Both federal and state agencies enforce laws that regulate financial transactions and Money Services Businesses. For many years, financial institutions operating in New York could assume that compliance with federal regulations would be enough to also comply with corresponding regulations enforced by the state. However, in recent years, the New York State Department of Financial Services (NYDFS) has taken a highly proactive role in enforcing compliance with the Bank Secrecy Act (BSA) regarding anti-money laundering (AML) programs for financial institutions.
The truth is that New York state laws regarding BSA compliance can require more than federal regulations do. For example, the NYDFS passed a new rule in recent years that requires a senior compliance officer or board member of a company to certify the AML program in place for that company. This is only one example of additional requirements and enforcement efforts within the State of New York.
If you are operating as an MSB or another financial institution in New York, you need the guidance of a skilled BSA compliance expert. At Bates Group LLC, our specialists understand compliance issues on both the federal and state levels, and we are ready to assess your risk and work to ensure compliance for your business. Please contact our team for more information about how we can help New York companies.
As a company subjected to the BSA and AML regulations, your business must be able to demonstrate that you can accomplish the following:
Our consultants at Bates Group LLC, have CAMS and CAMS-Audit certifications, which allow us to expertly assess your company’s compliance risks, educate and train officers and individuals on compliance matters, develop a BSA/AML compliance program, and conduct independent third-party reviews of your program.
Every financial company in New York should have a comprehensive compliance program in place, with clear policies and processes that are followed by all applicable individuals in the organization. We regularly assist clients in New York in developing and implementing the right program for each company, including:
When you need assistance with BSA compliance in New York, look no further than Bates Group LLC. Our certified specialists are ready to assist you with your federal and state compliance needs, so please contact us to learn more.
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