What Is NY DFS Rule 504?
All DFS Bank and Nonbank licensed, regulated institutions pursuant to the Banking Law who conduct banking operations in New York must maintain programs to monitor and filter transactions for (BSA) and (AML) violations, prevent transactions with sanctioned entities, and certify compliance with the regulation on an annual basis.
Bank regulated industries include all banks, trust companies, private bankers, savings banks, and savings and loan associations. All branches and agencies of foreign banking corporations.
Nonbank regulated industries include all check cashiers and money transmitters licensed pursuant to the Banking Law to conduct banking operations in New York.
Any remedial efforts planned or underway to address identified areas, systems, or processes that require material improvement, updating or redesign must be documented and available for inspection by the Superintendent.
Why Is It Important to Comply with DFS Rule 504?
The Value of a Third-Party Partner
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Our Financial Crimes Advisory (FCA) team is comprised of former practitioners, consultants, BSA Officers, accountants, data scientists, and other professionals with deep industry knowledge.
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Our experience, technology, and expertise allow us to tailor a project construct that is non-disruptive to your business-as-usual (BAU) responsibilities, while still delivering insightful perspectives and recommendations that serve to elevate your program.
Regulator Ready
We have years of experience dealing with the Fed, OCC, FDIC, and NYDFS. Our work product is intended to meet regulatory expectations while maintaining a risk-based balance between what is required and what is leading industry practice, as we understand them.
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Rachel Dettmer
