The cyber security risk is at the top of everyone’s agenda, and with the advent of GDPR, we should all now be taking it very seriously (if we are not already).  However it is now the time for financial services regulators to overlay data protection laws with their specific defined laws and rules. The first […]

The PRA has fined the following (both including a 30 per cent discount) for failing to inform the PRA, in breach of the PRA’s Fundamental Rule 7, of an investigation of BTM by the New York Department of Financial Services (DFS). The Bank of Tokyo-Mitsubishi Limited (BTM) £17.85 million and MUFG Securities EMEA (MUS) £8.925 […]

Alongside The New York State Department of Financial Services [DFS] DEUTSCHE BANK $425 MILLION FINE the DFSA have also fined; Intesa Sanpaolo S.p.A. = $235 million; Agricultural Bank of China = $215 million; and Mega Bank of Taiwan = $185 million. Today’s action further highlights the importance of DFS’s new risk-based anti-terrorism and anti-money laundering […]

The New York State Department of Financial Services [DFS] FINES DEUTSCHE BANK $425 MILLION FOR RUSSIAN MIRROR-TRADING SCHEME. The Bank Allowed Traders to Engage in a Money-Laundering Scheme Using “Mirror Trades” That Improperly Shifted $10 Billion Out of Russia. DFS Directs Bank to Hire an Independent Monitor to Review and Report on Its Existing Compliance […]

New York’s top financial regulator slapped a “Panama Papers”-linked bank with a $180 million fine for anti-money laundering violations. Mega Bank, a $103 billion Taiwanese bank with one New York office, ignored the risks associated with transactions involving Panama, a high-risk area for money laundering, the state Department of Financial Services said in a statement […]

New York’s top financial services regulator released new rules Thursday on the creation, testing and updating of transaction monitoring and sanctions screening systems, but compromised on a proposal that would have required chief compliance officers in writing to “certify” the effectiveness of these systems in stopping financial crime. The final rules issued by the New […]

Governor Andrew M. Cuomo has announced that the Bank of Tokyo Mitsubishi-UFJ (BTMU) has agreed to pay $250 million to the New York State Department of Financial Services (DFS) for allegedly handling financial transactions involving countries and entities subject to international sanctions and removing details of international transactions. DFS alleges that BTMU conducted nearly 28,000 […]