Articles by Greg Farrell

N.Y. Regulator Lawsky Says Banks Need Money-Laundering Spot Checks

New York’s banking regulator floated a plan Wednesday to spot-check banks’ money laundering controls and hold executives accountable if they fail. Benjamin Lawsky, superintendent of New York’s Department of Financial Services, made the remarks in a speech at Columbia Law …

New York DFS Superintendent Lawsky Leaving After $3B in Fines Makes Mark

When Ocwen Financial Corp. shares soared on the news that regulator Benjamin Lawsky, who’s probing the company, will step down, Bill Miller shrugged. The next head of New York’s Department of Financial Services will probably be as aggressive as Lawsky, …

New York DFS Superintendent Lawsky Considering 2015 Exit Plan

New York’s top banking regulator Benjamin Lawsky, who used his leverage to stiffen penalties against some of the world’s largest financial institutions, will probably step down next year to take a job in the private sector, said a person familiar …

New York’s Lawsky Says Punishing Individuals Is Essential to Deterrence

Punishing executives for misconduct at banks is essential to deter wrongdoing on Wall Street, New York’s banking regulator said. “Just damning the entire firm is often times counterproductive,” Benjamin Lawsky, superintendent of the New York Department of Financial Services, said …

New York Investigates Mortgage Firm Ocwen’s Insurance Deal

New York’s banking regulator asked Ocwen Financial Corp. for information about an insurance agreement that it says may be designed to funnel fees to an affiliate for minimal work. Benjamin Lawsky, the superintendent of the Department of Financial Services, is …

Apollo’s Life Insurance Unit Athene Holding Said to Be Examined for Caesars Link

Apollo Global Management LLC’s dual stakes in an insurer and the largest operator of U.S. casinos are drawing scrutiny by New York’s top financial regulator, who doesn’t want policyholders exposed to the gambling firm’s debt, a person briefed on the …

New York DFS Becoming ‘National Player’ Among Insurance, Banking Regulators

On a June morning in 2012, New York bank examiners paid surprise visits to the offices of Ocwen Financial Corp., the biggest non-bank mortgage servicer. That break with tradition — examiners typically set up appointments in advance of inspections — …

Lloyd’s Internal Probe Said to Be Focus of New York’s Iran Sanctions Inquiry

A New York regulatory investigation of Lloyd’s of London for possible violations of Iran sanctions law has led to a government request for files of an internal probe by the insurer, a person familiar with the matter said. Lloyd’s, along …

Insurance Tech Firm Ebix Reportedly Under U.S. Review for Possible Money Laundering

Federal investigators are reviewing Ebix Inc.’s cross-border financial transactions to see whether the Atlanta-based software company engaged in money laundering, according to three people with knowledge of the matter. Ebix fell $2.50 to $9.29 or 21 percent, at 1:43 p.m. …

Swiss Re, Lloyd’s Among Insurers Probed by N.Y. on Iran Sanction

Swiss Reinsurance Co. and Lloyd’s of London, the world’s oldest insurance market, are among insurance companies being probed by New York’s insurance regulator about their compliance with an expanded Iran sanctions law. The state Department of Financial Services is asking …