The Office of the Comptroller of the Currency imposed a civil monetary penalty against a bank for failing to establish safe and sound practices with respect to its anti-money laundering operational framework and its "heightened standards" obligations.
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New York Attorney General Letitia James sued a bank for failing to (i) protect victims of electronic fraud and (ii) reimburse their losses.
A non-U.S. bank and its New York State branch settled separate charges with the Federal Reserve Board and the New York Department of Financial Services for unauthorized disclosure of confidential supervisory information and anti-money laundering and related violations.
Federal Reserve Board Vice Chair for Supervision Michael S. Barr argued that good cyber defense is "not sufficient" to address cyberattacks; he emphasized that banks must focus on operational resilience and improved risk management to confront the threat.
The New York State Department of Financial Services fined and delicensed a virtual currency trading firm for numerous compliance violations of New York State's Virtual Currency Regulation.