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News
April 17, 2015

Live-In Financial Watchdogs Proposed by New York’s Department of Financial Services

Independent corporate monitors—individuals who assess the health of a company’s compliance program and report on potential legal violations—are often installed in companies that have reached settlements with the government for alleged regulatory infractions.

Usually, the government refrains from monitoring the internal operations of a business without cause; however, New York’s Department of Financial Services (DFS) is now pushing for the installation of government-appointed monitors, or “consultants,” before a company has done anything wrong.

The monitors would be used to perform “routine examinations” at any of the 2,000 financial institutions that fall under the DFS’s purview.

Read the full story here.

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