- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-05-10T17:45:00
Banks operating in New York would have to step up their vetting of executives and senior officers, including chief compliance officers, under new guidance proposed by the New York State Department of Financial Services (NYDFS).
The NYDFS proposed banks chartered or licensed in New York provide more information to the department regarding the character and fitness of directors and senior officers upon onboarding and regularly after, the department said Tuesday in a press release.
The proposed requirements are necessary because while senior officers are generally investigated during onboarding, certain standards might be outdated and include only a criminal background check and not a check for conflicts of interest, the NYDFS said.
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The New York State Department of Financial Services released final guidance on how banks and non-depository financial institutions should vet executives, including chief compliance officers, before and during their employment.
New York would be the first state in the nation to comprehensively regulate cryptocurrency under a sweeping bill introduced by Attorney General Letitia James.
The Federal Reserve Board will likely recommend strengthening regulatory and supervisory procedures for mid-sized regional banks in the aftermath of the failure of Silicon Valley Bank.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
