Here are the questions you should ask about the state of your compliance systems
Senior compliance officers at many major financial institutions are on the hot seat again, thanks to the New York Department of Financial Services (NYDFS). On December 1, 2015, NYDFS proposed for comment new regulations that set minimum standards for anti-money laundering (AML) and sanctions compliance systems.
In light of this, consider the following:
- What does this mean for you and your organization?
- What are the wider implications to financial institutions outside of New York?
- Are the proposed regulations setting the bar for future domestic and international regulations?
- What should you do to prepare?
Read our "At Issue" analysis which includes suggestions on where to begin with assessing the current state of your compliance systems.