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The Rise in Foreign Bank Enforcement Actions in New York
1 July 2013
The New York Department of Financial Services (DFS) has been taking a more proactive enforcement approach with respect to the New York-licensed branches and New York-chartered bank subsidiaries of foreign banks.
This change has been caused by DFS’s enhanced enforcement authority and the enforcement backgrounds of many of DFS’s senior personnel.
Foreign banks with New York-licensed branches and New York-chartered banks may wish to consider DFS’s posture and fashion their dealings with DFS accordingly.
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