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Press Release

April 9, 2018

Contact: Richard Loconte, 212-709-1691

DFS REMINDS REGULATED ENTITIES OF ANTI-TERRORISM TRANSACTION MONITORING REGULATION CERTIFICATION DEADLINE

Businesses Complying with New York’s Landmark Regulation Can Virtually File Certificate of Compliance Due by April 16, 2018

Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has launched a new online portal for regulated entities to securely file certifications required under New York’s risk-based anti-terrorism and anti-money laundering regulation.  As of January 1, 2017, regulated institutions must maintain programs to monitor and filter transactions for potential Bank Secrecy Act (BSA) and anti-money laundering (AML) violations, prevent transactions with sanctioned entities, and certify compliance with the regulation annually to DFS. The first certification of compliance is due April 16, 2018.

“In an era of lax federal oversight, New York is leading the nation in protecting not only consumers but also the integrity of New York’s financial institutions,” said Superintendent Vullo. “With DFS’s leading transaction monitoring regulation and the requirement to file certifications of compliance, banks will have the necessary safeguards in place to help prevent against the financing of terrorism and other illicit activities.”

The DFS nation-leading regulation requires relevant regulated institutions to review transaction-monitoring and filtering programs and ensure that such programs are designed to comply with regulatory safeguards. On an annual basis, institutions also must adopt either an annual board resolution or senior officer compliance finding to certify compliance with the DFS regulation.  The resolution or finding must state that documents, reports, certifications and opinions of officers and other relevant parties have been reviewed by the board of directors or senior official to certify compliance with the regulation.

Filings made through the DFS Web Portal are preferred to alternative filing mechanisms as the DFS Web Portal provides a paperless reporting tool to facilitate compliance with the DFS transaction monitoring regulation.  The Portal will be available beginning April 9th, 2018.

For further information about New York’s transaction monitoring regulation, please see the frequently asked questions on the DFS website.

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