http://www.dfs.ny.gov/about/press/pr1512011.htm

Anybody wish to make comments (that can be posted)

§ 504.5 Penalties/Enforcement Actions.
All Regulated Institutions shall be subject to all applicable penalties provided for by the Banking Law and the Financial Services Law for failure to maintain a Transaction Monitoring Program, or a Watch List Filtering Program complying with the requirements of this Part and for failure to file the Certifications required under Section 504.4 hereof. A Certifying Senior Officer who files an incorrect or false Annual Certification also may be subject to criminal penalties for such filing.

Many of the requirements are part of many BSA programs today. Some are really good to have (validation of the system) Since it's still in the in proposal stages who knows what will end up on the final. It will be interesting to see what other States do. I'm in Florida and I am a BSA department of 1. If something like this was implemented here I would have to hire 1 or 2 more. I hope bankers in NY submit comments.

Well I am in NY, and for the first time I'm glad I am the compliance officer not the BSA officer...I am going to share this with that department right now.

This is interesting. I'm the Chief Compliance Officer of a NY Bank, but we are OCC regulated. I looked at the proposed certification letter and I'm not sure how eager I would be to sign it. It will be interesting to see how this plays out in NY, but more importantly, if the federal regulators follow suit.

The details of the final will be the issue. The first article I read included all Regulated FIs in NY (did not say state chartered). so it could have included OCC and CUs.

Letter (e) states: "“Regulated Institutions” means all Bank Regulated Institutions and all Nonbank Regulated Institutions."

Does not exclude OCCs, CUs, check cashers, money transmitters, casinos...

Gee, BSA is a more desirable career field all the time.

Not an attorney, but I saw this

“Bank Regulated Institutions” means all banks, trust companies, private bankers, savings banks, and savings and loan associations chartered pursuant to the New York Banking Law (the “Banking Law”) and all branches and agencies of foreign banking corporations licensed pursuant to the Banking Law to conduct banking operations in New York.

As far as I can tell, that would not include an OCC regulated Bank. I think you're right though. It will all come down to how the final rule is written.

Hey Soccer did you notice who needs to sign the certification?

I did! But it's not going to be me. I have nothing to do with that world.....

I would like to know if there are any attorneys here ( or just stayed in a HI express) if the executive branch has the authority to declare regulatory violation a criminal offence or would that be the legislative branch?