NY Financial Compliance Landscape May Get Treacherous

Law360, New York (April 22, 2015, 11:02 AM EDT) -- Last month, New York Attorney General Eric Schneiderman proposed a New York "Financial Frauds Whistleblower Act," which would provide compensation to whistleblowers who report fraud in the banking, securities, insurance and financial services industries. Modeled after the federal Dodd-Frank whistleblower provisions, Schneiderman's proposal would give whistleblowers 10 to 30 percent of certain state fines that exceed $1 million. Because New York regulatory and enforcement agencies have brought enormous and far-reaching enforcement actions in recent years, Schneiderman's proposal could create significant incentives for employees to provide information to the government rather than (or in addition to) reporting the information internally....

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