Source: http://beregsmart.com/solutions/regsmart-dfs/
Timestamp: 2017-11-20 17:12:11
Document Index: 300026307

Matched Legal Cases: ['art 500', 'art 504', 'arts 500', 'art 500', 'art 500', 'art 500', 'art 504', 'art 504', 'art 504', 'art 504', 'art 504', 'art 504']

RegSmart-DFS – RegSmart
New York Department of Financial Services BSA/AML and Cybersecurity Regulations and Officer/Board Certifications
The first regulation of its kind, but likely not the last…The New York Department of Financial Services adopted Part 500 (Cybersecurity) and Part 504 (BSA/AML), which require officers or directors of all regulated entities (including banks, credit unions, MSBs) to personally certify compliance with specific regulatory requirements.
Compliance with Parts 500 and 504 is complex. RegSmart will help.
Cybersecurity, Governance and Risk Management
Part 500 gets “in the weeds” of your cybersecurity and governance program. …and we mean “in the weeds.” Here are the areas of inquiry—each having very specific operational as well as governance requirements:
Cybersecurity Governance and Program Design
Incident Notifications to DFS
How can RegSmart help?
RegSmart-CyberSolutions is a complete governance structure that will guide you to compliance with NYDFS requirements. Then, when it’s certification time…
RegSmart-DFS’s SaaS walks step-be-step though the Part 500 requirements. It answers the regulator’s questions with the care and precision that comes only from detailed understanding and analysis of cybersecurity and your Part 500 obligations.
BSA & OFAC Governance and Risk Management
Part 504 BSA/AML and OFAC requirements center on requirements for a robust, managed transaction monitoring and OFAC filtering system, but the regulation is much broader than it sounds.
The first requirement of this “transaction monitoring” regulation has nothing to do with transaction monitoring. The first requirement of Part 504 is that every regulated entity must create a custom risk assessment covering its locations, products, services, and customers. Having created a robust risk assessment, the regulation goes about requiring you to continually monitor, adjust, test, refine, evaluate, validate, improve, and manage your monitoring and filtering system in accordance with your risk assessment and the regulation’s specific requirements.
Compliance with Part 504 starts with a complete, robust, up-to-date BSA risk assessment—without which compliance with 504 is impossible.
RegSmart-BSA Risk & Review is a complete FFIEC and DFS risk assessment that will serve as the foundation of your Part 504 compliance by evaluating every location, product, service, and customer profile representing BSA risk to your institution. Then, when it’s certification time…
RegSmart-DFS’s SaaS walks step-be-step though the Part 504 requirements. It answers the regulator’s questions with the care and precision that comes only from detailed understanding and analysis of BSA and your Part 504 obligations.
New York Department of Financial Services rule requires board or executive officers to personally certify compliance with specific cybersecurity requirements Effective March 1, 2017, NYDFS requires that the board or executive officers of regulated financial institutions certify that the institution’s cybersecurity governance and systems dealing with encryption, app security, risk assessment, personnel, authentication, data retention, and other specific requirements comply with the DFS rules and regulations.