At a recent webinar, Cadwalader attorneys reviewed anti-money laundering developments affecting cannabis businesses, broker-dealers and blockchain, and discussed draft legislation affecting the Bank Secrecy Act.
Beginning on October 1, 2018, financial service companies holding check casher and virtual currency business activity licenses may transition those licenses to the Nationwide Multistate Licensing System and Registry.
New York Department of Financial Services Superintendent Maria Vullo reminded all DFS-regulated entities covered by DFS's cybersecurity regulation that the third transitional period of New York's "first-in-the-nation" cybersecurity regulation terminates on September 4, 2018.
The New York Department of Financial Services requested comments on proposed revisions to cybersecurity rules that apply to a wide range of insurance, banking and financial services companies under its supervision.
The New York Department of Financial Services adopted standards for filtering programs that monitor transactions for potential anti-money laundering and Bank Secrecy Act violations and block transactions that are prohibited by the Treasury's Office of Foreign Assets Control.