The Office of the Comptroller of the Currency (OCC) and the New York Department of Financial Services (NYDFS) each recently took significant steps to address the key impediments for virtual currency (VC) companies in the U.S. First, on June 24, NYDFS announced significant updates to its approach on Bitlicenses, New York’s business license for VC
NY Department of Financial Services (NYDFS)
Industrial Bank of Korea Agrees to a Deferred Prosecution Agreement and $86 Million in Penalties for Violations of the Bank Secrecy Act That Allowed Evasion of Sanctions on Iran
On April 20, 2020, the U.S. Attorney for the Southern District of New York (SDNY) announced that the Industrial Bank of Korea (IBK) agreed to a deferred prosecution agreement (DPA) and $51 million penalty related to a one-count felony information charging IBK with violating the Bank Secrecy Act (BSA). On the same day, the New…
NYDFS Implements First-In-The-Nation Cybersecurity Rule for Covered Financial Services Companies
On February 16, 2017, the New York Department of Financial Services (NYDFS) published a final rule (the “Rule”) imposing new cybersecurity requirements on covered financial institutions. The Rule takes effect on March 1, 2017; however, covered institutions will have 180 days to come into compliance with most requirements, with longer transition periods of 1-2 years…
NYDFS Requires Board or Senior Officers to Certify AML and Sanctions Compliance; Issues Additional Program Rules
On June 30, 2016, the New York State Department of Financial Services (NYDFS) adopted a final rule imposing new anti-money laundering (AML) and economic sanctions requirements on banks and other financial institutions regulated by the agency.
The rule applies to: (1) banks, trust companies, private bankers, savings banks, and savings and loan associations chartered under…