Benjamin W. Hutten
Counsel
Biography
Benjamin W. Hutten is Counsel in the New York office of Buckley LLP. He advises foreign and domestic financial institutions and corporations on financial crimes compliance and enforcement issues, including sanctions administered by the Office of Foreign Assets Control (OFAC) and anti-money-laundering (AML). He also provides investigative and enforcement defense services regarding federal and state financial services issues.
Mr. Hutten has a deep understanding of sanctions and AML regulations and enforcement. In addition to his client work, he has participated in numerous financial industry group regulatory initiatives related to sanctions and AML issues, including The Clearing House Guiding Principles for Anti-Money Laundering Policies and Procedures in Correspondent Banking, initiatives to address “de-risking,” and initiatives related to BSA information sharing. Mr. Hutten also conducts international trainings in AML and sanctions issues for the Financial Services Volunteer Corps.
His experience includes:
- Representing numerous foreign financial institutions in cross-border, multiagency criminal and regulatory investigations into past compliance with U.S. sanctions
- Drafting a global U.S. sanctions compliance program for a global systemically important banking organization
- Drafting AML and OFAC compliance programs for a host of entities, ranging from export-import businesses, fintechs, banks, money transmitters and lenders
- Assisting multiple corporate and financial institution clients to respond to OFAC subpoenas and submit voluntary self-disclosures to OFAC related to apparent violations of OFAC requirements
- Conducting AML and OFAC risk assessments for corporate and financial institution clients
- Advising foreign and domestic financial institutions in public and nonpublic regulatory examinations and enforcement actions by OFAC, the Federal Reserve, Office of the Comptroller of the Currency (OCC), and New York State Department of Financial Services (NYDFS)
- Assisting financial institutions to conduct AML and sanctions-related internal investigations and look-back reviews
- Conducting AML and sanctions-related due diligence on a host of domestic and cross-border transactions, including corporate financings, mergers, acquisitions, joint ventures and syndicated lending
- Advising financial institutions and corporates in the areas of bank regulation, sanctions and anti-money laundering, such as assessing proposed transactions for sanctions compliance, improving compliance programs to meet regulatory expectations, advising on money services business licensing requirements and preparing voluntary self-disclosures to OFAC
Mr. Hutten has been recognized by Best Lawyers in America as "One to Watch" and by Super Lawyers as a "Rising Star." Prior to joining Buckley Mr. Hutten was an Associate at Sullivan & Cromwell LLP. He received his J.D. from New York Law School (summa cum laude) and his B.A. from Vassar College (Phi Beta Kappa).
In The News
Benjamin W. Hutten quoted in S&P Global article, “Banks can expect return to strict oversight of anti-money laundering rules”
The S&P Global article, “Banks can expect return to strict oversight of anti-money laundering rules,” examined how the country’s emergence from Covid-19, coupled with the recently enacted U.S sanctions against Russia, will lead to a renewed focus on AML enforcement. There is general agreement...
In The NewsBenjamin W. Hutten extensively quoted in American Banker article, “Harsher sanctions against Russia could hurt U.S. banks”
The American Banker article, “Harsher sanctions against Russia could hurt U.S. banks,” discussed the effects of Russia’s invasion of Ukraine on the financial system of Russia and its impact reaching many U.S. depository institutions. It is expected that compliance with this round of sanctions will...
In The NewsBenjamin W. Hutten extensively quoted in CoinDesk article, “Chatex users ask US Treasury to release crypto frozen by sanctions”
The CoinDesk article, “Chatex users ask US Treasury to release crypto frozen by sanctions,” discussed the recent sanctions against Chatex, which allegedly facilitated transactions for multiple ransomware variants leaving 370,000 registered users unable to make withdrawals from their accounts...
In The NewsBenjamin W. Hutten extensively quoted in CoinDesk article, “ConsenSys Suddenly Bars Iranian Students from Ethereum Coding Class”
The CoinDesk article, “ConsenSys Suddenly Bars Iranian Students from Ethereum Coding Class,” discussed the removal of 50 Iranian students from the ConsenSys Academy, an educational branch of the New York City-based block chain software technology company in mid-November. It is not clear if the...
In The NewsBenjamin W. Hutten quoted in American Banker article, "Will AML rules be extended to crypto?”
In the American Banker article, “Will AML rules be extended to crypto?” Ben Hutten noted that "Congress has viewed cryptocurrency as a gap in the protection of the U.S. financial system from illicit funds. The nature of illicit finance is that when one area becomes more heavily regulated, illicit...
In The NewsBenjamin W. Hutten quoted in ACAMS article, “FinCEN’s ‘no-action letters’ face hurdles"
Benjamin W. Hutten was quoted in the ACAMS article, “FinCEN’s ‘no-action letters’ face hurdles,” which discussed how limited resources and bureaucracy could delay the Financial Crimes Enforcement Network’s development of a new regulatory-relief program. Institutions can seek the agency’s...
In The NewsBenjamin W. Hutten quoted in American Banker article, "Banks fear AML relief may be slow to materialize”
In the American Banker article, “Banks fear AML relief may be slow to materialize,” Benjamin W. Hutten discusses a potential compliance burden for banks — not knowing how FinCEN plans to verify the data put into its new beneficial owners database. Hutten noted, “The Corporate Transparency Act...
In The NewsBenjamin W. Hutten quoted in American Banker article, "Banks fear AML relief may be slow to materialize”
In the American Banker article, “Banks fear AML relief may be slow to materialize,” Benjamin W. Hutten discusses a potential compliance burden for banks — not knowing how FinCEN plans to verify the data put into its new beneficial owners database. Hutten noted, “The Corporate Transparency Act...
In The NewsBenjamin W. Hutten quoted in American Banker article, “Democrats’ sweep helps pot banking’s cause, but battle is far from over”
Benjamin W. Hutten was quoted in the American Banker article, “Democrats’ sweep helps pot banking’s cause, but battle is far from over,” which reported that although the option of enacting the SAFE Banking Act or the STATES Act would help pot banking reform, banks may not take on new clients or...
In The NewsBenjamin Hutten extensively quoted in Capitol Forum article, “New Fortress Energy: Nicaraguan government nationalizes counterparties to company’s largest growth project, providing both clarity and increased risk”
Benjamin Hutten was extensively quoted on December 23, 2020, in a Capitol Forum article, “New Fortress Energy: Nicaraguan government nationalizes counterparties to company’s largest growth project, providing both clarity and increased risk,” which reported that Nicaraguan President Daniel Ortega...
In The NewsBenjamin Hutten extensively quoted in Capitol Forum article, "New Fortress Energy: Contract with Nicaraguan company with strong ties to sanctioned entity and unknown ownership raises red flags”
Benjamin Hutten was extensively quoted on October 19, 2020, in a Capitol Forum article, “New Fortress Energy: Contract with Nicaraguan company with strong ties to sanctioned entity and unknown ownership raises red flags, potentially exposing New Fortress to legal risk, experts say,” which discussed...
In The NewsBuckley Sandler Announces Six Promotions for 2018
WASHINGTON, D.C. (Jan. 17, 2018) – Buckley Sandler LLP today announced the promotion of six associates in three of its offices to counsel, effective Jan. 1, 2018. “These six attorneys have worked diligently on behalf of our clients and are well deserving of promotion to counsel, “ said Andrew L...
Press ReleasesBenjamin W. Hutten Quoted in ACAMS Article, “US Shipping Ban Against North Korea Draws Concern from Banks: Sources”
Benjamin Hutten was quoted on December 12, 2017 in an ACAMS article, “US Shipping Ban Against North Korea Draws Concern from Banks: Sources,” which discussed the scrutiny banks will receive following an executive order in relation to North Korea sanctions. The article stated, “Executive Order 13810...
In The News
Publications
"Building effective internal communication channels" by Daniel R. Alonso, Andrew P. Pennacchia, Benjamin W. Hutten, and Norma Ramirez-Marin (from The Guide to Corporate Compliance, 2nd Ed.)
Daniel R. Alonso, Andrew P. Pennacchia, Benjamin W. Hutten, and Norma Ramirez-Marin wrote “Building effective internal communication channels,” a chapter in The Guide to Corporate Compliance, published by Latin Lawyer and designed to assist key corporate decision makers and their...
Books"Reaching overseas: U.S. AML reform expands foreign bank subpoena power" by Daniel R. Alonso and Benjamin W. Hutten (American Bar Association Section of International Law Newsletter)
In one of its first acts of 2021, the United States Congress enacted the Anti-Money Laundering Act of 2020 (AMLA), which significantly expands the U.S. government’s ability to subpoena records of foreign banks held outside the United States. Before the enactment of AMLA, the USA PATRIOT Act...
Articles"Compliance lessons in recent Office of Foreign Assets Control enforcement" by Benjamin W. Hutten (Journal of Financial Compliance)
In May 2019, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), which administers US sanctions laws, issued a broad framework identifying what OFAC views as the essential elements of risk-based sanctions compliance. At the same time, OFAC announced that it would consider...
Articles"Building effective internal communication channels" by Daniel R. Alonso, Andrew P. Pennacchia, Benjamin W. Hutten, Norma Ramirez-Marin (from The Guide to Corporate Compliance)
Daniel R. Alonso, Andrew P. Pennacchia, Benjamin W. Hutten, and Norma Ramirez-Marin wrote “Building effective internal communication channels,” a chapter in The Guide to Corporate Compliance, published by Latin Lawyer Insight and designed to assist key corporate decision makers and...
Books"Paycheck Protection Program poses AML compliance challenges" by Benjamin W. Hutten (Bloomberg Law)
Promised relief started flowing to small businesses recently under the $350 billion Paycheck Protection Program established by the Coronavirus Aid, Relief, and Economic Security Act, but many lenders releasing funds now face a substantial compliance burden: establishing an anti-money-laundering...
Articles"Getting the cash out of cannabis" by Benjamin W. Hutten (Bloomberg Law)
States began legalizing cannabis businesses in 1996, and, ever since, Congress and financial regulators have grappled with how to bank the cannabis industry—so far with little success. Most of the billions of dollars in annual cannabis sales are still in cash, putting the industry and its employees...
Articles"The hazy legal landscape of cannabis: A review" by Fredrick S. Levin and Benjamin W. Hutten (Los Angeles Daily Journal)
The legality of cannabis varies widely on what product is at issue and what law applies. There is significant divergence, and at times direct conflict, between state and federal laws. Under federal law, a slight difference in chemical composition or the marketed use of a product can determine...
Articles"Banks need to prep for OFAC Cuban ‘U-Turn’ exception limits" by Benjamin W. Hutten (Bloomberg Law)
The Department of the Treasury’s Office of Foreign Assets Control recently announced changes to its Cuba sanctions intended to further financially isolate the Cuban government. Most importantly, OFAC will effectively rescind the “U-Turn,” an exception to the Cuban embargo that allowed U.S. banks to...
Articles"BSA/AML Compliance and Enforcement" By Brendan Clegg and Benjamin W. Hutten (ABA Bank Compliance)
After nine months in office, it seems unlikely that the administration’s efforts to change the existing financial industry regulatory regime will affect enforcement of the Bank Secrecy Act (BSA) and its implementing regulations. To the contrary—it appears that law enforcement and national security...
ArticlesBenjamin W. Hutten Authored The Review of Banking & Financial Services Article, "FinCEN's Customer Due Diligence and Beneficial Ownership Rule"
On May 11, 2016, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) published a long-awaited final rule, Customer Due Diligence Requirements for Financial Institutions (the “Final Rule”). The Final Rule, which impacts anti-money laundering (“AML”)-related obligations...
ArticlesSpecial Alert: OCC to Issue Guidance on "De-Risking" in Foreign Correspondent Banking Relationships
OCC Comptroller Thomas J. Curry announced Wednesday during a speech at the Association of Certified Anti-Money Laundering Specialists (ACAMS) conference that the OCC is developing guidance around “de-risking” in foreign correspondent banking relationships. Following the joint fact sheet published...
Articles
Awards and Recognitions
Awards & Recognitions
- Best Lawyers One to Watch 2022: Banking and Finance Law
- Best Lawyers One to Watch 2021: Banking and Finance Law
- Super Lawyers Rising Star 2018-2020: New York Metro: Banking