NY Department of Financial Services (NYDFS)

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

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

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