Final regulations impose certification requirements on a financial institution’s Board of Directors or Senior Officer(s) relating to BSA/AML and OFAC compliance.
The New York State Register today published the final regulations issued by the New York State Department of Financial Services (NYSDFS) that require financial institutions, including banks and other financial firms, to maintain enhanced Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and Office of Foreign Asset Control (OFAC) monitoring and reporting programs (the Final Rule). The NYSDFS had released the final regulations on June 30, 2016. The Final Rule requires the board of directors or senior officer(s), as applicable, of such institutions to make an annual Board Resolution or Senior Officer(s) Compliance Finding certifying to their institution’s full compliance with the BSA/AML and OFAC monitoring and filtering programs set forth in the Final Rule. The Final Rule will become effective on January 1, 2017.
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