During my HAR talk, I briefly described the password filter mechanism. A password filter is a DLL that is listed in the registry at HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Control\Lsa\Notification Packages.
Whenever a user changes his password, Windows passes the plaintext password to all the DLL’s listed there. The password filter can then determine whether the password meets its requirements (complexity, length etc.) and approve or disapprove the password. You can use this feature to implement your own password filter DLL and enforce your custom company password policy.
Of course, a password filter could also choose to do something else with the plaintext password. As I described in my previous blog post, Microsoft does this with RASSFM.DLL. An attacker could also create his own backdoor password filter that, for example, sends the password to a remote server.
The procedures you need to implement are quite well documented on MSDN. There is even a universal password filter available on Sourceforge. This allows you to pass the password to a custom script.