The New York State Department of Financial Services on Thursday published new regulations that impose greater requirements on banks licensed in the state to monitor for and flag potentially illegal transactions. The rules also bring stricter obligations on board members and senior officers to certify compliance.
Financial regulators in New York said they “identified shortcomings in the transaction monitoring and filtering programs” that were attributed to a “lack of robust governance, oversight and accountability at senior levels.” The new anti-money laundering regulations take effect next year.
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