Goldman Sachs Inc. will pay $50 million to the New York State Department of Financial Services after an employee violated New York banking law by stealing and sharing confidential regulatory information. "This case underscores the critical need for financial institutions to put in place strong controls and policies for employee conflicts screening and the use of confidential regulatory information," Anthony Albanese, acting superintendent of financial services at the NYDFS, said in a statement. Goldman has also agreed to a three-year regulatory consulting abstention and has admitted failure to properly supervise. The DFS has been investigating the matter since last year, after an employee Rohit Bansal was alleged to have shared information he obtained from his former employer, the New York Fed, with his bosses while working to advise banking clients on regulatory matters, The Wall Street Journal has reported.
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