December 5, 2019
Partner Jeffrey Alberts will be a speaker at "Supreme Court's Reconsideration of Auer Deference May Undermine FFIEC Manual," a CLE webinar hosted by West LegalEdcenter.
Regulations governing BSA/AML compliance are often ambiguous, leading to disagreements with regulators about whether financial institutions are in compliance with those regulations. Federal and state banking regulators frequently cite to the FFIEC's Bank Secrecy Act/Anti-Money Laundering Examination Manual ("FFIEC Manual") to support their view that financial institutions are not in compliance with applicable BSA/AML regulations. This program will provide an overview of the FFIEC Manual's historical usage as an authority on BSA/AML compliance by banking regulators and the courts. Using the Supreme Court's recent decision in Kisor v. Wilkie as a starting point, this program will then discuss whether it is appropriate for banking regulators and the courts to look to the FFIEC Manual as an authority on the meaning of ambiguous BSA/AML regulations. The new test for deference to agency interpretations of ambiguous regulations set forth in Kisor will be discussed, as will the practical implications of the Supreme Court's decision for banks and banking attorneys who are dealing with regulators' assertions of apparent violations of ambiguous regulations.
To learn more or register for this event, please click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.