The New York Department of Financial Services (DFS) has finalized a new regulation setting forth rigorous standards for monitoring and filtering programs to monitor transactions for potential anti-money laundering (AML) and Bank Secrecy Act (BSA) violations and to block transactions prohibited by the Treasury Department’s Office of Foreign Assets Control (OFAC). In addition to other requirements, the final regulation, beginning April 15, 2018, requires a covered institution to submit annually to DFS either a “Senior Officer Compliance Finding” or a resolution of its “Board of Directors” as certification of compliance with the regulation.

This webinar will examine key aspects of the new regulation, including the substantive obligations imposed for transaction monitoring programs and filtering programs. We also will explore the implications of the annual compliance certification and what it may mean for compliance departments, in-house counsel, and boards—and how this regulation, now unique in the AML/BSA sphere, may herald similar future efforts by federal and other state authorities.

Date & TIme

Wednesday, July 27, 2016
12:00 PM - 1:00 PM ET

Moderator

Alan S. Kaplinsky
Practice Leader
Consumer Financial Services

Speakers

Peter D. Hardy
Consumer Financial Services
White Collar Defense/
Internal Investigations

Beth Moskow-Schnoll
Consumer Financial Services
White Collar Defense/
Internal Investigations

Kevin Leitão
Consumer Financial Services
Mortgage Banking

This program is open to Ballard Spahr clients and prospective clients interested in maintaining compliance with the Bank Secrecy Act and its Anti-Money Laundering rules. There is no cost to attend. This program is not eligible for CLE credits.

Please register at least two days before the webinar. Login details will be sent to all approved registrants. For more information, contact Daniel Martin at martind@ballardspahr.com.

Register