The lawyers at Fridman Fels & Soto are experts in providing advice to clients regarding anti-money laundering laws and regulations and anti-money laundering compliance programs.

Money laundering can begin with the simple initiation of a financial transaction involving funds tied to a violation of a set of federal laws enumerated by statute in 18 United States Code, Section 1956 called “specified unlawful activity.” There are, in fact, two federal money laundering statutes, Section 1956 and Title 18, United States Code, Section 1957. Each statute criminalizes the making or use of a financial transaction involving criminally derived property, including but not limited to moving funds that were made from unlawful activities into legitimate resources while concealing their identity, source, and destination. Section 1956 carries a 20-year maximum sentence of imprisonment, while section 1957 carries a 10-year maximum sentence. The government can also seize, freeze, and forfeit cash, funds held in bank accounts, securities held in brokerage accounts, real estate, or other property connected to the money laundering scheme. Any business entity involved in facilitating the movement of such tainted money can face penalties for money laundering. 

At Fridman Fels & Soto, we leverage our experience as former federal prosecutors to defend clients facing money laundering charges. We understand what the government must prove: that the defendant knowingly made or caused a financial transaction to occur knowing that the funds were derived from some form of unlawful activity and that the funds were derived from or used to promote or conceal specified unlawful activity. We have the experience necessary to achieve successful outcomes for our clients.

The firm’s Anti-Money Laundering (“AML”) practice provides legal advice to all types of businesses with respect to compliance with federal and state anti-money laundering laws and regulations, including the U.S. Bank Secrecy Act as amended by the USA PATRIOT Act.  We represent clients in criminal and regulatory government investigations. Our team has experience as government lawyers with the U.S. Department of Justice (DOJ), the U.S. Securities and Exchange Commission (SEC), and the U.S. Attorneys’ Offices, as well as the representations of business in private practice.

Our practice includes advising securities broker-dealers, investment advisors, money services businesses, other financial services businesses, and foreign nationals with business interests in the United States regarding compliance with Bank Secrecy Act and AML laws and regulations. 

We also provide legal advice regarding economic sanctions laws and regulations administered and enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), other economic sanctions laws and regulations, the U.S. Foreign Corrupt Practices Act (FCPA), and non-U.S. anti-bribery laws.

We also advise clients in connection with regulatory enforcement actions before state and regulatory authorities, including Florida’s Office of Financial Regulation, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), the IRS, the SEC, the Financial Industry Regulatory Authority (FINRA), including assisting clients in cooperation and remediation to mitigate or avoid financial penalties.

We represent clients in connection with federal and state criminal money laundering and BSA investigations and prosecutions, including those involving the DOJ, the U.S. Attorneys’ Offices, and the Miami-Dade State Attorney’s Office. We also conduct internal investigations involving money laundering BSA, and FCPA violations.