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Monday, February 8, 2016

New York Proposes AML Monitoring Requirements

The New York State Department of Financial Services is proposing a new anti-money laundering regulation that would apply to all financial institutions chartered in the state. If adopted, the proposal would set forth a set of specific mandates designed to detect suspicious activities that New York financial institutions would be compelled to follow.

More significantly, the proposal would require that financial institutions obtain a “certifying senior officer” to file an annual certification verifying compliance with the mandate as part of financial institutions' transaction monitoring and filtering program requirements. NYDFS has recently been involved in investigations regarding compliance by financial institutions with AML/BSA laws, including compliance with the Office of Foreign Assets Control's trade sanctions.

NYDFS said the proposal is needed to correct BSA/AML regime deficiencies caused by "a lack of robust governance, oversight, and accountability at senior levels of these institutions." ABA is concerned about the proposal since, if adopted, it could set an example for other states. Comments are due by March 31.

Read the proposed regulation.

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