Cuomo Proposes New Anti-Terrorism Banking Regulation
NEW YORK – The New York State government will push for a new anti-terrorism and anti-money laundering regulation on banks to prevent illicit money from flowing through Wall Street and into the hands of terrorists, NY Governor Andrew Cuomo announced Tuesday.
Over the last four years, the Department of Financial Services (NYDFS) has conducted a series of investigations into terrorist financing, sanctions violations, and anti-money laundering compliance at financial institutions. As a result, the Department has uncovered serious shortcomings in the transaction monitoring and filtering programs of these institutions that could lead to the supply of weaponry to terrorist organizations.
The key requirements of the new anti-terrorism and anti-money laundering regulation that Gov. Cuomo is proposing include a transaction monitoring program, a watch list filtering program and an annual certification. The regulations will be subject to a 45-day notice and public comment period before final issuance, according to the announcement.
“Money is the fuel that feeds the fire of international terrorism,” Cuomo said in a statement. “Global terrorist networks simply cannot thrive without moving significant amounts of money throughout the world. At a time of heightened global security concerns, it is especially vital that banks and regulators do everything they can to stop that flow of illicit funds.”
The full proposed regulation and its amendments are listed here