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ARTICLE · 22 JULY 2016

NYDFS Issues Final Rule Requiring Certification Of Compliance With AML Transaction Monitoring And Filtering Program Requirements

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The New York Department of Financial Services (NYDFS) recently finalized a regulation that mandates detailed elements of the anti-money laundering (AML) transaction monitoring and sanctions filtering programs of covered institutions.

United StatesGovernment, Public Sector
Sharon Cohen Levin
Sharon Cohen Levin
Franca Harris Gutierrez
Franca Harris Gutierrez
Elijah Alper
Elijah Alper
Andrew Golden
Andrew Golden
Sarah Molinoff
Sarah Molinoff
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The New York Department of Financial Services (NYDFS) recently finalized a regulation that mandates detailed elements of the anti-money laundering (AML) transaction monitoring and sanctions filtering programs of covered institutions. The rule, published on June 30, 2016 (NYDFS Rule), also requires directors or senior officers to certify their institutions' compliance with these new standards.

The NYDFS Rule creates detailed state-level obligations for AML and sanctions compliance, areas that have traditionally been left to federal oversight. In some respects, the new rule goes beyond federal law, which has never codified the particulars of an AML transaction monitoring or sanctions filtering program in such detail.

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