NY State Orders Banks to Step Up Monitoring for Money Laundering

Editor’s Note: See, “Unwarranted Deputization: Increased Delegation of Law Enforcement Duties to Financial Institutions Undermines American Competitiveness” on the White House website here.

From: Inside Counsel

State regulators have imposed new requirements on banks operating in New York that they say are needed to ensure the institutions are adequately monitoring transactions for possible money laundering.

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