At the start of 2017, the New York State Department of Financial Services’ (NYDFS) long-awaited rules under Part 504 became effective, instituting tougher scrutiny and heightened expectations for transaction monitoring and filtering programs.
The rules cover a wide range of NY-chartered financial institutions, and along with imposing more granular requirements on AML and sanctions screening programs, also bring greater scrutiny to data sources and a new mandate for senior management to certify a monitoring program’s effectiveness. With the first annual certification due in April 2018, many institutions are now moving fast to ensure readiness.
In this webinar, industry experts and compliance professionals examine the key elements of Part 504 compliance, with an eye to what’s truly new and challenging, and provide perspectives on how financial institutions are complying with the rule. The presentation will cover:
- What’s new (and what’s not so new) in Part 504 compliance standards
- Challenges related to the rule’s data components – Navigating new expectations in data sourcing, validation and management
- How is the industry reacting? – Feedback and responses from compliance practitioners
- Complying without reinventing the wheel – How to effectively leverage existing processes and controls for the additional requirements of Part 504
- Considerations and risks for senior compliance officers required to certify monitoring programs
This webinar is eligible for one CFCS credit. The presentation recording and materials will be available to ACFCS members only within three business days of the webinar. Certificates of participation are available on request to ACFCS members only.
Violette Palion, Founding Member, Vesta Compliance Solutions
Violette Palion is one of the founding members of Vesta Compliance Solutions, LLC, Vesta Financial Software Solutions and a partner of Regulatory Intelligence, LLC. Violette has been working in the banking & securities industry for the past 18 years. She specializes in Anti-Money Laundering and Bank Secrecy Act, Regulatory (Trade) Compliance and in compliance technology. Violette started her career working for a private Swiss investment bank where she was in charge of taxation & double taxation agreements. Violette has also worked for an investment bank and an international trust & custody bank that serviced institutional clients in 50 plus markets, where she was in charge of foreign tax regulations, compliance policies and compliance technology – PMO Office. Violette also worked for an international Risk & Compliance consulting firm where she was in charge of Compliance & Risk product offering, project management and compliance technology.
In early 2003 Violette was one of the founding partners of Vesta Compliance Solutions and Vesta Software Solutions. Violette has an in-depth knowledge and understanding of AML & BSA policies & regulations as well as a unique and current, working knowledge of the leading compliance technology products.
Amy Davine Kim, Counsel, BuckleySandler
Amy Davine Kim advises clients in the areas of U.S. regulation of international business and financial services with a focus on AML/BSA and OFAC compliance and digital payments.
Ms. Kim advises financial institutions, payments innovators, and other clients on matters involving federal and state regulatory compliance, in particular those involving anti-money laundering and digital payments matters regulated under the Bank Secrecy Act (BSA) and by the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC) and the Consumer Financial Protection Bureau (CFPB). She provides advice with respect to anti-money laundering compliance programs and offers guidance with respect to specific concerns within such programs. Ms. Kim also advises clients in outreach and responses to state banking regulators. Representative clients include banks, mobile payments providers, and money services businesses such as money transmitters, prepaid access providers, and companies involved in virtual currency platforms.
Ms. Kim further advises clients in compliance matters involving the Foreign Corrupt Practices Act (FCPA) and anti-boycott laws and regulations. Representative matters include development of compliance and training programs as well as advising on specific matters and transactions.