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New York Finance & Banking AI Compliance Requirements
Compliance Requirements for finance & banking businesses operating in New York. Based on NYC Local Law 144 (Partially In Effect).
Risk Level
Very High
Max Penalty
$500-$1,500 per violation (LL144)
Deadline
In effect (LL144), 2027 (RAISE)
Status
Partially In Effect
Mandatory
AI disclosure to affected individuals
Documentation of AI system capabilities
Human oversight for consequential decisions
Recommended
Bias testing and audit program
AI vendor due diligence process
Employee AI training program
Best Practice
AI ethics board or committee
Public transparency report
Regular third-party audits
AI incident response playbook
More for New York Finance & Banking
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How much does AI compliance cost?
Lawyer
$200-500
per hour
Enterprise tool
$10K+
per year
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