In the wake of intense controversy, DFS has adopted a somewhat more flexible certification requirement than the one originally proposed. Beginning April 15, 2018, and on each April 15th thereafter, every Regulated Institution is required to submit a prescribed form containing a board resolution or senior officer compliance finding attesting that, to the best of their knowledge based on their thorough review, the transaction monitoring and filtering programs comply with the provisions of the new regulations. … [Read more...] about New York Boosts Bank Secrecy Act and Anti-Money Laundering Stakes: Will Other State and Federal Regulators Follow?
New york private bank trust
DFS originally proposed new rules in December 2015, citing investigations that had made the Department “aware of the shortcomings in the transaction monitoring and filtering programs” in banking institutions. DFS concluded that “a lack of robust governance, oversight, and accountability at senior levels . . . contributed to these shortcomings,” and proposed regulations to “clarify the required attributes of a Transaction Monitoring and Filtering Program” and to require each Regulated Institution’s chief compliance officer (or functional equivalent) to annually certify compliance with the regulations. The proposed regulations additionally provided that institutions would be subject to penalties for failing to comply with the regulations, and that a chief compliance officer who filed an incorrect or false certification could “be subject to criminal penalties” for such a filing. … [Read more...] about New York Banks Face New Anti-Money Laundering Compliance Requirements, Effective January 1
Reporting to Board and Superintendent. At least bi-annually, a regulated entity’s CISO must present a report to the entity’s board of directors or equivalent governing body; if no such governing body exits, the entity’s CISO must present the report to the senior officer responsible for the entity’s cybersecurity program. The report must: (1) assess the confidentiality, integrity and availability of the entity’s Information Systems; (2) detail exceptions to the entity’s cybersecurity policies and procedures; (3) identify cyber risks to the entity; (4) assess the effectiveness of the entity’s cybersecurity program; (5) propose steps to remediate any inadequacies identified therein; and (6) include a summary of all material cybersecurity events that affected the entity during the time period addressed by the report. Upon request, the entity must make the report available to the Superintendent of the DFS. … [Read more...] about Getting Prepared for the New York Department of Financial Services’ Proposed Cybersecurity Regulations
In 2015 he backed bipartisan legislation designed to make it harder for bank regulators and the Environmental Protection Agency to curb abusive corporate behavior if doing so would cost companies money. A year later, he signed a letter to then–Fed Chairwoman Janet Yellen asking her to ease up on the risk management requirements for large regional banks and another letter to then–CFPB Director Richard Cordray asking him to exempt small banks and credit unions from consumer protection rules. In April he helped turn those letters into law by voting for the bank bill. … [Read more...] about Behind The Scenes Of The Bruising Bank Fight That Divided Senate Democrats
In reviewing the Appellate Division’s decision, the Court of Appeals concentrated on whether the Trust was established for the “purpose of participating in the action” and thereby was precluded from taking advantage of SLUSA’s single-entity exemption. The Court held that the “primary purpose” of the Trust was far broader than the pursuit of creditors’ causes of action. Rather, the Trust was created to receive trust property, assume any liabilities, and thereafter to liquidate and distribute the trust property for the benefit of the trust beneficiaries. The Trust was indeed empowered to evaluate litigation claims and to maximize the value of the Trust Property, but litigation was not its primary purpose. … [Read more...] about New York High Court Applies the “Single-Entity Exemption” in the Securities Litigation Uniform Standards Act of 1998