- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-05-10T17:45:00
Banks operating in New York would have to step up their vetting of executives and senior officers, including chief compliance officers, under new guidance proposed by the New York State Department of Financial Services (NYDFS).
The NYDFS proposed banks chartered or licensed in New York provide more information to the department regarding the character and fitness of directors and senior officers upon onboarding and regularly after, the department said Tuesday in a press release.
The proposed requirements are necessary because while senior officers are generally investigated during onboarding, certain standards might be outdated and include only a criminal background check and not a check for conflicts of interest, the NYDFS said.
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The New York State Department of Financial Services released final guidance on how banks and non-depository financial institutions should vet executives, including chief compliance officers, before and during their employment.
New York would be the first state in the nation to comprehensively regulate cryptocurrency under a sweeping bill introduced by Attorney General Letitia James.
The Federal Reserve Board will likely recommend strengthening regulatory and supervisory procedures for mid-sized regional banks in the aftermath of the failure of Silicon Valley Bank.
Securities and Exchange Commission Chair Gary Gensler will step down from his position as the top U.S. regulator of Wall Street when Donald Trump is sworn in as president on Jan. 20, ending weeks of speculation about his future.
President-elect Donald Trump announced he plans to appoint Cantor Fitzgerald President and CEO Howard Lutnick to lead the U.S. Commerce Department, as the incoming administration is expected to charge import tariffs against friends and foes.
If your business uses leather, rubber, wood, beef, palm oil, soy, or paper, then you may need to comply with the EU Deforestation Directive, a new rule intended to ensure that no goods traded in the EU contribute to global deforestation.
