The bank agreed to install a monitor to oversee the bank's money laundering controls for at least two years, and appoint "permanent officials who will audit the bank's internal procedures to prevent offshore money laundering". The monitor will report directly to the DFS. Lawsky's statement said "the parties have agreed that the conduct at issue involved transactions of at least $250bn." The bank issued a statement confirming that a settlement with the DFS had been reached and that "a formal agreement containing the detailed terms of the settlement is expected to be concluded shortly".