The New York State Department of Financial Services is responsible for regulating all financial services and products in the State of New York. The New York State Department of Financial Services is responsible to reform the regulation of financial services in New York. It also aims to protect firms and consumers against financial crimes. In 2011, the New York State Legislature established the New York State Department of Financial Services by merging the New York State Banking Department with the New York State Insurance Department.
Today, the NYSDFS is the main regulator for a wide range of financial institutions. Its supervision takes in around 4,400 separate entities from the financial sector and more. Despite they have offices across the state, their main center is in New York City.
New York State Department Of Financial Services has five division:
NYSDFS aims to ensure financial stability by regulating financial institutions. Also, the New York State Department of Financial Services aims to fight financial fraud and educate consumers of financial products and services.
As of January 1, 2017, financial institutions under obligations under the New York Banking Law are responsible for complying with anti-terrorism transaction monitoring and filtering program regulations established by the New York Department of Financial Services (NYDFS). Accordingly, it is mandatory for financial institutions to create a risk-based Anti-Money Laundering program to meet their obligations.
The obligations of businesses are:
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