text: FTC identifies enforcement priorities for investigations
  The Federal Trade Commission has voted to approve a series of resolutions authorizing investigations into key law enforcement priorities for the next decade. Specifically, the resolutions direct agency staff to use "compulsory process," such as subpoenas, to investigate seven specific enforcement priorities. Priority targets include repeat offenders; technology companies and digital platforms; and healthcare businesses such as pharmaceutical companies, pharmacy benefits managers, and hospitals. The agency is also prioritizing investigations into harms against workers and small businesses, along with harms related to the COVID-19 pandemic. Finally, at a time when merger filings are surging, the agency is ramping up enforcement against illegal mergers, both proposed and consummated.
  FinCEN likely to issue No-Action Letters
  FinCEN yesterday announced it has completed a report on its assessment of whether to establish a process for the issuance of no-action letters in response to inquiries concerning the application of the Bank Secrecy Act and other anti-money laundering and countering the financing of terrorism laws to specific conduct. As required by section 6305 of the Anti-Money Laundering Act of 2020 (AML Act), the report was delivered on June 28 to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services. FinCEN's assessment included consultation with the Attorney General, the federal functional regulators, state bank supervisors, state credit union supervisors, and other federal agencies, as required by the AML Act.
  Acting FinCEN Director Michael Mosier said "FinCEN concludes that a no-action letter process would be a useful complement to its current forms of regulatory guidance and relief. FinCEN looks forward to continuing to engage with our government partners and the public during a future rulemaking process to ensure all constructive feedback is considered on this important issue."
  As set forth in the report, FinCEN concluded that it should plan towards a rulemaking to create a process for issuing no-action letters in addition to its current forms of regulatory guidance and relief, with the timing subject to resource limitations and competing priorities.
  California bank employee and friend charged with insider trading
  The SEC has announced it has settled insider trading charges against Bay Area bank employee Mounir N. Gad and his friend Nathan E. Guido.
  Order against Gad
  Order against Guido
  FTC sues online marketer of COVID-19 masks
  The Federal Trade Commission has filed a federal court complaint charging an online marketer with falsely promising consumers that he could quickly deliver face masks and other personal protective equipment during the COVID-19 pandemic, then failing to deliver on customers' orders or offer cancellations or refunds.
  The complaint alleges that Frank Romero (d/b/a Trend Deploy) took advantage of consumers' fear of COVID-19 by advertising the availability and quick delivery of PPE, including N95 face masks, even though he had no basis to make those promises. Romero allegedly failed to deliver PPE on time (if at all), failed to notify consumers of delayed shipments, failed to offer the cancellations and refunds required by the Commission's Mail Order Rule, and failed to honor requests for refunds so consumers could buy these products elsewhere. When Romero eventually did deliver, the complaint states, he often sent products inferior to those consumers ordered. Most notably, he advertised N95 masks, but allegedly delivered cloth masks instead.
  The FTC alleges that in addition to violating the COVID-19 Consumer Protection Act and the Mail Order Rule, Romero's deceptive and unfair conduct also violated the FTC Act's UDAP prohibitions. In its complaint, the agency is seeking monetary relief for consumers and civil penalties.
  FinCEN issues national AML/CFT priorities and statements
  Yesterday, FinCEN announced it had issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) policy (the "Priorities"), following consultation with other relevant Department of the Treasury offices, as well as federal and state regulators, law enforcement, and national security agencies. In no particular order, these include: corruption, cybercrime, domestic and international terrorist financing, fraud, transnational criminal organizations, drug trafficking organizations, human trafficking and human smuggling, and proliferation financing.
  FinCEN also issued two statements — one from FinCEN and an interagency statement from the federal banking agencies, state bank and credit union regulators, and FinCEN — to provide guidance to covered institutions on how to approach the Priorities.
  The Anti-Money Laundering Act of 2020 (the "AML Act") requires the Secretary of the Treasury, in consultation with the Attorney General, federal functional regulators, relevant state financial regulators, and relevant national security agencies, to establish and make public priorities for anti-money laundering and countering the financing of terrorism policy (AML/CFT Priorities).
  Yesterday's publication of the AML/CFT Priorities does not create an immediate change to Bank Secrecy Act (BSA) requirements or supervisory expectations for banks. The AML Act requires that, within 180 days of the establishment of the AML/CFT Priorities, FinCEN (in consultation with federal functional regulators and relevant state financial regulators) shall, as appropriate, promulgate regulations regarding the AML/CFT Priorities. Although not required by the AML Act, the federal banking agencies plan to revise their BSA regulations, as necessary, to address how the AML/CFT Priorities will be incorporated into banks' BSA requirements.
  Banks are not required to incorporate the AML/CFT Priorities into their risk-based BSA compliance programs until the effective date of the final revised regulations. Nevertheless, in preparation for any new requirements when those final rules are published, banks may wish to start considering how they will incorporate the AML/CFT Priorities into their risk-based BSA compliance programs, such as by assessing the potential related risks associated with the products and services they offer, the customers they serve, and the geographic areas in which they operate.
  FinCEN also issued a message from Acting Director Michael Mosier listing FinCEN's achievements toward implementation of the AML Act in the 180-days since its enactment.
  Additional information on FinCEN's ongoing efforts related to the Anti-Money Laundering Act of 2020 can be found at a dedicated page on FinCEN's website.