Although the MoU is not legally binding, it creates the blueprint for crossborder coordination in supervising and sharing information about stablecoin activities.
NYDFS Rule 500
Requires financial institutions to maintain a cybersecurity program reasonably designed to protect the confidentiality, integrity and availability of its information systems. A qualified CISO must oversee and implement such a program and produce an annual report addressing specific cybersecurity issues.
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The state's new rules would strictly cap late and other penalty fees that can cost consumers dearly.
The investigation, initiated in 2019, focused on Swedbank´s historical anti-money-laundering practices.
The guidance does not impose new requirements; it helps NYDFS-regulated institutions meet existing obligations in light of evolving vendor-related cybersecurity risks.
Superintendent Harris discussed the New York Department of Financial Services's priorities and ongoing challenges.
NYDFS guidance directs banks to use blockchain analytics tools to mitigate money laundering and sanctions evasion risk if they’re conducting cryptocurrency-related transactions.
Failure to use MFA to protect data of 90,000 customers leads to fine and raises legal questions.
The regulators’ collaboration in this action aimed to ensure a “fair, transparent and resilient financial system that protects consumers."
