Chubb Corp. and CNA Financial Corp. are among insurers that were subpoenaed by New York’s financial- industry regulator as part of a probe into compliance with laws that prohibit companies from doing business with Iran, a person familiar with the investigation said.
American International Group Inc. sued to block New York’s top financial regulator, Benjamin Lawsky, from fining it over marketing insurance overseas without a state license, claiming it would be unconstitutional.
MetLife Inc., the largest U.S. life insurer, will pay $60 million after New York watchdogs found subsidiaries solicited business in the state without a license and made intentional misrepresentations to regulators.
New York’s top bank regulator Benjamin Lawsky says he’s prepared to identify individual bankers by name to deter misconduct in the financial sector, starting with a BNP Paribas SA settlement over laundering funds from sanctioned countries including Iran.
New York’s top bank regulator asked Nationstar Mortgage LLC for information about “explosive growth” in its mortgage-servicing business, citing hundreds of consumer complaints about the company’s practices.
The U.S. government sees no evidence of “widespread” use of virtual currencies such as Bitcoin to evade sanctions or finance terrorism, the Treasury Department’s top official targeting money laundering said.