New compliance rules for New York’s financial sector

As of 1 January 2017, new sanctions compliance rules agreed by New York’s Department of Financial Services (NYDFS) last month will impose additional monitoring and certification requirements on the boards and senior management of financial institutions. The new rules will require New York financial institutions to tailor their sanctions and AML compliance programmes to the specific risks they face as a business, with robust oversight, maintenance, and third-party monitoring.  In addition, every regulated financial institution will be required to certify annually that they have reviewed their compliance programmes to confirm that they meet the requirements of the new rules.  This certification must be signed by the firm’s board of directors, equivalent body, or a sufficiently senior person responsible for compliance.

NYDFS’ press release is here.

This entry was posted in USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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