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Jonathan Weil

Benjamin Lawsky Fills in for AWOL Feds

New York state banking regulator Benjamin Lawsky is showing once again that he's a lot tougher than the feds are on banks that break the law.

Benjamin Lawsky is at it again.

The superintendent of the New York State Department of Financial Services today said Bank of Tokyo Mitsubishi-UFJ Ltd. agreed to pay $250 million to settle allegations that it violated state banking laws when it carried out transactions with Iran and other countries subject to international sanctions. You have to wonder, too, what's going on over at the Treasury Department's Office of Foreign Assets Control.