All NYDFS articles – Page 2
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Article
EyeMed 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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Article
John 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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Article
Robinhood 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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Article
NYDFS 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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Article
Lummis-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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Article
MoneyGram, 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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Article
MoneyGram sets aside $15.8M to settle NYDFS, CFPB investigations
MoneyGram disclosed it expects to pay a total of $15.8 million to settle two separate investigations by the New York State Department of Financial Services and the Consumer Financial Protection Bureau.
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Article
NYDFS 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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Article
National 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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Article
Adrienne Harris confirmed to lead NYDFS
Former U.S. Treasury official Adrienne Harris was confirmed to be the first Black woman to officially lead the New York State Department of Financial Services.
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Article
NYDFS 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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Article
Ignoring 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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Article
NYDFS 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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Article
Adrienne Harris nominated to lead NYDFS
The new head of New York’s Department of Financial Services is expected to be Adrienne Harris, who was nominated to the post by Gov. Kathy Hochul.
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Article
Robinhood Crypto anticipates $10M penalty for cyber, AML failures
Robinhood Markets said its cryptocurrency platform might face a penalty of “at least” $10 million from the New York State Department of Financial Services for anti-money laundering and cyber-security failures.
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Article
Takeaways 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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Article
NYDFS 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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Article
Cyber-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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Article
Climate-related risk disclosures reach global boiling point
From local governments around the world to U.S. regulators to activist investors, the debate over corporate climate-related risk disclosures is approaching a boiling point.
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Resource
White paper: 10 Essential Steps to NYDFS Compliance
The New York Department of Financial Services (NYDFS) Cybersecurity Regulation, also known as 23 NYCRR 500, consists of rigorous cybersecurity rules for covered financial institutions like credit unions, banks and insurance firms.
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