NY | The New York Department of Financial Services today issued guidance to all regulated individuals and entities concerning steps needed in response to the escalating conflict in Ukraine. Key points of concern include:
- Increased cybersecurity risks
- Compliance with sanctions imposed by the U.S. Treasury Department
- The use of virtual currency transfers to circumvent sanctions
The letter references relevant sections of the New York insurance codes. The Department will provide further guidance to regulated entities as the situation develops.
Click here to read the letter in full.