The difference between what you’ve done and what you need to do.
Thanks to the NYS DFS 504 regulation New York state chartered or licensed financial institutions will be looked at with an even larger magnifying glass. They’ll be required to not only validate their transaction monitoring and sanctions screening programs and their software, as well as governance, through validating their risk assessment, utilizing the appropriate staff, reviewing the software, testing, and more, but also must have senior management certify annually to the DFS that the programs comply with Part 504.
Make sure your regulator doesn’t find anything you don’t already know.
Our 504 Pre-Certification Service will provide you:
- the peace of mind you want, a full review of your BSA and OFAC compliance programs;
- the gap analysis that you need, an actionable analysis of what areas of your program are excelling and falling short;
- and the documentation that demonstrates your commitment to DFS that you know what you’re doing.