Alongside The New York State Department of Financial Services [DFS] DEUTSCHE BANK $425 MILLION FINE the DFSA have also fined;
- Intesa Sanpaolo S.p.A. = $235 million;
- Agricultural Bank of China = $215 million; and
- Mega Bank of Taiwan = $185 million.
Today’s action further highlights the importance of DFS’s new risk-based anti-terrorism and anti-money laundering regulation, which became effective on January 1, 2017.
DFS’s regulation requires regulated institutions to maintain programs to monitor and filter transactions for potential BSA/AML violations and prevent transactions with sanctioned entities.
It also requires regulated institutions to submit an annual board resolution or senior officer compliance finding confirming the steps taken to ascertain compliance with the regulation. In addition, DFS has proposed a first-in-the-nation cybersecurity regulation, which will be effective March 1, 2017, requiring DFS regulated institutions to establish and maintain a cybersecurity program designed to protect consumers and ensure the safety and soundness of New York’s financial services industry.
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