The New York Department of Financial Services adopted final revisions to its new cybersecurity regulations, which apply to a wide range of insurance, banking and financial services companies.
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Deutsche Bank AG agreed to pay a $425 million fine and hire an independent compliance monitor to settle New York Department of Financial Services charges alleging that traders in a Moscow affiliate of the bank conducted a money laundering "mirror-trading" scheme.
The Office of the Comptroller of the Currency ("OCC") examined risks facing national banks and federal savings associations. In its Semiannual Risk Perspective for Fall 2016, the OCC concluded that high compliance risk continues for these institutions.
The Office of the Comptroller of the Currency issued guidance on best practices for banks conducting periodic risk evaluations of foreign correspondent accounts.
The Financial Action Task Force updated the list of jurisdictions considered to have material deficiencies with respect to anti-money laundering or countering the financing of terrorism.