New York Department of Financial Services’ (DFS) new anti-terrorism and anti-money laundering regulation that requires financial institutions operating in the state to maintain programs to monitor transactions for possible money laundering has gone into effect.

The new rule, first proposed in December 2015, mandates regulated institutions to monitor and filter transactions for potential Bank Secrecy Act, anti-money laundering breaches, and to prevent dealings with sanctioned entities.

Under the new rule, institutions are required to adopt an annual board resolution or senior officer compliance finding that confirms the measures taken for compliance with the rule.

The resolution or finding should confirm that documents, reports, certifications as well as opinions of officers and other relevant parties have been reviewed by the board of directors or senior official.

Commenting on the rule, superintendent Vullo said: “This regulation represents an important milestone in DFS’s longstanding mission to improve and strengthen BSA and AML compliance among New York’s financial institutions and make certain that banks are not being used to help finance terrorism and other illegal activities.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData