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Entries in New York State Department of Financial Services (3)

Tuesday
Nov182014

Run-amok compliance officers cost Bank of Tokyo Mitsubishi $315 million for sanctions report whitewash

The New York State Department of Financial Services (DFS) Tuesday levied $315 million in penalties against Bank of Tokyo Mitsubishi UFJ (BTMU) for misleading regulators regarding its transactions with Iran, Sudan, Myanmar, and other sanctioned entities.

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Friday
Jul112014

BNP compliance staff first warned top execs, but later disguised misconduct 

Image courtesy of RT.com via YouTubeBNP Paribas SA ignored the warnings of its compliance staff as the bank broke U.S. sanctions, but the compliance team helped hide the origins of the transactions from U.S. authorities, according to the bank's guilty plea this week.

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Tuesday
Dec032013

New York considers "BitLicenses" to regulate virtual currencies

On November 14, the New York State Department of Financial Services (NYDFS) announced that it will hold a public hearing on virtual currency regulation soon (date to be determined) in New York City. The goal of regulation is to provide greater security when it comes to its use, while allowing this new technology to grow.

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