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NY’s New AML Rules Seek Enhanced Monitoring, Attestations

Joe Mont | December 1, 2015

Andrew CuomoNew York Governor Andrew Cuomo has proposed a slate of new anti-money laundering and anti-terrorism regulations for financial institutions that fall under that state’s supervision, including include a requirement that senior financial executives certify their institutions have sufficient systems in place to detect, weed out, and prevent illicit transactions. That demand has some fretting that compliance officers will have even more reason to fear personal liability in enforcement cases.

For the last four years, the New York State Department of Financial Services has conducted a series of investigations into terrorist financing, sanctions violations, and anti-money laundering compliance at financial institutions. As a result of these investigations...

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