Benjamin W. Hutten is Counsel in the New York office of Buckley LLP. He provides regulatory and compliance counsel, as well as internal investigative and enforcement defense services, to foreign and domestic corporations and financial institutions regarding federal and state financial services issues. He also advises clients on financial crimes compliance and enforcement issues, including sanctions administered by the Office of Foreign Assets Control (OFAC) and anti-money laundering (AML).
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
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).
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 Releases
Benjamin 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
Benjamin W. Hutten Quoted in ACAMSMoneyLaundering.com Article, “US Banks Frequently Fail to Identify All Correspondent Clients: Regulator”
Benjamin W. Hutten was quoted on April 21, 2017 in an article on ACAMSMoneyLaundering.com regarding “US Banks Frequently Fail to Identify All Correspondent Clients: Regulator.” The article discussed the struggle by U.S. financial institutions to properly identify and monitor foreign banks and...In The News
Benjamin W. Hutten Quoted in Association of Certified Financial Crime Specialists Article, "In Wake of OFAC Action Against Canadian Payment Processor, Bank to Review Customers, Policies"
Benjamin W. Hutten was quoted on September 29, 2016 in an Association of Certified Financial Crime Specialists article, "In Wake of OFAC Action Against Canadian Payment Processor, Bank to Review Customers, Policies." According to the article, during the week of September 19, the U.S. government “...In The News
"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 Daniel P. Stipano and 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
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, Daniel P. Stipano, Katherine L. Halliday, 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
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 Daniel P. Stipano, 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...Articles
Daniel P. Stipano and Benjamin 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...Articles
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 & Recognitions
- Super Lawyers Rising Star 2018-2019: New York Metro: Banking
- J.D., New York Law School
- B.A., Vassar College
- New York