 311 and Geographic Targeting Order Authorities
On August 28, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) announced the launch of a new Global Investigations Division (“GID”), which will be responsible for implementing “targeted investigation…
Does President Trump Have Authority to Force U.S. Companies to Leave China?
- Aug 26, 2019
- Publications
Does President Trump Have Authority to Force U.S. Companies to Leave China?
On August 23, 2019, President Trump tweeted that “American companies are hereby ordered to immediately start looking for an alternative to China, including bringing. . .your companies [home] and making products in the USA.” In further …
D.C. Circuit Upholds Decision Requiring Three Chinese Banks to Produce Documents Located in China to the U.S. Government
- Aug 12, 2019
- Publications
D.C. Circuit Upholds Decision Requiring Three Chinese Banks to Produce Documents Located in China to the U.S. Government
On July 30, 2019, the U.S. Court of Appeals for the District of Columbia affirmed civil contempt orders by the D.C. District Court against three Chinese banks for their failure to produce documents in response to U.S. government…
New York DFS Creates New Cybersecurity Division
- May 29, 2019
- Publications
New York DFS Creates New Cybersecurity Division
On May 22, 2019, the New York State Department of Financial Services (“DFS”) announced the creation of a new Cybersecurity Division, which it described as the “first of its kind at a banking or insurance regulator.”
Privilege Law Case Developments
- May 21, 2019
- Publications
Privilege Law Case Developments
In our first in a series of occasional alerts on the law of privilege, we present three recent federal court cases of potential interest.
OFAC Issues Guidance on Sanctions Compliance Programs and Flags “Root Causes” Underlying Prior Enforcement Actions
- May 14, 2019
- Publications
OFAC Issues Guidance on Sanctions Compliance Programs and Flags “Root Causes” Underlying Prior Enforcement Actions
On May 2, 2019, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued guidance entitled “A Framework for OFAC Compliance Commitments” (the “Framework”), that strongly encourages companies to “develop,…
DOJ Updated Guidance for Evaluating Corporate Compliance Programs Focuses on Effectiveness
- May 06, 2019
- Publications
DOJ Updated Guidance for Evaluating Corporate Compliance Programs Focuses on Effectiveness
On April 30, 2019, the Criminal Division of the U.S. Department of Justice released updated guidance on how prosecutors evaluate the effectiveness of corporate compliance programs.
New York DFS Creates New “Powerhouse” Division Combining the Enforcement Division and Financial Frauds and Consumer Protection Division
- May 03, 2019
- Publications
New York DFS Creates New “Powerhouse” Division Combining the Enforcement Division and Financial Frauds and Consumer Protection Division
On April 29, 2019, Linda Lacewell, the Acting Superintendent of the New York State Department of Financial Services (“DFS”), announced the combination of DFS’s previously separate Enforcement Division and Financial Frauds and Consumer …
UniCredit Group Banks Agree to Pay a Combined $1.3 Billion Penalty for Iranian and Other Sanctions Violations; One Bank Pleads Guilty
- May 01, 2019
- Publications
UniCredit Group Banks Agree to Pay a Combined $1.3 Billion Penalty for Iranian and Other Sanctions Violations; One Bank Pleads Guilty
On April 15, 2019, UniCredit Bank AG (“UCB AG”), headquartered in Munich, Germany, UniCredit Bank Austria AG (“Bank Austria”), headquartered in Vienna, Austria, and their corporate parent, UniCredit S.p.A., an Italian global banking…
Paul, Weiss Secures Dismissal of Multi-Billion-Dollar Suit Against Glencore
- Mar 11, 2019
- Client News
Paul, Weiss Secures Dismissal of Multi-Billion-Dollar Suit Against Glencore
Paul, Weiss achieved a major victory for our client Glencore when the U.S. District Court for the Southern District of Florida dismissed a lawsuit against Glencore and other oil traders for allegedly conspiring to cheat Venezuela’s…
Jessica Carey to Speak at Fordham University School of Law
- Apr 08, 2019
- Events
Jessica Carey to Speak at Fordham University School of Law
Litigation partner Jessica Carey will speak at the Fordham University School of Law’s women’s speaker series, “Breaking the Glass Ceiling.”
Jessica Carey to Deliver Keynote Address at Annual Compliance & Investigations Conference
- Apr 11, 2019
- Events
Jessica Carey to Deliver Keynote Address at Annual Compliance & Investigations Conference
Litigation partner Jessica Carey will deliver the keynote address at Gleiss Lutz’s annual Compliance & Investigations conference.
OFAC Takes Enforcement Action Against U.S. Parent Company for its Recently Acquired Chinese Subsidiary’s Iran Sanctions Violations
- Apr 01, 2019
- Publications
OFAC Takes Enforcement Action Against U.S. Parent Company for its Recently Acquired Chinese Subsidiary’s Iran Sanctions Violations
On March 27, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced a $1,869,144 settlement agreement with Connecticut-based Stanley Black & Decker, Inc. (“Stanley Black & Decker”), a…
DOJ, FBI, and CFTC Announce FCPA Policy Revisions and Initiatives
- Mar 15, 2019
- Publications
DOJ, FBI, and CFTC Announce FCPA Policy Revisions and Initiatives
The Department of Justice announced last week several revisions to its Foreign Corrupt Practices Act (“FCPA”) Corporate Enforcement Policy, which includes relaxing prior guidance on how companies should deal with employees’ use of…
In Unprecedented Move, OFAC Takes Enforcement Action Against U.S. Parent Company for Turkish Subsidiary’s Iran Sanctions Violations and Simultaneously Sanctions the Subsidiary’s Ex-Managing Director
- Feb 11, 2019
- Publications
In Unprecedented Move, OFAC Takes Enforcement Action Against U.S. Parent Company for Turkish Subsidiary’s Iran Sanctions Violations and Simultaneously Sanctions the Subsidiary’s Ex-Managing Director
On February 7, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced a $13,381 settlement agreement with Virginia-based Kollmorgen Corporation (“Kollmorgen”), a technology and manufacturing…
Paul, Weiss Hosts Cross-Canada Panel Discussion on U.S. Legal Developments
- Feb 04, 2019
- Events
Paul, Weiss Hosts Cross-Canada Panel Discussion on U.S. Legal Developments
Corporate partners Chris Cummings, Andrew Foley, Adam Givertz and Ted Maynard and litigation partners Susanna Buergel, Jessica Carey and Jaren Janghorbani participated in Paul, Weiss's 12th annual seminar on U.S. Legal Developments…
Economic Sanctions and Anti-Money Laundering Developments: 2018 Year in Review
- Feb 05, 2019
- Publications
Economic Sanctions and Anti-Money Laundering Developments: 2018 Year in Review
This memo surveys economic sanctions and AML developments and trends in 2018 and provides an outlook for the year ahead. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment.
OFAC Reaches Settlement with e.l.f. Cosmetics, Inc. for North Korea Sanctions Violations Resulting from Inadequate Supply Chain Due Diligence
- Feb 04, 2019
- Publications
OFAC Reaches Settlement with e.l.f. Cosmetics, Inc. for North Korea Sanctions Violations Resulting from Inadequate Supply Chain Due Diligence
On January 31, 2019, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced a $996,080 settlement agreement with California-based e.l.f. Cosmetics, Inc. (“ELF”), to settle its potential civil liability for …
Anti-Spoofing Enforcement: 2018 Year in Review
- Jan 07, 2019
- Publications
Anti-Spoofing Enforcement: 2018 Year in Review
The past year brought a number of significant developments in anti-spoofing enforcement under the Commodity Exchange Act (“CEA”), beginning with the January 29, 2018 coordinated statements of the Commodity Futures Trading Commission…
Court Upholds SEC Authority and Finds Broker-Dealer Liable for Thousands of Suspicious Activity Reporting Violations
- Jan 07, 2019
- Publications
Court Upholds SEC Authority and Finds Broker-Dealer Liable for Thousands of Suspicious Activity Reporting Violations
On December 11, 2018, the Securities and Exchange Commission (SEC) obtained a victory in its enforcement action against Alpine Securities Corporation, a broker that cleared transactions for microcap securities that were allegedly used …
DOJ Announces New Standards for Corporate Cooperation
- Dec 05, 2018
- Publications
DOJ Announces New Standards for Corporate Cooperation
The Department of Justice announced last week significant changes to its policies for granting corporations credit for cooperating with criminal investigations.
Preparing for an Uptick in Congressional Investigations of Corporations
- Dec 03, 2018
- Publications
Preparing for an Uptick in Congressional Investigations of Corporations
Beginning next month, Democrats will control the House of Representatives for the first time since 2010. Given the pent-up demand for House Democrats to make robust use of their oversight and investigative authorities, the current…
OFAC Reaches Settlement with Cobham Holdings, Inc. for Violations Resulting from Deficient Screening Software
- Nov 29, 2018
- Publications
OFAC Reaches Settlement with Cobham Holdings, Inc. for Violations Resulting from Deficient Screening Software
On November 27, 2018, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced a nearly $90,000 settlement agreement with Virginia-based Cobham Holdings, Inc. (“Cobham”), a global provider of technology and…
Magistrate Judge Recommends Dismissal of Multi-Billion-Dollar Suit Against Glencore
- Nov 05, 2018
- Client News
Magistrate Judge Recommends Dismissal of Multi-Billion-Dollar Suit Against Glencore
Paul, Weiss achieved a major victory for our client Glencore when a magistrate judge in the Southern District of Florida recommended the complete dismissal of claims against Glencore and other oil traders for allegedly conspiring to…
CFTC Issues Largest Ever Whistleblower Award and First Award to a Foreign Whistleblower
- Jul 30, 2018
- Publications
CFTC Issues Largest Ever Whistleblower Award and First Award to a Foreign Whistleblower
On July 12 and 16, 2018, the Commodity Futures Trading Commission (“CFTC” or “Commission”) announced two landmark awards to whistleblowers. The first was an award of approximately $30 million, by far the CFTC’s largest award to a…
The New York Court of Appeals Rules That Martin Act Claims Are Subject to a Three-Year Statute of Limitations
- Jun 14, 2018
- Publications
The New York Court of Appeals Rules That Martin Act Claims Are Subject to a Three-Year Statute of Limitations
On June 12, 2018, in People v. Credit Suisse Securities (USA) LLC, et al., the New York Court of Appeals held that claims brought under the Martin Act—New York’s uniquely broad Blue Sky Law, a powerful tool that permits the Attorney…
Jessica Carey Speaks at Commercial Bar Association Meeting in Vienna
- May 31, 2018
- Events
Jessica Carey Speaks at Commercial Bar Association Meeting in Vienna
Litigation partner Jessica Carey spoke on Recent Developments in Banking Disputes at The Commercial Bar Association’s North American Meeting in Vienna on May 31.
Supreme Court Rules That Costs of Internal Investigation Are Not Recoverable As Restitution under the Mandatory Victims Restitution Act of 1996
- May 30, 2018
- Publications
Supreme Court Rules That Costs of Internal Investigation Are Not Recoverable As Restitution under the Mandatory Victims Restitution Act of 1996
On May 29, 2018, in Lagos v. United States, the Supreme Court unanimously held that the Mandatory Victims Restitution Act of 1996 (the “MVRA”)[1] does not require a criminal defendant to pay the costs and attorneys’ fees associated…
DOJ Issues New Policy on Coordination of Corporate Penalties to Address “Piling On”
- May 10, 2018
- Publications
DOJ Issues New Policy on Coordination of Corporate Penalties to Address “Piling On”
Yesterday, Rod Rosenstein, Deputy Attorney General of the U.S. Department of Justice, announced a new policy, in the form of an addition to the United States Attorneys’ Manual (“USAM”), concerning the coordination of corporate…
President Trump Withdraws the United States from the Iran Nuclear Deal
- May 09, 2018
- Publications
President Trump Withdraws the United States from the Iran Nuclear Deal
On May 8, President Trump announced the unilateral withdrawal of the United States from the Iran nuclear deal, the Joint Comprehensive Plan of Action.
United States v. Litvak: Second Circuit Rejects Challenge to the Materiality of Misstatements but Overturns Conviction a Second Time Due to Agency-Relationship Testimony
- May 07, 2018
- Publications
United States v. Litvak: Second Circuit Rejects Challenge to the Materiality of Misstatements but Overturns Conviction a Second Time Due to Agency-Relationship Testimony
On May 3, 2018, for the second time, the Court of Appeals for the Second Circuit overturned the conviction of former Jefferies trader Jesse Litvak for alleged misstatements to an RMBS transaction counterparty.
Trump Administration Imposes New Sanctions on Russian Oligarchs and Government Officials
- Apr 10, 2018
- Publications
Trump Administration Imposes New Sanctions on Russian Oligarchs and Government Officials
On April 6, 2018, the Trump administration imposed new sanctions on 7 Russian oligarchs, 12 companies they own or control, 17 Russian government officials, and a state-owned Russian weapons trading company and its subsidiary, a…
Economic Sanctions and Anti-Money Laundering Developments: 2017 Year in Review
- Mar 27, 2018
- Videos
Economic Sanctions and Anti-Money Laundering Developments: 2017 Year in Review
In this video, litigation partners Mike Gertzman, Jessica Carey and Roberto Gonzalez and counsel Rachel Fiorill offer guidance for bolstering compliance as they discuss recent developments in sanctions and AML policy and enforcement.
Beyond Disgorgement: The Impact of Kokesh on the SEC’s Pursuit of Equitable Remedies
- Feb 23, 2018
- Publications
Beyond Disgorgement: The Impact of Kokesh on the SEC’s Pursuit of Equitable Remedies
Since the Supreme Court ruled last June in Kokesh v. SEC that disgorgement claims are subject to a five-year statute of limitations, both lower courts and the SEC have grappled with questions the Court left unresolved, including…
U.S. Supreme Court Narrows Scope of Whistleblower Anti-Retaliation Protections
- Feb 22, 2018
- Publications
U.S. Supreme Court Narrows Scope of Whistleblower Anti-Retaliation Protections
The Supreme Court held yesterday that individuals who have reported alleged misconduct internally, but not to the SEC, are not covered by the anti-retaliation provisions of the Dodd-Frank Act, resolving a circuit split on the…
U.S. Bancorp Enters into Deferred Prosecution Agreement and Related Resolutions and Agrees to Pay $613 million for BSA/AML Failures
- Feb 21, 2018
- Publications
U.S. Bancorp Enters into Deferred Prosecution Agreement and Related Resolutions and Agrees to Pay $613 million for BSA/AML Failures
A week after the announcement of a guilty plea and penalty related to Rabobank N.A.’s anti-money laundering violations, the DOJ announced on February 15 that it had entered into a deferred prosecution agreement with U.S. Bancorp,…
Increasing Regulatory Focus on Reforming Financial Institution Culture and Addressing Employee Misconduct Risk
- Feb 21, 2018
- Publications
Increasing Regulatory Focus on Reforming Financial Institution Culture and Addressing Employee Misconduct Risk
Since the financial crisis—and more recently in the wake of the Wells Fargo sales practices scandal and the benchmark manipulation enforcement actions—bank regulators in the United States and around the world have become increasingly…
Recent Decision Finds Waiver Based on “Oral Downloads” to the SEC
- Feb 14, 2018
- Publications
Recent Decision Finds Waiver Based on “Oral Downloads” to the SEC
A federal magistrate judge in the Southern District of Florida recently ruled that a law firm had waived work product protection over notes and memoranda of witness interviews when it provided “oral downloads” of those interviews to…
Rabobank Pleads Guilty to Obstructing OCC Supervision and Agrees to Pay $368 Million for Permitting and Concealing BSA/AML Failures
- Feb 13, 2018
- Publications
Rabobank Pleads Guilty to Obstructing OCC Supervision and Agrees to Pay $368 Million for Permitting and Concealing BSA/AML Failures
The DOJ and the Office of the Comptroller of the Currency recently imposed a $368 million penalty on the U.S. subsidiary of Dutch-based Rabobank. The bank also pleaded guilty to conspiracy to obstruct regulatory oversight of its Bank …
Implications of the Federal Reserve’s Enforcement Action Against Wells Fargo
- Feb 12, 2018
- Publications
Implications of the Federal Reserve’s Enforcement Action Against Wells Fargo
On February 2, 2018, the Federal Reserve Board issued an unprecedented enforcement action against Wells Fargo & Company, prohibiting its asset growth until improvements in board oversight and firmwide risk management systems are…
Second Circuit Vacates and Remands Judgment against Arab Bank in Antiterrorism Act Lawsuit
- Feb 12, 2018
- Publications
Second Circuit Vacates and Remands Judgment against Arab Bank in Antiterrorism Act Lawsuit
On February 9, 2018, the United States Court of Appeals for the Second Circuit handed down a decision recognizing important limitations on the scope of the Antiterrorism Act (“ATA”).
Treasury Department Releases Report Listing Russian Senior Political Figures and Oligarchs
- Feb 05, 2018
- Publications
Treasury Department Releases Report Listing Russian Senior Political Figures and Oligarchs
On January 29, 2018, the Treasury Department submitted to Congress a report pursuant to Section 241 of the Countering America’s Adversaries Through Sanctions Act (“CAATSA”).
Jessica Carey and Peter Jaffe to Participate in Anticorruption Conference Hosted by ICC
- Feb 01, 2018
- Events
Jessica Carey and Peter Jaffe to Participate in Anticorruption Conference Hosted by ICC
On February 1, litigation partner Jessica Carey and counsel Peter Jaffe will participate in a conference on anticorruption hosted by the International Chamber of Commerce at Universidad Panamerica in Mexico.
Economic Sanctions and Anti-Money Laundering Developments: 2017 Year in Review
- Jan 23, 2018
- Publications
Economic Sanctions and Anti-Money Laundering Developments: 2017 Year in Review
Economic sanctions and anti-money laundering remain top U.S. regulatory priorities, with federal and state agencies imposing over $2.5 billion in penalties in 2017.
Paul, Weiss Achieves Pro Bono Victory in Second Department
- Jan 10, 2018
- Client News
Paul, Weiss Achieves Pro Bono Victory in Second Department
The New York Appellate Division affirmed a Family Court decision vacating a neglect finding made against a Paul, Weiss pro bono client.
New York DFS Issues $11 Million Fine for AML Deficiencies
- Jan 05, 2018
- Publications
New York DFS Issues $11 Million Fine for AML Deficiencies
The New York Department of Financial Services recently announced a consent order and imposed an $11 million penalty against a major Korean bank, NongHyup Bank, and its New York branch for repeatedly failing to maintain an adequate…
U.S. Sanctions Relating to Russia and Ukraine: Navigating the Current Landscape
- Dec 20, 2017
- Publications
U.S. Sanctions Relating to Russia and Ukraine: Navigating the Current Landscape
In light of the recent changes and increasing complexity in Russia/Ukraine-related sanctions, this memorandum provides an overview of the sanctions program as it exists today, focusing on both primary sanctions restrictions and…
Recent Public Remarks by Co-Directors of SEC Enforcement Division Signal Potential Changing Enforcement Priorities
- Oct 31, 2017
- Publications
Recent Public Remarks by Co-Directors of SEC Enforcement Division Signal Potential Changing Enforcement Priorities
Recent remarks by top officials at the SEC’s Division of Enforcement suggest changes in the enforcement environment, including a de-emphasis on the “broken windows” strategy focusing on minor violations and on settlements requiring…
President Trump Announces Intent to “De-Certify” Iran’s Compliance with the Joint Comprehensive Plan of Action
- Oct 13, 2017
- Publications
President Trump Announces Intent to “De-Certify” Iran’s Compliance with the Joint Comprehensive Plan of Action
President Trump announced that he will not certify Iran’s compliance with the Joint Comprehensive Plan of Action, the multi-lateral commitment under which the United States, European Union, and five other countries agreed to lift…
President Trump Signs Executive Order Authorizing Sweeping Secondary Sanctions on Entities Involved in North Korean Trade
- Sep 26, 2017
- Publications
President Trump Signs Executive Order Authorizing Sweeping Secondary Sanctions on Entities Involved in North Korean Trade
On September 21, President Trump signed an executive order authorizing the Treasury Department to impose secondary sanctions against individuals and entities, including non-U.S. financial institutions, for conducting or facilitating…
New York DFS Pursues $630 Million Fine Against Bank for Alleged Anti-Money Laundering and Sanctions Compliance Failures
- Aug 30, 2017
- Publications
New York DFS Pursues $630 Million Fine Against Bank for Alleged Anti-Money Laundering and Sanctions Compliance Failures
The New York State Department of Financial Services (DFS) recently announced that it seeks to impose a nearly $630 million civil penalty against a non-U.S. bank and its New York branch for alleged persistent anti-money laundering and …
President Trump Signs Sanctions Legislation Targeting Russia, North Korea and Iran, Creating New Compliance Risks for U.S. and Non-U.S. Companies
- Aug 03, 2017
- Publications
President Trump Signs Sanctions Legislation Targeting Russia, North Korea and Iran, Creating New Compliance Risks for U.S. and Non-U.S. Companies
President Trump recently signed into law H.R. 3364, the “Countering America’s Adversaries Through Sanctions Act.” The law significantly expands U.S. sanctions targeting Russia and restricts President Trump’s ability to lift them…
OFAC Breaks New Ground By Penalizing Non-U.S. Companies for Making U.S. Dollar Payments Involving a Sanctioned Country
- Jul 28, 2017
- Publications
OFAC Breaks New Ground By Penalizing Non-U.S. Companies for Making U.S. Dollar Payments Involving a Sanctioned Country
On July 27, 2017, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $12 million settlement with two Singapore-based companies over their use of U.S. dollar payments in connection with providing…
Second Circuit Rejects District Court’s Attempt to Scrutinize DPA
- Jul 18, 2017
- Publications
Second Circuit Rejects District Court’s Attempt to Scrutinize DPA
For the second time in two years, a federal appeals court has rejected a district court’s attempt to scrutinize a deferred prosecution agreement. The July 12 decision in U.S. v. HSBC Bank resolves, at least in the Second Circuit, the…
Client Alert: The Regulatory and Enforcement Outlook for Financial Institutions in 2017
- Feb 22, 2017
- Publications
Client Alert: The Regulatory and Enforcement Outlook for Financial Institutions in 2017
Economic sanctions, anti-money laundering and cybersecurity remain at the forefront of U.S. regulatory priorities. In this memorandum, we survey major developments and trends in these areas in 2016 and early 2017 and provide an…
Deutsche Investment Management Americas Obtains Appellate Dismissal of CDO-Related Lawsuit
- Nov 04, 2016
- Client News
Deutsche Investment Management Americas Obtains Appellate Dismissal of CDO-Related Lawsuit
In a victory for Paul, Weiss client Deutsche Investment Management Americas Inc. (DIMA) on November 3, the New York Supreme Court, Appellate Division, First Department dismissed fraud claims brought by Aozora, a Japanese bank,…
Client Alert: Federal Banking Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cybersecurity Standards
- Oct 21, 2016
- Publications
Client Alert: Federal Banking Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cybersecurity Standards
On October 19, the Federal Reserve Board ("Board"), the Federal Deposit Insurance Corporation ("FDIC"), and the Office of the Comptroller of the Currency ("OCC") jointly issued an advanced notice of proposed rulemaking ("ANPR")…
Client Alert: What to Look for in Tomorrow’s Supreme Court Argument in Key Insider Trading Case
- Oct 04, 2016
- Publications
Client Alert: What to Look for in Tomorrow’s Supreme Court Argument in Key Insider Trading Case
For the first time in nearly twenty years, the United States Supreme Court will hear oral argument tomorrow in a case directly addressing the scope of insider trading liability.
New York Court Dismisses Disability Insurance Class Action Against Chubb
- Sep 19, 2016
- Client News
New York Court Dismisses Disability Insurance Class Action Against Chubb
The U.S. District Court for the Southern District of New York dismissed a putative class action against Paul, Weiss client Federal Insurance Company, a member of the Chubb Group of Insurance Companies, that alleged that…
Client Alert: New York DFS Proposes New Rules on Cybersecurity
- Sep 15, 2016
- Publications
Client Alert: New York DFS Proposes New Rules on Cybersecurity
On Tuesday, the New York Department of Financial Services ("DFS") proposed new rules that would require covered financial institutions to establish and maintain cybersecurity programs designed to protect consumers and the…
Client Alert: Treasury and Federal Banking Agencies Clarify BSA/AML and Sanctions Enforcement Standards for Foreign Correspondent Banking Relationships
- Sep 01, 2016
- Publications
Client Alert: Treasury and Federal Banking Agencies Clarify BSA/AML and Sanctions Enforcement Standards for Foreign Correspondent Banking Relationships
On August 30, 2016, the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of…
Litigation Partners Author Article on New York’s New AML and Sanctions Requirements
- Jul 10, 2016
- Publications
Litigation Partners Author Article on New York’s New AML and Sanctions Requirements
Firm chair Brad Karp and litigation partners Roberto Gonzalez, Michael Gertzman, Jessica Carey and Roberto Finzi co-authored a client memorandum that was featured on the Harvard Law School Forum on Corporate Governance and…
New York DFS Finalizes Stringent Anti-Money Laundering and Sanctions Regulation
- Jul 01, 2016
- Publications
New York DFS Finalizes Stringent Anti-Money Laundering and Sanctions Regulation
Following Maria Vullo's confirmation as Superintendent earlier this month, the New York Department of Financial Services ("DFS") yesterday finalized its closely watched proposed regulation on anti-money laundering (AML) monitoring and …
Richard Rosen and Jessica Carey Co-Author Article on PSLRA’s Safe Harbor in Insights
- Jun 20, 2016
- Publications
Richard Rosen and Jessica Carey Co-Author Article on PSLRA’s Safe Harbor in Insights
Litigation partners Richard A. Rosen and Jessica S. Carey co-authored an article in the May issue of Insights. The article, titled "The Safe Harbor for Forward-Looking Statements after Twenty Years," explores case law…
Client Alert: FinCEN Issues Sweeping New Requirements on Collection of Beneficial Ownership Information and Customer Due Diligence
- May 10, 2016
- Publications
Client Alert: FinCEN Issues Sweeping New Requirements on Collection of Beneficial Ownership Information and Customer Due Diligence
On May 6, 2016, the U.S. Treasury Department's Financial Crimes Enforcement Network ("FinCEN") released a final rule codifying new and existing customer due diligence ("CDD") requirements under the Bank Secrecy Act ("BSA") for covered …
Client Alert: D.C. Circuit Reverses Rejection of Deferred Prosecution Agreement
- Apr 07, 2016
- Publications
Client Alert: D.C. Circuit Reverses Rejection of Deferred Prosecution Agreement
It has been a longstanding practice for courts to defer to the judgment of the government regarding the terms of a deferred prosecution agreement ("DPA"). A key component of this deference is a willingness by courts to toll …
Deutsche Bank Wins First Department Appeal in CDO Suit
- Mar 31, 2016
- Client News
Deutsche Bank Wins First Department Appeal in CDO Suit
The Appellate Division of the New York Supreme Court, First Department unanimously affirmed the dismissal by the Commercial Division's Justice Jeffrey Oing of Aozora Bank, Ltd.'s claims against Paul, Weiss clients Deutsche Bank…
Roberto Gonzalez and Jessica Carey Co-Author Article on AML Enforcement in The National Law Journal
- Feb 22, 2016
- Publications
Roberto Gonzalez and Jessica Carey Co-Author Article on AML Enforcement in The National Law Journal
Litigation partners Roberto Gonzalez and Jessica Carey co-authored an article in the February 22 issue of The National Law Journal.
FinCEN Imposes Anti-Money Laundering Reporting Requirements
- Feb 02, 2016
- Publications
FinCEN Imposes Anti-Money Laundering Reporting Requirements
The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders ("GTO") imposing temporary reporting requirements on title insurers with respect to "all-cash" purchases of high-end…
Awards & Recognition
Jessica Carey and Roberto Gonzalez Receive Law360 Distinguished Writing Award
- Mar 28, 2017
- Awards
Jessica Carey and Roberto Gonzalez Receive Law360 Distinguished Writing Award
Litigation partners Jessica Carey and Roberto Gonzalez have been selected to receive the “Law360 Distinguished Writing Award” at the 2017 Burton Awards.
Jessica Carey and Salvatore Gogliormella Named Rising Stars by New York Law Journal
- Apr 06, 2016
- Awards
Jessica Carey and Salvatore Gogliormella Named Rising Stars by New York Law Journal
Litigation partner Jessica Carey and real estate partner Salvatore Gogliormella have been named New York Law Journal Rising Stars for 2016.