NY Moves to Tighten Bank Security Regulations

December 1, 2015 at 8:59 am Leave a comment

Aiming to make it tougher on militants to finance terrorism, the Cuomo administration will shortly  announce new regulations on banks in New York that will, among other things,  force a chief compliance officer to certify whether a bank maintains systems to detect and prevent illicit money transfers.  A false certification would be a crime.

“Money is the fuel that feeds the fire of international terrorism,” Cuomo said in a statement to the Times. “At a time of heightened global security concerns, it is especially vital that banks and regulators do everything they can to stop that flow of illicit funds.”

No regulation has been officially released yet so it  still is not clear whether  it  will include asset size or charter exemptions, or    apply just to banks headquartered in NY or to any bank with a branch in the state.

In a recent  post I explained that  NY  has signaled increasing frustration with the pace at which federal regulators were moving to tighten data security protocols. Here is a link to the article.


Silver Guilty

In case you missed it, Sheldon Silver, one of the longest serving speakers in New York history was convicted in federal court yesterday on 7 criminal  counts including honest service fraud.  The prosecution alleged, among other things,   that Silver awarded state funds to a doctor in return for client referrals  to the personal injury firm where Silver was a counsel.


Entry filed under: Compliance, New York State. Tags: , .

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Authored By:

Henry Meier, Esq., General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association.

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