About the Criminal Investigations Bureau

The Criminal Investigations Bureau was formed in 1992 with the passage of Chapter 321 of the Laws of 1992. The Financial Frauds Prevention Act of 1992 established a criminal investigations bureau within the former Banking Department. The Act granted powers to the Superintendent and, in turn, to CIB to investigate all possible violations of New York Banking Law and certain enumerated misdemeanors and/or felonies of the New York Penal Code and to take appropriate action after such investigation.

CIB’s areas of responsibility has grown in recent years. Since 2001, when the Superintendent began to issue anti-money laundering regulations to ensure compliance by licensees with applicable federal anti-money laundering laws and related regulations promulgated by the United States Department of the Treasury and the Office of Foreign Asset Control (OFAC), CIB has investigated violations of these laws and regulations.

Similarly, as a result of the financial crisis, the New York Penal Code was amended in 2008 to address new crimes relating to residential mortgage fraud and CIB was granted authority to investigate possible violations relating to residential mortgage fraud activities. A Mortgage Fraud Unit (MFU) was created within CIB to provide investigative expertise to various federal, state, county and local investigative agencies. In 2009, the State legislature passed various measures relating to the licensure of mortgage loan originators who originate mortgage loans on residential real property and conformed state law to the federal law provisions of Title V of The Housing and Economic Recovery Act of 2008 (SAFE Act) and related regulations. CIB was delegated the responsibility to review applicants’ criminal histories to assist the Mortgage Banking and Legal Divisions in their determinations of whether applicants meet the statutory requirements to be licensed or registered by DFS.

As currently constituted, CIB conducts specialized investigations into criminal conduct involving the financial services industry and works cooperatively with law enforcement and regulatory agencies at the federal, state, county and local levels.

To learn more about the current activities of the Criminal Investigations Bureau including Bank Secrecy Act and Anti-Money Laundering Investigations , Major Investigations and Prosecutions During the past year and the activities of the Mortgage Fraud Unit , visit the most recent FFCPD Annual Report.

To report suspected fraud call the DFS Hotline at (800) 342-3736.