Smith Regulatory Strategies
The New York Department of Financial Services (NYDFS) announced yet another large settlement. In this case, NYDFS claimed that a consulting firm, PricewaterHouseCoopers (PwC), watered down its independent report at the request of its client, Bank of Tokyo Mitsubishi. PwC was fined $25 million and is barred for two years from representing any new clients.
The Financial Crimes Enforcement Network (FinCEN), the bureau within Treasury responsible for implementing the Bank Secrecy Act (BSA) and for anti- money laundering (AML) matters, issued an advisory to U.S. financial institutions on the need to promote a culture of compliance within their institutions. The issuance is fairly straight-forward, but emphasizes the need for the.