All New York State Department of Financial Services articles
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PremiumChapter 4: Investigations into misconduct: What banks can do
Both JPMorgan Chase and Deutsche Bank retained their respective Jeffrey Epstein relationships for too long. Yet, there is a case to be made for why exiting a high-risk relationship too soon can become an inverse form of recklessness.
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PremiumChapter 1: Compliance v. complicity: The ‘underbelly’ of bank culture
Why were decisions made the way they were at the banks that serviced Jeffrey Epstein? Evidence points to a cultural tension: a tug-of-war between the allure of profit and the drag of compliance, with the former having all the pulling power.
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News BriefNYDFS fines Gemini $37M over compliance failures
The New York State Department of Financial Services fined cryptocurrency exchange Gemini Trust Company $37 million over alleged compliance failures related to lapses in safety and soundness.
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PremiumExperts: Good data breach response grounded in preparation
Two chief compliance officers and an attorney discussed preparation for the “when, not if” threat of a data breach during a panel at CW’s Cyber Risk & Data Privacy Summit.
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News BriefNYDFS: Banks must vet execs, including CCOs, ‘not just upon hiring’
The New York State Department of Financial Services released final guidance on how banks and non-depository financial institutions should vet executives, including chief compliance officers, before and during their employment.
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News BriefICBC fined $32M by NYDFS, Fed over compliance lapses
The Industrial and Commercial Bank of China and its New York branch agreed to pay $32.4 million in penalties levied by two regulators for failing to address compliance failures and for the unauthorized disclosure of confidential supervisory information to an overseas regulator.
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News BriefNYDFS proposes AI use guidance for insurers
The New York State Department of Financial Services issued for public comment guidance for insurers operating in the state regarding their use of artificial intelligence systems and other predictive technologies.
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News BriefGenesis Global Trading fined $8M by NYDFS over AML, cyber lapses
Virtual currency brokerage firm Genesis Global Trading agreed to pay an $8 million penalty levied by the New York State Department of Financial Services for alleged compliance failures that left it vulnerable to illicit activity and cybersecurity threats.
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News BriefNYDFS issues guidance for responding to climate-related risks
The New York State Department of Financial Services issued guidance to regulated banking and lending institutions on managing material financial and operational risks related to climate change.
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News BriefFirst American fined $1M by NYDFS over 2019 cybersecurity breach
First American Title Insurance Company agreed to pay a $1 million fine and implement stronger compliance measures for not securing customers’ personal data, the New York State Department of Financial Services announced.
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News BriefAmended N.Y. cyber regs up pressure on financial firms to combat risks
New York will require financial institutions to conduct risk assessments more often and improve governance under a broad update to the state’s cybersecurity regulations.
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News BriefMetropolitan Commercial Bank fined $30M for third-party oversight failings
New York-based Metropolitan Commercial Bank was assessed nearly $30 million in penalties by federal and state banking regulators for failing to properly oversee a third-party program manager whose prepaid cards were a popular target of fraud during the Covid-19 pandemic.
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PremiumShinhan Bank enforcements a lesson in not prioritizing compliance
The recent $25 million in combined penalties levied against South Korean-based Shinhan Bank by three U.S. regulators was the culmination of the bank’s failure over an eight-year period to timely correct deficiencies with its anti-money laundering and Bank Secrecy Act processes.
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News BriefShinhan Bank America fined $25M for repeat AML compliance failures
The American branch of South Korea-based Shinhan Bank agreed to pay $25 million across settlements with three separate regulators for admitted violations of the Bank Secrecy Act and anti-money laundering requirements.
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News BriefN.Y. cyber strategy puts pressure on banks, energy sector
New York will closely monitor the cybersecurity protections in place at institutions in the financial and energy sectors as part of its first statewide cybersecurity strategy.
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News BriefOneMain Financial fined $4.25M in NYDFS cybersecurity case
Mortgage servicer OneMain Financial Group will pay $4.25 million to settle allegations it left customer information vulnerable to cyberattacks by failing to implement required controls under New York’s cybersecurity law.
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News BriefNYDFS proposes enhanced character reviews for bank officers, including CCOs
Banks operating in New York would have to step up their vetting of executives and senior officers, including chief compliance officers, under new guidance proposed by the New York State Department of Financial Services.
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News BriefNew York vies to lead way on cryptocurrency regulation
New York would be the first state in the nation to comprehensively regulate cryptocurrency under a sweeping bill introduced by Attorney General Letitia James.
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News BriefCoinbase to pay $100M after NYDFS probe into compliance lapses
Cryptocurrency exchange Coinbase agreed to pay $100 million as part of a settlement with the New York State Department of Financial Services for compliance failures that opened the door for criminals to carry out illegal activity through the platform.
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ArticleNYDFS issues guidance for banks interested in virtual currency
The New York State Department of Financial Services issued guidance outlining guidelines banks and financial institutions must follow to engage in virtual currency activities in the state.