Judge Bacharach went the furthest of any judge, holding that he would reverse the dismissal of the amended complaint completely. As to the issue of ripeness, and in contrast to Judge Matheson, he found that there was “relative certainty” that the FRB still would deny Fourth Corner’s master account application even if it stated in any new application that it would only serve MRBs if legally allowed to do so. Judge Bacharach therefore reached the substantive issues in FRB’s motion to dismiss. He credited Fourth Corner’s commitment to obey the law and stated the district court erred in (i) improperly discounting Fourth Corner’s stated intent and (ii) failing to presume that Fourth Corner would obey the ruling of the court that serving MRBs is illegal. This was especially so where Fourth Corner through its declaratory action acknowledged the court’s role as arbiter of the law.
In addition, Asif has also consulted with large international and domestic financial institutions on the design and maintenance of their AML and sanctions compliance functions, particularly those under enforcement actions with Federal regulators to address process design, policy and procedure development, risk assessments, controls design, and enforcement action remediation. Asif also managed and participated in several large scale money laundering investigations and Know Your Customer remediation projects for large international correspondent, commercial, and retail banks.