Editor’s Note: See, “Unwarranted Deputization: Increased Delegation of Law Enforcement Duties to Financial Institutions Undermines American Competitiveness” on the White House website here.
From: Inside Counsel
State regulators have imposed new requirements on banks operating in New York that they say are needed to ensure the institutions are adequately monitoring transactions for possible money laundering.
By Joel Stashenko
State regulators have imposed new requirements on banks operating in New York that they say are needed to ensure the institutions are adequately monitoring transactions for possible money laundering.
The state Department of Financial Services (DFS) said its investigations and enforcement activities indicate that gaps exist in the monitoring and filtering capabilities banks use to prevent activities linked to terrorism and crime.
Read Complete Article