Not only with AML regulations but helps bank also comply with risk-based Anti-Terrorism and the rule recently put into effect by the New York Department of Financial Services (DFS). QuantaVerse’s data analysis is powered by artificial intelligence that helps institutions identify where their risks are today and where they are migrating.
New York State’s Anti-Terrorism Transaction Monitoring and Filtering Program Regulation requires New York DFS-regulated financial institutions to “maintain programs to monitor and filter transactions for potential Bank Secrecy Act (BSA) and AML violations and prevent transactions with sanctioned entities, and certify compliance with the regulation annually to DFS.”
Significant to this new regulation is that institutions must review their transaction monitoring programs to ensure they comply with regulatory safeguards. Institutions must also adopt either an annual board resolution or senior compliance officer attestation to certify compliance with the DFS regulation beginning April 15, 2018.
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