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Can you summarize 3 NYCRR Part 116?
General Regulations of the Superintendent > Maintenance of Anti-Money Laundering Compliance Programs by Banking Organizations and Foreign Banking Corporations Licensed to Maintain a Branch or Agency
Short Summary
The provided legal document governs the establishment and maintenance of anti-money laundering programs by banking organizations and foreign banking corporations. These programs must comply with applicable Federal anti-money laundering laws and regulations, including the obligation to file suspicious activity reports (SARs) and implement a customer identification program. The programs should also include internal controls, independent testing for compliance, designated individuals responsible for monitoring compliance, and training for personnel. Approval by the institution’s board of directors and written documentation of the programs are required. Additionally, the banking organizations and foreign banking corporations must demonstrate compliance with customer identification program requirements and have risk-based policies, procedures, and practices to ensure compliance with Office of Foreign Assets Control (OFAC) requirements. The document emphasizes the filing of SARs in accordance with applicable Federal law and regulations. Compliance with applicable Federal requirements constitutes compliance with this document. The document applies to all banking organizations and foreign banking corporations, as defined in section 2 of the New York Banking Law. Foreign banking corporations refer to branches, agencies, or representative offices located in New York State and licensed to maintain such facilities under article V or article V-B of the Banking Law. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banking organizations and foreign banking corporations
What does it govern?
Establishment and maintenance of anti-money laundering programs by banking organizations and foreign banking corporations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
New York