The revised regulations eliminate many of the categorical requirements in the original proposal and instead adopt a more risk-based approach.
On December 28, 2016, the New York State Department of Financial Services...more
Comments submitted on the proposed regulations criticize the lack of a risk-based approach, overbroad definitions, potential extraterritorial implications, an excessive breach notification threshold and a daunting annual...more
Final regulations impose certification requirements on a financial institution’s Board of Directors or Senior Officer(s) relating to BSA/AML and OFAC compliance.
The New York State Register today published the final...more
7/21/2016
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Board of Directors ,
Certification Requirements ,
Compliance ,
Corporate Executives ,
Final Rules ,
Financial Institutions ,
NYDFS ,
Office of Foreign Assets Control (OFAC) ,
Suspicious Activity Reports (SARs) ,
Training Requirements
Proposed regulations impose new certification requirements that could result in personal liability for compliance officers of financial institutions.
On December 1, 2015, the New York State Department of Financial...more