Dear Members:
Due to the rapidly evolving situation in Ukraine and Russian invasion, the New York State Department of Financial Services is issuing Guidance to all regulated individuals and entities (“regulated entities”). The Guidance can be viewed online here: https://www.dfs.ny.gov/industry_guidance/industry_letters.
Regulated entities should fully comply with U.S. sanctions on Russia, as well as New York State and Federal laws and regulations, including Department cybersecurity and virtual currency regulations. This Guidance provides a non-exhaustive summary of steps that regulated entities should be taking. The Department understands that not every measure applies to every regulated entity, however in the interest of transparency, the Department is sharing this vital information with all regulated entities.
If you have any questions, please email the department and copy [email protected], which is being monitored closely. The Department is continuously tracking the situation and will provide further guidance to regulated entities as necessary.
NYAMB will continue to keep you abreast of all updates we receive from the Department.
Best Regards,
Mark Favaloro
NYAMB President
