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. On Thursday, the New York State Department of Financial Services (NYSDFS) said in a consent order that the Bank of Tokyo-Mitsubishi UFJ violated the recordkeeping regulation by intentionally omitting incriminating information from interbank messages. The data would have indicated that wire transfers involved Iranians blacklisted under federal law. In operational instructions given to employees, Bank of Tokyo ordered bankers to omit the data-a policy that helped the financial institution clear...
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.
Reports 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.
New York State's financial regulator fined Japan's largest bank for the second time in two years Tuesday for sanctions-related infractions, bringing the institution's total outlay to more than half of a billion dollars.
In the wake of two state-issued fines that totaled over $500 million dollars, several foreign banks with chartered branches in New York are considering moving elsewhere, say sources with knowledge of the matter.
The Financial Services Agency ordered Bank of Tokyo to improve its New York branchs policies for identifying politically exposed persons, correspondent accountholders and other high-risk customers, including those who conduct frequent wire transactions.
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.
The U.S. Federal Deposit Insurance Corporation and the New York State Banking Department reprimanded the Bank of Tokyo Mitsubishi UFJ Trust Company on Monday for unsafe and unsound practices in its New York branch.