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New Parts 115 and 116 of the General Regulations of the Banking Board, and New Parts 416 and 417 of the Superintendent's Regulations
(Anti-Money Laundering Programs for Applicants and Regulated Entities)

April 3, 2008

TO THE INDIVIDUAL OR INSTITUTION ADDRESSED:

RE: Adoption of New Parts 115 and 116 of the General Regulations of the Banking Board and New Parts 416 and 417 of the Superintendent’s Regulations (Anti-Money Laundering Programs for Applicants and Regulated Entities)

The Banking Board has adopted the attached new Parts 115 and 116 of the General Regulations of the Banking Board and the Superintendent has adopted new Parts 416 and 417 of the Superintendent’s Regulations.  These regulations will become effective upon publication in the State Register, which is expected to occur on April 9, 2008. 

The regulations formalize the existing practice of the Department to require applicants for charters, licenses, acquisitions, changes of control and (in the case of licensed check cashers) branches, to guard against money laundering through their institutions, and to require banking organizations, foreign banking corporations, licensed check cashers and licensed money transmitters to establish and maintain anti-money laundering programs. 

While the Department requests information from applicants regarding their compliance with anti-money laundering requirements, these requests are informal.  New York has not had formal application or compliance requirements in this area, although it has generally required applicants to demonstrate compliance with AML requirements and does examine for such compliance after chartering or licensing.   

The regulations convert these current practices into regulatory requirements. 

New Parts 115 and 116 of the Banking Board regulations cover applications involving, and compliance by, banking organizations and licensed foreign banking corporations.

New Parts 416 and 417 of the Superintendent’s Regulations cover applications involving, and compliance by, licensed check cashers and licensed money transmitters.

All institutions subject to these new rules are already subject to a federal AML requirement and will be able to demonstrate compliance with these new regulations by demonstrating that they meet the federal AML requirement to which they are subject.  Entities not subject to federal AML requirements will not be affected by the proposed rules.  

Very truly yours,

Sam L. Abram
Secretary of the Banking Board

Text of Part 115 of the General Regulations of the Banking Board
Text of Part 116 of the General Regulations of the Banking Board
Text of Part 416 of the Superintendent's Regulations
Text of Part 417 of the Superintendent's Regulations

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