- Associated Press - Thursday, June 30, 2016

ALBANY, N.Y. (AP) - New York regulators are requiring banks to maintain programs to monitor and filter transactions for possible money-laundering and transactions with entities and nations subject to trade sanctions.

The new risk-based rules that take effect Jan. 1 will require regulated institutions to review their programs to ensure they comply with safeguards and issue annual certifications by their board or a senior officer that it’s been done.

They must maintain supporting data for five years.

Department of Financial Services Superintendent Maria Vullo says Tursday it’s time to close compliance gaps “to shut down money laundering operations and eliminate potential channels that can be exploited by global terrorist networks and other criminal enterprises.”

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Online:

https://www.dfs.ny.gov/legal/regulations/adoptions/dfsp504t.pdf

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