USA Law and Practice Contributed by: Emily Hughes, Charles Kalil, Cori Lable and Ryan Raybould, Kirkland & Ellis
or between the USA and another country, knowing the funds were the proceeds of unlawful activity and knowing the movement was designed to conceal the unlawful activity. Violators face up to 20 years in prison, a fine of up to USD500,000 or twice the value of the property involved, whichever is greater, and the mandatory for - feiture of property involved in the offence or traceable to the offence, or of substitute assets (18 USC Section 982 (a)(1) and (b)(2)). Under 18 USC Section 1957, liability extends to per - sons who knowingly engage in monetary transactions. Violators face up to ten years’ imprisonment and a maximum fine of USD250,000, or not more than twice the amount of the criminally derived property involved in the transaction. Financial institutions have obligations under the Bank Secrecy Act (BSA) and related regulations to help detect and report suspicious activity, and must file a currency transaction report for transactions involving more than USD10,000. Courts may punish individu - als for structuring transactions to evade the reporting requirement. Financial institutions must also establish effective programmes to combat money laundering. BSA compliance is enforced by the Department of Treas - ury (“Treasury”) and violators face a fine of up to USD250,000 and imprisonment for up to five years for wilful violations. On 4 September 2024, Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule adding certain registered investment advisers and exempt reporting advisers to the definition of “finan - cial institution” under the regulations implementing Federal regulators including the DOJ, CFTC and SEC, as well as a number of US states, have recognised or pursued enforcement actions related to ESG practices under a variety of state and federal statutes (such as the Uyghur Forced Labor Prevention Act (UFLPA)) and legal theories including carbon market fraud, securi - the BSA, effective 1 January 2026. 3.14 ESG-Related Offences
ties fraud, greenwashing or environmental fraud, ESG investment fraud, false claims, consumer fraud, and anti-competitive business practices. 3.15 Artificial Intelligence and Automation Misuse The DOJ generally enforces offences related to new technologies under traditional criminal laws, such as fraud. In April 2025, the DOJ charged Albert Saniger with securities fraud and wire fraud for claiming that his company was fully automated based on AI, while allegedly employing hundreds of overseas contract workers to manually complete tasks. Wire fraud is punishable by up to 20 years in prison, and securi - ties fraud is punishable with up to 25 years in prison, depending on the particular statute. 3.16 Crypto-Assets and Digital Currency Crimes The DOJ generally enforces offences related to digi - tal currencies under traditional criminal laws. For example, wire fraud, money laundering, sanctions violations, and unlicensed money transmission laws have been used recently to prosecute criminal activ - ity involving crypto-assets and digital currencies. On 7 April 2025, the DOJ issued a memorandum entitled “Ending Regulation by Prosecution” that set forth the Trump administration’s crypto enforcement priorities. The memo stated that the DOJ would focus more on holding individuals accountable (as opposed to, for example, unwitting companies whose platforms are abused by wrongdoers), and reduce charges based on securities violations or registration requirements, unless there is evidence of wilful misconduct. Wheth - er crypto-assets are classified as securities, com - modities or something else involves a case-by-case determination that could impact the legal enforcement options available to a prosecutor, and the involvement of other enforcement authorities beyond the DOJ. 4. Pleas and Defences 4.1 White-Collar Defences Common defences to white-collar crimes include the following.
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