All NYDFS articles – Page 3
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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York State Department of Financial Services fined United Arab Emirates-based Mashreqbank $100 million for violating now-repealed Sudanese sanctions regulations and for having in place an inadequate compliance program.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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ArticleAdrienne 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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ArticleRobinhood 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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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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ArticleClimate-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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ResourceWhite 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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ArticleFirst American first charged with NYDFS cyber-regulation abuses
First American Title Insurance Company has become the first firm to face charges alleging violations of the New York State Department of Financial Services’ Cybersecurity Regulation.
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ArticleDeutsche Bank rightly paying the price for looking the other way on Epstein
In terms of Know Your Customer, Deutsche Bank knew what it had with Jeffrey Epstein. It just didn’t care enough to do anything about it.
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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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ArticleIndustrial Bank of Korea to pay $86M for sanctions compliance failures
The Industrial Bank of Korea and its New York branch will pay a total of $86 million to resolve charges for systemic sanctions compliance failures that allowed more than $1 billion to be illegally transferred to the government of Iran.
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ArticleNYDFS: Implementation deadline for cyber-security regulation approaching
The final implementation period for the New York Department of Financial Services’ landmark cyber-security regulation ends March 1, meaning that DFS-regulated entities and licensed persons covered by the regulation must be in full compliance by that time.
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Blog
NYDFS fines Standard Chartered $40M for attempts to rig FX transactions
The New York Department of Financial Services has fined Standard Chartered Bank $40 million for attempting to rig transactions in foreign exchange markets between 2007 and 2013.
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Blog
NYDFS to get new leadership
New York Governor Andrew Cuomo has announced the nomination of Linda Lacewell to be superintendent of the state’s Department of Financial Services.
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Blog
Mashreq responds to NYDFS consent order
Mashreqbank has issued a statement in response to its consent order reached with the New York State Department of Financial Services on Oct 18 for violations of U.S. Bank Secrecy Act and Anti-Money Laundering laws in the New York branch’s U.S. dollar clearing operations.
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Blog
N.Y. regulator fines NRA-branded insurance provider
New York’s Department of Financial Services has announced that Lockton Affinity and its parent company will pay a $7 million fine for serving as the administrator of the National Rifle Association-branded “Carry Guard” insurance program.
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