
Robert A. Marsico
Partner
201-896-7165 rmarsico@sh-law.comFirm Insights
Author: Robert A. Marsico
Date: December 17, 2015
Partner
201-896-7165 rmarsico@sh-law.comAs the government seeks to address the growing threat from ISIS and other terrorist groups, it is also increasing business oversight of financial services organizations which may to be utilized by terrorists as funding mechanisms.
Most recently, New York Governor Andrew Cuomo proposed a new anti-money laundering regulation that would require senior executives to certify the effectiveness of their anti-money laundering (AML) procedures. The new regulation would apply to all banks, trust companies, private bankers, savings banks and savings and loan associations chartered under the New York Banking Law, as well as all branches and agencies of foreign banking corporations licensed under the Banking Law to conduct banking operations in New York.
The goal of the proposed banking regulation is to help stem the flow of funding to terrorists and other criminals. “Money is the fuel that feeds the fire of international terrorism,” Gov. Cuomo said in a statement. “At a time of heightened global security concerns, it is especially vital that banks and regulators do everything they can to stop that flow of illicit funds.”
The Governor also highlighted that investigations conducted by the New York State Department of Financial Services (NYDFS) have revealed “serious shortcomings in the transaction monitoring and filtering programs of these institutions” and “that a lack of robust governance, oversight, and accountability at senior levels of these institutions has contributed to these shortcomings.”
Under the proposed Transaction Monitoring and Filtering Program regulation, New York financial institutions would have a number of new compliance obligations, such as:
Violation of the AML regulations could result in serious legal headaches for New York financial institutions and their compliance officers. If banks fail to deter prohibited transactions, they face financial penalties or could be forced to terminate their chief compliance officers. CCOs could also be subject to criminal penalties for false or inaccurate certifications.
The proposed AML regulations are, in some ways, more strict than those established under federal regulations. Accordingly, they signal that the Cuomo Administration plans to continue its tough stance on money laundering and other practices utilized by terrorist organizations. The rules are now subject to a 45-day notice and comment period.
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