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Directors, Compliance Officers Still Wary of Liability under Final DFS Rule
By Daniel Bethencourt
printChief compliance officers and senior managers of New York-chartered financial institutions have begun the process of complying with the state's new transaction-screening rule amid persistent concerns that they could be held individually responsible for potential violations. Under the rule, which was finalized in June and applies to transactions beginning this month, senior officers or boards of directors must confirm in writing to the state's Department of Financial Services, or DFS, that their sanctions and anti-money laundering compliance programs comply with 21 minimum standards. The requirements became the subject of controversy after the text of an earlier, proposed version explicitly threatened...
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