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New York’s AML Certification Plan Could Set ‘Higher Bar’ than Sarbanes-Oxley
By Colby Adams
printA New York state proposal to hold bank executives liable for compliance lapses could prove stricter than the federal law that inspired it, and prompt senior-level talent to pursue other careers, say critics. Under a 6-page rule pitched this month by the New York State Department of Financial Services (NYSDFS), chief compliance officers (CCOs) or their "functional equivalent" would need to annually certify that, to the best of their knowledge, their institutions controls to detect and interdict illicit transactions meet 20 minimum standards in the Federal Financial Institutions Examination Council's examination manual. NYSDFS said in a statement that it had...
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