Law360, New York (June 30, 2016, 9:46 PM EDT) -- Bank compliance officers are breathing a little easier now that New York state will not require them to certify their firms’ anti-money laundering protocols under a final rule released Thursday, but attorneys think the state’s past aggressive enforcement actions should keep those executives on guard.The final anti-money laundering and anti-terror financing rule the New York Department of Financial Services unveiled makes a key change from a December proposal that would have put chief compliance or anti-money laundering officers on the hook, instead requiring more senior officials to sign off on the protocols that banks have in place for preventing illicit... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
New York banks will no longer be required to certify their firms' anti-money laundering protocols after US state loosened rules earlier this week.