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NYDFS Part 504 Model Validation, Review & Training

Effective January 1, 2017, the NYDFS requires all New York financial institutions to adopt transaction monitoring and filtering programs to provide further governance, oversight and accountability. We have developed comprehensive solutions to keep you fully compliant.

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Our Commitment:

  • Guaranteed to meet or exceed all NYDFS requirements
  • Dedicated to help you understand and implement specific requirements as it relates to New York State Department of Financial Services
  • Committed to completing your 504 Model Validation, Review & Training within your deadline

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NYDFS Part 504 Model Validation, Review & Training Includes:

  • Review updated Risk Assessment of the company

  • Review the Transaction Monitoring Program to ensure it is reasonably designed for the purpose of monitoring transactions after their execution for potential BSA/AML/OFAC violations and suspicious activity reporting

  • Review Company‚Äôs Filtering Program to ensure it is reasonably designed for the purpose of interdicting transactions that are prohibited by OFAC, and which shall include the following attributes, to the extent applicable as required by New York Department of Financial Institutions

  • Train company on any and all identified areas, systems, or processes that require material improvement, updating or redesign

  • Review and assist with timely board resolution or senior officer attestation to New York Department of Financial Services

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