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From the Editor: The Lawsky Legacy
By Kieran Beer
printReports that Benjamin Lawsky will step down early next year as superintendent of the New York State Department of Financial Services highlight how time can paradoxically seem to pass both quickly and slowly, almost simultaneously. It was only in May 2011 that Lawsky was named superintendent, but his tenure has been marked by a flurry of enforcement actions and initiatives that make it seem like only yesterday when he first got the world's attention by threatening to revoke Standard Chartered's banking license in August 2012. And despite his relatively short tenure, it's hard to imagine any NYSDFS superintendent but Lawsky....
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There are all those sayings about how the optimist and the pessimist encounter the world, starting with the old "glass half-full or half-empty" adage. The 33rd Cambridge International Symposium on Economic Crime offered fodder aplenty for both world views earlier this month in the United Kingdom.
An expected New York State regulatory proposal is likely to raise questions on how much senior bank executives can and should know about their anti-money laundering programs, according to compliance experts.
Standard Chartered Bank will pay New York $300 million for anti-money laundering violations, a sum nearly 90 percent of a separate fine paid by the institution to the state in 2012 for related sanctions troubles.
PricewaterhouseCoopers will pay $25 million and revise its consulting practices after removing incriminating findings from a 2008 report drafted for Japan's largest bank, a New York State regulator said.
BNP Paribas pleaded guilty and agreed to pay nearly $9 billion to settle charges that it knowingly violated U.S. sanctions against four nations despite previous warnings from American officials.
As U.S. officials and bankers debate the merits and drawbacks of an expected $10 billion sanctions settlement with BNP Paribas, their French counterparts are offering a more unified response: outrage.
New York's financial regulator Thursday said a Japanese bank must pay $250 million for breaking a state recordkeeping law-the second time the agency has used the rule against sanctions violators.
Deloitte Financial Advisory Services must pay New York $10 million and refrain from consulting additional state-regulated banks for one year after improperly sharing client data with Standard Chartered.
A law enforcement and regulatory probe into potential sanctions violations by BNP Paribas centers on transactions tied to Sudan, according to an individual with direct knowledge of the matter.
A New York agency's threat to revoke Standard Chartered Bank's state license for alleged sanctions violations is based on a flawed understanding of U.S. Treasury regulations, say former U.S. officials.
The Federal Deposit Insurance Corporation (FDIC) and the New York State Banking Department reprimanded the Bank of Tokyo's Mitsubishi UFJ Trust Company on Monday for "unsafe and unsound" practices in its New York branch.