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News Release |
New Jersey Department
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For Immediate Release: |
For Further Information: |
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TRENTON — The New Jersey Department of Banking and Insurance today directed insurance companies, financial institutions and other entities it regulates to fully comply with the sanctions imposed on Russia and Belarus by the United States. The directive follows Executive Order No. 291, issued by Governor Phil Murphy on March 2, directing the department to take action in response to the Russian invasion of Ukraine. “Our Administration is committed to using the fullest extent of the law to ensure that Russia is held accountable for its brutal and unprovoked invasion of Ukraine,” said Governor Murphy. “This bulletin makes clear that we expect all entities regulated and licensed by DOBI to comply with sanctions and restrictions imposed by the Biden Administration on the Russian Federation and Belarus.” In furtherance of Executive Order 291, the department directed regulated entities to monitor all communications from the United States Department of Treasury’s Office of Foreign Assets Control (OFAC) and other federal agencies on a real-time basis to stay abreast of the latest developments and ensure compliance of the restrictions imposed on Russia and Belarus. The department also advised regulated entities to evaluate their systems for cyber risk and take appropriate actions to mitigate that risk, given that the Russian invasion of Ukraine significantly elevates the cyber risk for the United States financial sector. “New Jersey stands with Ukraine against the unprovoked aggression that has resulted in devastation, widespread human suffering and unnecessary loss of life. Under the leadership of Governor Murphy, the state is taking action to hold Russia accountable in the face of this unlawful and immoral invasion. It is also necessary to ensure that financial institutions operating in our state are protected against the increased risks resulting from the invasion,” said Commissioner Marlene Caride. In addition to specific actions related to compliance with U.S. sanctions and protection against cyber threats, the department bulletin directs regulated entities to take additional steps to review, identify and mitigate other types of risks resulting from the Russian invasion of Ukraine. Specifically, the bulletin directs and reminds regulated entities of the following: Banking Insurance Compliance |
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