February 22 2017
However, while U.S. anti-money laundering regulations are primarily led by the federal government, states have never been preempted; moreover, they play an increasingly larger and complementary role in enforcing AML compliance that will likely persist, notwithstanding any changes at the federal level.
No state agency is more willing to take the lead in enforcing AML regulations than the New York State Department of Financial Services (NYSDFS). Not only does NYSDFS have authority over New York-chartered financial institutions, but, because New York is home to approximately 90 percent of foreign bank assets in the U.S., the NYSDFS regulates all of those foreign banks’ New York branches.