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NYDFS Part 504

Master Part 504 with precision and confidence through effective risk-based compliance strategies

We understand the unique compliance challenges that New York license holders face, such as navigating the complexities of licensing.

A7 works with traditional licensees, but also FinTech, BaaS, and Crypto for fiat on/off ramps and storage solutions. These activities necessitate various licenses, such as trust, money transmission, and FBO licenses, alongside sophisticated FinTech review of automation.

At A7, we pride ourselves on having a team of seasoned principals and senior consultants with extensive backgrounds in NYDFS Part 504 compliance.

Our team has successfully supported Money Services Businesses (MSBs) and Trust license holders in New York, guiding them through the intricate process of implementing, assuring, and maintaining their Part 504.3 compliance programs and certification processes.

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NYDFS Part 504 Fact Sheet

DOWNLOAD OUR NYDFS PART 504 FACT SHEET

Our
Services

A7 offers a comprehensive suite of services designed to ensure your company remains compliant with NYDFS Part 504 requirements:

BSA/AML and Sanctions Risk Assessments and Gap Analyses

  • Comprehensive evaluation to match your institution’s risks to your transaction monitoring and filtering systems
  • An actionable roadmap to assist in enhancing your risk assessment to NYDFS standards

Risk-Based BSA/AML/Sanctions Compliance Program Development and Enhancement

  • Development and enhancement of tailored BSA/AML/Sanctions compliance programs based on the company’s risk assessment
  • Enhancements to the existing BSA/AML/Sanctions program to improve effectiveness and efficiency

Readiness Reviews and Certification Preparation

  • Assurance of the company’s compliance with Part 504.3 by correlating the certification objectives in Part 504.4
  • Identification and documentation of formal and informal processes to demonstrate the company’s ability to certify to Part 504.3 compliance

Annual Independent Reviews

  • Objective reviews to ensure Part 504 program effectiveness and compliance
  • Actionable insights that can be used to continuously improve the company’s Part 504 compliance program

Model Validation Based on SR 11-7 Model Risk Management and Enhancements by OCC Bulletin 2011-12

  • Review for Part 504.3 compliance regarding third-party vendors used to acquire, install, implement or test the transaction monitoring and filtering systems
  • Testing, tuning, and validation of transaction monitoring and filtering systems
  • Enhancing governance structures to support effective model risk management

A7 is your trusted partner for navigating the complexities of Part 504 compliance.

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