The Regulator Who's Not Afraid of Wall Street

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The Regulator Who’s Not Afraid of Wall Street

The Regulator Who’s Not Afraid of Wall Street

NY MAG-

Two years ago, the New York State Department of Financial Services didn’t exist. Today, it’s becoming Wall Street’s most feared enemy.

The tiny, state-run agency, which was created in late 2011, isn’t supposed to be any more powerful than any other Wall Street regulator. It doesn’t have the resources of the Securities and Exchange Commission or the prosecutorial power of the Justice Department. But Benjamin Lawsky, a tough-talking former terrorism prosecutor who became the agency’s first head, has turned the New York DFS into a fraud-fighting machine, one that doles out real punishment to the firms it goes after.

Today, Lawsky has gotten a scalp from the financial services unit of the accounting megafirm Deloitte, which agreed to pay a $10 million fine and be banned from consulting with any New York-regulated banks for a year for helping Standard Chartered, a British bank, conceal evidence of money-laundering arrangements with the Iranian government. Per the Cuomo administration’s press release, Deloitte FAS will also have to “implement a set of reforms designed to help address conflicts of interest in the consulting industry.”

[NY MAG]

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