NYDFS Issues AML/Sanctions Programs and Annual Certification Requirements for Banks, Money Transmitters and Check Cashers

On June 30, 2016, the New York State Department of Financial Services (“NYDFS”) adopted a final regulation imposing new anti-money laundering and economic sanctions requirements on financial institutions regulated by the NYDFS (the “Final Rule”). In this article, Donald Mosher, Betty Santangelo, Gary Stein and Melissa Goldstein and former Schulte lawyers Joseph Vitale and Seetha Ramachandran discuss the impact of the Final Rule on regulated institutions such as banks, trust companies and money transmitters.