Tagged: Sanctions Complaince

NYDFS Proposes to Require CCOs to Certify to Effectiveness of AML and Sanctions Programs

NYDFS Proposes to Require CCOs to Certify to Effectiveness of AML and Sanctions Programs

Just when you thought things could not get any weirder, along comes the New York Department of Financial Services and proposes a new regulation that sets forth minimum requirements for anti-money laundering transaction monitoring systems and sanctions watch list filtering. The regulations include an annual requirement that the Chief Compliance Officer at New York banks and money transmitters certifies that the bank’s or money transmitter’s...