NY DFS Cracks Down on Banks’ Anti-Money Laundering Deficiencies

Earlier this year, New York’s Department of Financial Services (“DFS”), the State’s banking and insurance regulator, announced that it was increasing and strengthening its enforcement efforts aimed at financial institutions’ anti-money laundering (“AML”) and Bank Secrecy Act (“BSA”) compliance deficiencies. The latest installment in the DFS’s crackdown on financial institutions came on November 5th, when the DFS and the Federal Reserve Bank of New York (the “New York Fed”) entered into an agreement with The Bank of Nova Scotia and its New York agency (collectively, the “Bank”), obligating the Bank to submit revised compliance programs for several key areas, including BSA/AML, Customer Due Diligence, and Suspicious Activity Monitoring and Reporting.… Read More