69U-100.964: Transactions Relating to Iran or Terrorism
PURPOSE, EFFECT AND SUMMARY: The proposed new rule adopts federal standards set by the U.S. Treasury Department, Office of Foreign Assets Control, in 31 C.F.R. Part 561 to establish the minimum standards for due diligence policies, procedures, and controls for Florida state chartered financial institutions that maintain certain accounts with foreign financial institutions, to reasonably detect whether the foreign financial institution engages in certain activities facilitating the development of weapons of mass destruction by the Government of Iran, provides support for certain foreign terrorist organizations, or participates in other related activities.
RULEMAKING AUTHORITY: 655.012, 120.54(1)(f) FS., Ch. 2012-201, Laws of Fla.
LAW IMPLEMENTED: Ch. 2012-201, Laws of Fla.
THIS RULEMAKING IS UNDERTAKEN PURSUANT TO SECTION
120.54(6), F.S. WRITTEN COMMENTS MAY BE SUBMITTED WITHIN 14 DAYS OF THE DATE OF THIS NOTICE TO: Jeffrey Jones, Office of Financial Regulation, jeffrey.jones@flofr.com.
SUBSTANTIALLY AFFECTED PERSONS MAY WITHIN 14 DAYS OF THE DATE OF THIS NOTICE, FILE AN OBJECTION TO THIS RULEMAKING WITH THE AGENCY. THE OBJECTION SHALL SPECIFY THE PORTIONS OF THE PROPOSED RULE TO WHICH THE PERSON OBJECTS AND THE SPECIFIC REASONS FOR THE OBJECTION.
THE FULL TEXT OF THE PROPOSED RULE IS:
69U-100.964 Transactions Relating to Iran or Terrorism.
Florida state-chartered financial institutions shall comply with the federal standards set out by the U.S. Treasury Department, Office of Foreign Assets Control, in 31 C.F.R. Part 561, Subparts B, C, and D, which are adopted and incorporated by reference, as the minimum standards for due diligence policies, procedures, and controls as required by Chapter 2012-201, Laws of Florida.
Rulemaking Authority 655.012, 120.54(1)(f) FS., Ch. 2012-201, Laws of Fla. Law Implemented Ch. 2012-201, Laws of Fla. History– New________.