A thorough examination of the impending effects of New York State Department of Financial Services Rule 504 by A&M's Hal Crawford...

Some ways to comply:

  • Risk assessments (RA) of your institution and business units
  • Reviewing compliance with all current BSA / AML laws, regulations and alerts
  • Mapping BSA / AML risks to your institution’s businesses, products, services and customers
  • Utilizing BSA / AML detection scenarios that are based on your institution’s RA
  • Implementing technology or tools for matching names and accounts
  • End-to-end, pre-and post-implementation testing
  • Watch list screening that reflects current regulatory requirements
  • Developing easily understandable documentation that articulates your institution’s current detection scenarios
  • Auditing investigative protocols
  • On-going analysis to assess the logic and performance of the technology for matches, watch lists and threshold settings
  • On-going assessments of the relevancy of the transaction detection scenarios, rules, thresholds, parameters and assumptions