New York is the center of the financial industry in the United States, and the state carefully regulates financial institutions and Money Services Businesses (MSBs). While anti-money laundering (AML) regulations are primarily enforced by the federal government – specifically, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) – state agencies have been playing a larger role in AML compliance and regulatory enforcement.
The New York State Department of Financial Services (NYDFS) has authority over financial institutions and Money Services Businesses in the state, and the agency is highly dedicated to its enforcement efforts. In fact, the state has engaged in novel tactics, such as surprise reviews and audits, to ensure compliance at every level.
If you are a bank or Money Services Business operating in New York, you need AML compliance experts on your side to prevent any penalties or issues from state auditors. At Bates Group LLC, our specialists not only work to ensure federal BSA/AML compliance, but also on the state level in New York. Please contact us for a consultation about our state-level assistance right away.
In recent years, the NYDFS not only focused on general AML compliance programs, but also took action regarding the responsibility or noncompliance of individuals within financial institutions. Even with changes of leadership within the agency, it shows no signs of reducing its enforcement efforts at every level of the financial industry.
The NYDFS adopted a new final rule that requires financial institutions under New York regulations to improve their AML compliance programs, as well as for senior compliance officers and board members to provide personal certification of the programs. This indicates that the agency will remain as one of the highly active state regulatory forces in the U.S. when it comes to AML issues. No bank or MSB that operates at all in New York should take state-level compliance lightly.
First, many Money Services Businesses are not sure whether state AML regulations apply to them and in what capacity. Our AML certified experts can assess your compliance obligations and help ensure that you meet them. Our services include, but are not limited to:
Our certified experts can help meet your needs, no matter what the scope of your operations and compliance obligations may be.
If you need assistance with AML compliance in New York State, do not wait to consult with the specialists at Bates Group LLC. Please contact us directly to speak with our team and learn more about our services for your business.
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