NYSDFS Adopts Enhanced AML And BSA Compliance Requirements

The New York Department of Financial Services (the "NYDFS") adopted standards for filtering programs that monitor transactions for potential anti-money laundering ("AML") and Bank Secrecy Act ("BSA") violations and block transactions that are prohibited by the Treasury's Office of Foreign Assets Control (the "OFAC").

The enhanced standards will apply to: (i) banks, trust companies, private bankers, savings banks, and savings and loan associations chartered under the New York Banking Law ("NYBL"), (ii) branches and agencies of foreign banking corporations licensed under the NYBL to conduct banking operations in New York, and (iii) check cashers and money transmitters licensed pursuant to the NYBL ("Regulated Institutions").