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New York Department of Financial Services (NYDFS) Part 504 Compliance

Gain an understanding of New York DFS Part 504 to enable compliance with its new AML and OFAC program requirements.

Part 504 of the New York State Department of Financial Services (DFS) Superintendent's Regulations imposes significant new responsibilities on New York regulated institutions with respect to Bank Secrecy Act (BSA), anti-money laundering (AML), and U.S. economic sanctions laws and regulations. This material will help the persons responsible for ensuring that their institutions are in compliance with Part 504 to understand the intricacies of the Part 504 requirements and will explore practical tips and best practices for complying with these requirements.

Runtime: 62 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Background on Part 504

  • Purpose of Part 504/Compliance Gaps It Was Designed to Address
  • Brief Overview of Key, Pre-Final Rule 504 NYDFS Bank Secrecy Act (BSA), Anti-Money Laundering (AML) and Sanctions Investigations and Enforcement Actions

Part 504 Requirements

  • "Regulated Institutions" Subject to Part 504 and Effective Dates
  • Risk Identification Assessment
  • Transaction Monitoring Program
  • Watch List Filtering Program
  • Annual Board Resolution or Senior Officer Compliance Finding
  • Penalties
  • Compare/Contrast With Federal Requirements

Complying With Part 504

  • Key Issues - Practical Tips and Best Practices
    • Risk Assessment
    • Third Party Vendors
    • Training
    • Testing
    • Oversight and Governance
    • Funding Personnel
    • Annual Certification Process
  • Case Studies
  • Open Issues and Unresolved Questions
  • NYDFS Supervisory Expectations
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on April 26, 2018.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jeanine McGuinness

Jeanine McGuinness

Davis Polk & Wardwell LLP

  • Counsel in the Washington, D.C. office of Davis Polk & Wardwell LLP
  • Practice concentrates on U.S. trade and investment laws applicable to cross-border transactions, focusing on U.S. economic sanctions, anti-money laundering laws, anti-boycott laws, the Foreign Corrupt Practices Act and transaction reviews by U.S. national security agencies, including the Committee on Foreign Investment in the United States (CFIUS)
  • Frequent panelist at industry conferences on U.S. sanctions and anti-money laundering issues and developments
  • Clients include major U.S. and foreign financial institutions, and pharmaceutical, technology, telecommunications, energy and natural resources companies
  • J.D. degree, Harvard Law School, 1992
  • Chambers USA – International Trade: CFIUS Expert
  • Admitted to DC and New York bars
  • Can be contacted at [email protected] or (202) 962-7150
Don Monson

Don Monson

Deloitte & Touche USA LLP

  • Senior manager in Deloitte Transactions and Business Analytics LLP, based in Chicago
  • Practice emphasizes financial crimes compliance, with extensive experience in the deployment, calibration, and maintenance of AML and sanctions screening applications; performs model validation assessments in the context of the Office of the Comptroller of the Currency in Bulletin 2011-12/Federal Reserve Bank Supervisory Letter SR 11-7
  • Conducts seminars and presents on the assessment and enhancement of sanctions and AML programs
  • Author of publications related to the areas of transaction monitoring systems
  • MSc. degree, London School of Economics, 2002
  • Can be contacted at [email protected] or (312) 486-4492
Britt Mosman

Britt Mosman

Davis Polk & Wardwell LLP

  • Senior associate in the Washington, D.C. office of Davis Polk & Wardwell LLP
  • Practice focuses on economic sanctions, anti-money laundering, anti-corruption, and CFIUS reviews
  • J.D. degree, Boston College Law School, 2010
  • Member, Awards/Subgrants Team, Young Lawyers Division, American Bar Association, 2017-2018
  • Admitted to DC and New York bars
  • Can be contacted at [email protected] or (202) 962-7151
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 401488
Published 2018
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