All New York State Department of Financial Services articles – Page 2
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ArticleEyeMed fined $4.5M over cybersecurity lapses that led to breach
EyeMed Vision Care agreed to pay $4.5 million as part of a settlement with the New York State Department of Financial Services for cybersecurity control failures that helped enable a 2020 data breach.
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ArticleJohn Hancock to repay $23.8M over N.Y. insurance law violations
John Hancock Life & Health Insurance Company will return a total of $23.8 million to customers and the state of New York and pay a $2.5 million fine for violations of the state’s law regarding the handling of long-term care insurance policies.
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ArticleRobinhood Crypto fined $30M for AML, cybersecurity failures
Robinhood Crypto agreed to pay a $30 million fine to the New York State Department of Financial Services for “significant failures” in its Bank Secrecy Act/anti-money laundering and cybersecurity compliance programs.
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ArticleNYDFS penalizes Carnival $5M for cybersecurity failures
The New York State Department of Financial Services announced a $5 million penalty against Carnival Corp. for “significant” cybersecurity failures, including not implementing basic protocols to prevent four separate data breaches from 2019-21.
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ArticleLummis-Gillibrand bill would regulate crypto for first time
The Responsible Financial Innovation Act, introduced by Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), seeks to regulate digital assets, blockchain technology, and cryptocurrencies in the United States for the first time.
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ArticleMoneyGram, NYDFS agree on $8.25M settlement for supervision lapses
MoneyGram will pay $8.25 million as part of a settlement with the New York State Department of Financial Services for supervision failures regarding local agents processing suspicious transactions in China.
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ArticleNYDFS investigating Coinbase’s compliance practices
The New York State Department of Financial Services has initiated an investigation into cryptocurrency exchange platform Coinbase relating to its compliance program.
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ArticleNational Bank of Pakistan to pay $55.4M for AML compliance lapses
The National Bank of Pakistan and its New York branch must pay $55.4 million in total penalties in settlements with two U.S. regulators for deficiencies in the bank’s risk management and anti-money laundering compliance program.
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ArticleNYDFS guidance addresses common MFA problems—and how to fix them
The New York State Department of Financial Services outlined common vulnerabilities in multi-factor authentication and how to address them from a cybersecurity risk management standpoint.
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ArticleIgnoring compliance, Mashreqbank fined $100M for Sudan sanctions violations
The New York State Department of Financial Services fined United Arab Emirates-based Mashreqbank $100 million for violating now-repealed Sudanese sanctions regulations and for having in place an inadequate compliance program.
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ArticleNYDFS first state banking regulator to establish Climate Risk Division
The New York State Department of Financial Services announced the creation of a new Climate Risk Division to oversee regulated entities’ efforts at managing the financial risks of climate change.
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ArticleTakeaways from NYDFS ransomware guidance
The New York State Department of Financial Services has issued guidance for regulated entities describing best practices for reducing the risk of a ransomware attack.
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ArticleNYDFS fines mortgage banker $1.5M for cyber-security violations
The New York State Department of Financial Services fined Residential Mortgage Services $1.5 million for violating New York’s cyber-security regulation.
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ArticleCyber-insurance: Why you need it and how to choose the right plan
As cyber-attacks surge, the need for cyber-insurance is growing more urgent. But it’s critical for companies to first familiarize themselves with how to navigate the labyrinth of cyber-insurance products on the market so that they are properly covered.
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ArticleDeutsche dinged $150M for compliance failures related, in part, to Jeffrey Epstein
Deutsche Bank will pay $150 million in penalties under a consent order with New York State for “significant compliance failures” regarding, in part, its former relationship with accused child sex trafficker Jeffrey Epstein.
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Blog
Deutsche Bank fined $205M for ‘unsound’ conduct in Forex trading business
The New York State Department of Financial Services has fined Deutsche Bank $205 million as part of a consent order for violations of New York banking law in its Forex trading business.
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