Venable partner Ed Wilson and counsel Ralph Sharpe were quoted in a December 2, 2015 Wall Street Journal article on proposed rules aimed at toughening anti-terrorism and anti-money laundering controls in New York. Under the new rules, compliance officers would be required to sign a statement saying their organizations maintain a robust anti-money laundering program. Signing a false or incorrect statement could result in criminal or civil charges against the compliance officer.
"The New York rules will create differences between state and federal regulations, and will increase costs for companies, particularly those smaller financial institutions that will have to raise their spending to levels seen at the nation's biggest banks," said Wilson. "There also are technical questions related to the systems that can be used and whether they will be the ones still being used when the rules take effect."
Sharpe added that the rules would make it difficult for companies to keep and retain compliance people who may decide to work for companies not subject to New York's rules. "This paints a big target on the back of compliance officers, and makes their job very difficult."