New York to propose banking rules to prevent illicit financing: source
Source: Reuters
New York to propose banking rules to prevent illicit financing: source
Reuters
6 hours ago
(Reuters) - New York Governor Andrew Cuomo is preparing to impose new regulations on banks operating in the state to prevent money laundering and the financing of militant groups, a Cuomo administration official told Reuters on Monday.
The new rules, which Cuomo plans to propose this week, will force a chief compliance officer to certify whether a bank maintains systems to detect and prevent illicit money transfers.
If the compliance officers file a false certification, they could face charges.
The rules, if implemented, will aim to block criminals and militant organizations from using the New York financial system to fuel their activities.
Read more: http://news.yahoo.com/york-propose-banking-rules-prevent-illicit-financing-source-021406439--sector.html
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