A Japanese bank agreed to pay the New York State Department of Financial Services $33 million to settle claims relating to the conduct occurring prior to the bank's conversion of its state-licensed branches to federally licensed branches in November 2017.
At a recent webinar, Cadwalader attorneys reviewed anti-money laundering developments affecting cannabis businesses, broker-dealers and blockchain, and discussed draft legislation affecting the Bank Secrecy Act.
New York Department of Financial Services Superintendent Maria Vullo reminded all DFS-regulated entities covered by DFS's cybersecurity regulation that the third transitional period of New York's "first-in-the-nation" cybersecurity regulation terminates on September 4, 2018.
The Financial Crimes Enforcement Network renewed geographic targeting orders that temporarily require U.S. title insurance companies to identify natural persons who use shell companies and pay cash for high-end residential real estate.
The New York Department of Financial Services requested comments on proposed revisions to cybersecurity rules that apply to a wide range of insurance, banking and financial services companies under its supervision.
The Investment Company Institute criticized a State of California final feasibility report recommending the establishment of state-run, tax-advantaged, retirement investment plans for workers who do not have access to an employer-sponsored retirement savings plan.