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Thad McBride

Thad McBride advises public and private companies on the legal considerations essential to successful business operations in a global marketplace. He focuses his practice on counseling clients on compliance with U.S. export regulations (ITAR and EAR), economic sanctions and embargoes, import controls (CBP), and the Foreign Corrupt Practices Act (FCPA). He also advises clients on anti-boycott controls, and assists companies with matters involving the Committee on Foreign Investment in the United States (CFIUS). Thad supports international companies across a range of industries, including aviation, automotive, defense, energy, financial services, manufacturing, medical devices, oilfield services, professional services, research and development, retail, and technology. Beyond advising on day-to-day compliance matters, Thad regularly assists clients in investigations and enforcement actions brought by government agencies, including the U.S. Department of Justice (DOJ), the U.S. Treasury Department Office of Foreign Assets Control (OFAC), the U.S. State Department Directorate of Defense Trade Controls (DDTC), Customs and Border Protection (CBP), the U.S. Commerce Department Bureau of Industry & Security (BIS), and the Securities & Exchange Commission.

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This Post at a Glance:

  • FinCEN imposes $2 million penalty against community bank
  • Bank failed to conduct appropriate due diligence related to Mexican customer
  • Small banks, other financial institutions need to recognize obligations under Bank Secrecy Act

On October 27, 2017, the U.S. Financial Crimes Enforcement Network (FinCEN) announced a $2 million fine against Lone Star National Bank, an independent community bank in Texas, for “willfully violating” anti-money laundering (AML) requirements of the Bank Secrecy Act (BSA).  FinCEN, which is part of the U.S. Treasury Department, has a primary role in safeguarding the U.S. financial system against money laundering and other illicit uses.Continue Reading Anti-Money Laundering Update: FinCEN Makes Small Texas Bank Pay Big Fine for Violating Bank Secrecy Act

Thad McBride Provides Insight to The New York Times on CFIUS Raised Scrutiny of Foreign Investments in the U.S.In a November 8 article in the New York Times, I provided insight on increased scrutiny of foreign investments in the U.S by the Committee on Foreign Investment in the United States (CFIUS). Lawmakers recently introduced legislation that would expand CFIUS authority, at least in part due to lawmakers’ concerns about continuing Chinese investment…

The Future of U.S. Sanctions on Iran | Webinar | Thad McBride: PresenterU.S. Sanctions on Iran continue to be in a state of flux.  Yet the opportunities in Iran mean that more and more companies are considering the possibility of entering the Iranian market.  The continued uncertainty regarding the future of U.S. Sanctions on Iran implies the need for international companies to be prepared for any possible…

Thad McBride | Export Controls: Compliance Challenges and Best Practices | WebinarI am presenting a Clear Law Institute (CLI) webinar titled, “Export Controls: Compliance Challenges and Best Practices.” As the government continues to aggressively enforce its export laws, it is increasingly essential for exporters to understand the laws and their corresponding obligations. This webinar will explore the key challenges companies face when engaging in export transactions,…

More Acquisitions May Be Blocked in the Future

Last month, asserting national security concerns, President Trump blocked a $1.3 billion acquisition of Oregon-based Lattice Semiconductor by a subsidiary of the Canyon Bridge Fund (Canyon Bridge), a private equity fund backed by Chinese investors.  This is one of the few instances to date in which a sale to a non-U.S. buyer of a U.S. company has been blocked under rules administered by the U.S. Committee on Foreign Investment in the United States (CFIUS).  Yet the facts of this matter suggest that more potential acquisitions are likely to be blocked in the future.Continue Reading CFIUS, POTUS Block Chinese Acquisition of U.S. Semi-conductor Maker

Over the past month, we have closely monitored efforts by the U.S. Congress to tie the president’s hands over sanctions on Russia.  Today, the president signed the Countering America’s Adversaries Through Sanctions Act (CAATSA or the Act), which will have a significant impact on numerous U.S. industries operating in Russia.  And Russia’s response to the legislation indicates that further tensions between the United States and Russia – and possibly additional sanctions on both sides – are likely to follow.
Continue Reading New Law Extends U.S. Sanctions Against Russia

  • Penalty imposed against Exxon related to contracts with Russian oil company Rosneft
  • Rosneft is not a prohibited party but its president is
  • OFAC alleges that “senior-most” Exxon management were involved
  • Exxon responds with suit against OFAC

On July 20, 2017, the U.S. Treasury Department Office of Foreign Assets Control (OFAC) announced that ExxonMobil (Exxon) must pay a $2 million penalty for violating U.S. sanctions on Russia.  On the same day, Exxon responded by suing OFAC.Continue Reading U.S. Penalizes Exxon for Violating U.S. Sanctions on Russia, May Have Complicated How U.S. Companies do Business in Russia

  • Proposed legislation would extend sanctions on Russia and Iran
  • New restrictions aimed at Russian energy sector and cybercriminals
  • Legislation may pit Senate against House and the president

On June 19, 2017, the U.S. Senate overwhelmingly passed a bill mandating sanctions against Russia and Iran and a 30-day congressional review period should the president attempt to reduce those sanctions.

The bill remains in the House after congressional leaders challenged the fact that the revenue-raising bill did not originate in the House. The White House nonetheless is in the unenviable position of having to defend (or oppose) the implementation of sanctions against both Iran and Russia while attempting to conduct diplomacy with the Kremlin.  With a veto-proof majority in at least one chamber, the president’s options appear limited.Continue Reading Senate Passes Russia and Iran Sanctions Legislation

I provided insights for an article in Compliance Reporter discussing the Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017 and the heightened compliance measures financial institutions may face if the bill is passed in the Senate. The bill would put forth an increased ability for regulators to crack down on questionable activity occurring beyond U.S. borders by reviewing records of coordinating institutions stateside.
Continue Reading Senate AML Bill Would Raise KYC Burdens

From the Bass, Berry & Sims Blog Network
From the Bass, Berry & Sims Blog Network

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