New York’s Department of Financial Services has handed down new regulations which look to curb illegal transactions and money laundering as well as add new compliance requirements for companies. Under the new rules senior compliance officers or board officers are required to certify the adequacy of controls, which could led to possible liability.

For some thoughts on these new regulations, we want to offer a chance to speak with Venable LLP’s Don Andrews, a leading compliance and risk management attorney with experience in both regulatory enforcement and the corporate suite.

Mr. Andrews was most recently chief compliance officer and director of risk management at Bessemer Trust, the leading wealth management/investment advisory firm, with more than $100 billion in assets under supervision. At Bessemer, Mr. Andrews directed compliance issues for six different banks, foreign and domestic investment advisers, a broker-dealer operation and also numerous proprietary mutual funds, hedge funds and private equity funds. Among other duties, Mr. Andrews was responsible for overhauling the entire compliance and risk infrastructure throughout Bessemer, which resulted in the development of a new firm-wide Compliance and Risk Management Program spanning 19 offices globally.

Mr. Andrews’ resume also includes an accomplished stint as a government enforcement lawyer. He rose to become both a Special Trial Counsel and Branch Chief in the SEC’s Division of Enforcement