Gaining compliance while mitigating risk.

The requirements from the New York Department of Financial Services (NYDFS) go beyond what we’ve historically seen from regulators. It is a rigorous, first-in-the-nation regulation for financial institutions. Banks, insurance companies, and companies that do business in New York must, among other things, assess their cyber risks, implement a comprehensive, written cybersecurity program, and manage the cyber risks of their third-party vendors. The groundbreaking regulation holds company board members personally liable for annual compliance certification.

Additionally, the NYDFS issued its final regulation related to the Bank Secrecy Act (BSA), Anti-Money Laundering (AML) transaction monitoring, and the Treasury Department’s Office of Foreign Assets Control (OFAC) filtering and screening requirements. It defines the essential components of monitoring and filtering programs as required by the NYDFS. While many of the requirements are not considered to be new, regulated institutions may find that additional action is necessary to ensure complete compliance, as well as allow senior management or the board of directors to certify annually.

BDO’s Regulatory Enforcement team is well-versed in the DFS regulation. We help companies – and their boards of directors – both mitigate risk and ensure compliance with all aspects of the DFS regulation including:

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