New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter C - General Regulations-banking And Non-banking Organizations
Part 504 - Banking Division Transaction Monitoring and Filtering Program Requirements and Certifications
Section 504.2 - Definitions

Universal Citation: 3 NY Comp Codes Rules and Regs ยง 504.2

Current through Register Vol. 46, No. 12, March 20, 2024

The following definitions apply in this Part:

(a) "Annual Board Resolution or Senior Officer Compliance Finding" means a board resolution or senior officer(s) finding in the form set forth in Attachment A.

(b) "Bank Regulated Institutions" means all banks, trust companies, private bankers, savings banks, and savings and loan associations chartered pursuant to the New York Banking Law (the "Banking Law") and all branches and agencies of foreign banking corporations licensed pursuant to the Banking Law to conduct banking operations in New York.

(c) "Board of Directors" means the governing board of every Regulated Institution or the functional equivalent if the Regulated Institution does not have a Board of Directors.

(d) "Nonbank Regulated Institutions" shall mean all check cashers and money transmitters licensed pursuant to the Banking Law.

(e) "Regulated Institutions" means all Bank Regulated Institutions and all Nonbank Regulated Institutions.

(f) "Risk Assessment" means an on-going comprehensive risk assessment, including an enterprise wide BSA/AML risk assessment, that takes into account the institution's size, staffing, governance, businesses, services, products, operations, customers, counterparties, other relations and their locations, as well as the geographies and locations of its operations and business relations.

(g) "Senior Officer(s)" shall mean the senior individual or individuals responsible for the management, operations, compliance and/or risk of a Regulated Institution including a branch or agency of a foreign banking organization subject to this Part.

(h) "Suspicious Activity Reporting" means a report required pursuant to 31 U.S.C. § 5311 et seq. that identifies suspicious or potentially suspicious or illegal activities.

(i) "Transaction Monitoring Program" means a program that includes the attributes specified in Subdivisions (a), (c) and (d) of Section 504.3.

(j) "Filtering Program" means a program that includes the attributes specified in Subdivisions (b), (c) and (d) of Section 504.3.

(k) "Transaction Monitoring and Filtering Program" means a Transaction Monitoring Program, and a Filtering Program, collectively.

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