The New York State Department of Financial Services (« DFS ») has entered into a Settlement Agreement with PricewaterhouseCoopers LLP (« PwC ») for PwC`s advisory services for the Tokyo branch of the Bank of Tokyo – Mitsubishi UFJ, Ltd. (« BTMU »), according to the PwC: (1) a US$25 million fine; (2) was suspended for 24 months from the acceptance of advisory mandates for PwC`s regulatory services division to DFS-regulated financial institutions; and (3) had to make a series of reforms to their practices and procedures in order to resolve conflicts of interest that might arise under advisory agreements. Their agreement came two days after Taul agreed to dismiss a federal complaint against Jimmy Patronis, the state tax office and head of the DFS, accusing him of firing her in retaliation for refusing to participate in a fundraiser. U.S. settlement agreement Department of the Treasury`s Office of Foreign Assets Control and Societe Generale S.A. 11/19/2018 The U.S. Department of the Treasury`s Office of Foreign Assets Control (OFAC) today announced a 53,966,916.05 $US transaction with Societe Generale S.A. to settle possible civil liability for clear violation of U.S. sanctions. […] Settlement negotiations failed before the DFS announcement. Promontory had offered to pay a transaction of about $20 million, but, according to a media report, refused to accept an admission of wrongdoing or suspension. Meanwhile, the DFS apparently claimed $15 million plus an admission of misconduct and suspension.17 On August 27, 2015, DFS and Promontory entered into a transaction agreement.3 Christine Taul obtained a $250,000 transaction from the Department of Financial Services for discrimination on the basis of sex and disability and asserts that the Agency has a pervasive « Boy`s Club » atmosphere that has regularly removed women from positions of authority.
Superintendent of Financial Services Linda A. Lacewell announced today that the Department of Financial Services (DFS) has reached an agreement with MUFG Bank under which MUFG will pay DFS 33 million to settle all claims related to the bank`s conduct at a New York State regulated institution. The agreement announced today is the subject of legal action filed by the bank in connection with MUFG`s 2017 request to the United States Office of the Comptroller of the Currency to transform its state-licensed subsidiaries in New York, Illinois and California and its state-licensed agencies in Texas into subsidiaries and state-licensed agency offices in Texas. During its suspension, PwC implemented a series of reforms aimed at resolving conflicts of interest in the consulting sector. These reforms build on the similar agreement above, 14 PwC must, among other things, develop a comprehensive training program under the requirements of Law 26 (10) on confidential new York surveillance information and propose to all partners, contractors and collaborators responsible for commitments in which pwC will have access to the materials covered by New York Banking Act 36 (10). PwC Regulatory Advisory Services, in agreement with NYDFS, must write a manual that indicates which materials are covered by The New York Bank Law nr. 36 (10), which regulates confidential surveillance information and how such documents should be handled. NYDFS must approve the final version of the manual.15 The transaction agreement provides that Promontory pays $15 million; Promontory accepts the voluntary abstention of six months of new advisory obligations that require the department to authorize the disclosure of confidential information in accordance with New York Banking Act 36; Agrees with Promontory that, in some cases, its activities during the charter exercise did not meet the current needs of the Consultants Division, which was conducting regulatory compliance work for the entities overseen by the Department; And Promontory recognizes that any report it presents to the Department must be objective and reflect its best independent judgment.