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NY Softens Plan to Hold Compliance Officers Liable for Faulty Attestations
By Colby Adams
printAmid questions from federal officials and criticism from bank lobbyists, New York regulators issued a final rule Thursday largely scrapping initial plans to hold senior compliance executives legally responsible for compliance lapses. The 7-page rule, which applies to transactions conducted from January 2017 onward, requires boards of directors or senior officers of domestic and global lenders to annually confirm in a resolution or "senior compliance finding" to the New York State Department of Financial Services (NYSDFS) that their sanctions and anti-money laundering (AML) programs comply with 21 minimum standards. The final version of the rule almost entirely mirrors the sanctions...
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