New York City is undoubtedly a world financial center, perhaps becoming even more important for the growth of both U.S. and foreign financial institutions after the recent “Brexit” uncertainties. Nevertheless, the operations of these institutions have to be in strong regulatory standing to maximize their potential, and foreign banks operating in New York have faced unprecedented regulatory, compliance and enforcement challenges since the financial crisis. Driven principally, though not exclusively, by the New York State Department of Financial Services, the regulatory environment has been marked by increasingly rigorous enforcement and associated extraordinary penalties.