Analysis

DFS finalizes stricter AML compliance requirements

Stroz Friedberg is a specialized risk management firm built to help clients solve the complex challenges prevalent in today’s digital, connected, and regulated business world

Senior officials must take action now to ensure AML compliance programs adhere to the new NYDFS regulations, ahead of the 2017 deadline.

Here are the questions you need to be asking.

On June 30, 2016, after considering industry comments, the New York Department of Financial Services (NYDFS) issued final regulations to financial institutions, imposing detailed requirements for AML transaction monitoring and sanction screening data and technology programs. With the final regulations coming into effect on January 1, 2017, financial institutions have a window to get their compliance programs in order.

  • In light of the final regulations, consider the following:
  • What are our key AML and sanctions risk?
  • How are our systems governed?
  • Do our systems receive the data they need?
  • When was the last time our systems were independently tested?
  • What should we do to prepare?
  • Read our updated analysis for information on the new regulations and recommendations for how to prepare.

Download the analysis

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