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Federal Officials See Downsides to New York’s AML Certification Plan
By Valentina Pasquali
printFederal officials on Monday voiced concerns about New York's plans to finalize a rule that would hold top compliance officers liable for regulatory lapses at their financial institutions. The proposal, announced in December by the New York State Department of Financial Services (NYSDFS), would require chief compliance officers or their "function equivalents" to certify annually that their institutions have taken sufficient steps to prevent money laundering, terrorist financing and sanctions violations. The state's plan to potentially penalize anti-money laundering (AML) compliance officers contrasts with the tack taken in the United Kingdom to make board members, chief executives and other senior...
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