The Traderszone Network

Published in TZ Latest News 1 December, 2015 by The TZ Newswire Staff

New York proposes banking rules to prevent illicit financing

The proposed regulations will, among other things, require a bank’s chief compliance officer to certify whether a bank maintains the types of systems outlined in the rule to detect and prevent illicit money transfers, said the New York Department of Financial Services (NYDFS), the state’s financial regulator, which is writing the rules. Cuomo, as Democrat, unveiled the proposal as the U.S. is ramping up efforts to cut off funding to Islamic State.

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