NYDFS Redoubles Crypto Fraud Detection Efforts The New York State Department of Financial Services (NYDFS) has improved its cryptocurrency fraud detection of New York State-regulated entities via “new insider trading and market manipulation risk monitoring tools,” according to Adrienne A. Harris, superintendent for the NY DFS. The new monitoring tools will help NY DFS detect… Read More >>
NYSDFS Contestants to Explore Regs for Crypto Firms
It’s not the Super Bowl. But Techsprint — the contest the New York State Department of Financial Services (NYSDFS) is holding for registered crypto-currency companies — may become just as important for financial regulators. It’s meant to keep tabs on those virtual currency companies that have registered with the NYSDFS. It’s also meant to formalize… Read More >>
Regulator Wants Social Media Controls After Twitter Hacks
“On July 15, 2020, a 17-year old hacker and his accomplices breached Twitter’s network and seized control of dozens of Twitter accounts assigned to high-profile users,” a recent report from the New York State Department of Financial Services specifies. That widely publicized hack also exposed private information about both regulated cryptocurrency firms and public figures… Read More >>
Korean Bank Faces $86M in Fines & Criminal Charges
Criminal charges have been filed against the Industrial Bank Of Korea (IBK) for violations of the Bank Secrecy Act (BSA), according to the Manhattan U.S. Attorney, who notes that the charges will be “deferred for two years” under an agreement in which IBK “admitted its conduct and agreed to pay $51 million.” In addition, the… Read More >>
Crédit Agricole to Pay $787 Million for Subsidiaries’ Sanctions Violations
The Crédit Agricole Corporate and Investment Bank (CACIB), a subsidiary of Crédit Agricole S.A. (CASA), is facing a combined payment to U.S. authorities of $787.3 million for violations of sanctions prohibiting U.S. dollar transactions as specified by federal and related New York state laws. In addition, CACIB, headquartered in Paris, has agreed to forfeit $312… Read More >>
