Are You Prepared? A Thorough Approach to Complying with Final Rule 504

Instructor: William Schlameuss
Product ID: 705376
  • Duration: 60 Min
This webinar will discuss the background and layout of Final Rule 504 and the requirements of Rule 504 for transaction monitoring and filtering program implementation. It will also discuss the foundation of complying with Final Rule 504.

recorded version

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Recorded Link and Ref. material will be available in My CO Section
Last Recorded Date: Jul-2017

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Why Should You Attend:

On June 30, 2016, the New York State Department of Financial Services ("DFS") released Final Rule 504, "Banking Division Transaction Monitoring and Filtering Program Requirements and Certifications." The Rule arose from the State's finding that in many cases, the financial institutions it regulates had not clearly defined, documented, independently validated, and fine-tuned their transaction monitoring and filtering programs, systems vital to the fight against money laundering, terrorist financing, and sanctions evasion. Rule 504 details the State expectations on the elements necessary to the proper design and implementation of the monitoring and filtering programs. The Rule defines eight categories for review for each system and an additional eight for the commonalties to both.

The Rule also requires that the institution submit to the Superintendent a Board Resolution or Senior Officer(s) Compliance an annual certification, beginning with April 15, 2018, that the institution complies with the provisions of the Rule, 504.3.

This webinar will outline a thorough approach to complying with 504.

Areas Covered in the Webinar:

  • Learn the history and origin of model validation principals
  • Discuss the background and layout of Final Rule 504
  • Discuss the requirements of Rule 504 for transaction monitoring and filtering program implementation
  • Discuss the foundation of complying with Final Rule 504, how to do that, what is included, and how to build upon that
  • Cover the development of a plan to ensure compliance with the rule
  • Discuss what to do, just in case you're not ready

Who Will Benefit:

  • BSA/AML Officers
  • Compliance Officers
  • Chief Compliance Officers
  • Sanctions Officers
  • AML Analysts
  • Risk Officers
  • Chief Risk Officers
  • Legal Departments
  • Broker-Dealers
  • Risk Managers and CEO/Presidents at banks
  • Money services businesses and other non-bank financial institutions who are regulated by the NYS DFS and have to comply with Final Rule 504
Instructor Profile:
William Schlameuss

William Schlameuss
Consultant, ARC Risk and Compliance

William Schlameuss has over 20 years’ experience in regulatory compliance, including BSA/AML/OFAC. He has worked with a wide range of US branches of major foreign banking organizations from all continents, both as chief compliance officer and compliance consultant. He has a prior background in IT as manager and implementer of core banking and payment systems, as well as compliance-related systems.

Mr. Schlameuss has extensive experience with State and Federal Banking regulators in examination preparation, assistance and response, including assistance in the remediation of written agreements for clients.

As a project manager Mr. Schlameuss has led BSA/AML audits, BSA/OFAC Model Validations, remediation efforts of BSA audit issues, and BSA/OFAC look-backs for international banks, both self-imposed and directed by regulatory authorities. Model Validations included Prime, FCRM, Patriot Officer, Actimize, and eGIFTS.

He has conducted the Annual 3130 Supervisory Reviews for Broker-Dealers of the US branches of major FBOs. Mr. Schlameuss is also a member of the Association of International Bank Auditors and the International Bank Regulatory Compliance Committee.

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