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Financial Services Law Insights and Observations

NYDFS launches online portal for anti-terrorism and anti-money laundering regulation compliance certification

Financial Crimes NYDFS Bank Secrecy Act Anti-Money Laundering State Issues

Financial Crimes

On April 9, the New York Department of Financial Services (NYDFS) announced the launch of a new online portal that regulated entities may use to securely file certifications required under New York’s risk-based anti-terrorism and anti-money laundering regulation. This regulation took effect January 1, 2017, and regulated entities must file their first certification of compliance by April 16 and annually thereafter. The regulation requires regulated entities to maintain programs to monitor and filter transactions for potential Bank Secrecy Act/anti-money laundering violations, and ban transactions with sanctioned entities. The announcement states that filing through the online portal is preferred over alternative filing mechanisms.

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