Ask Reggi Your Question Now
Can you summarize FLCL 655.968?
FINANCIAL INSTITUTIONS GENERALLY > Financial institutions; transactions relating to Iran or terrorism.
Short Summary
This section of the Florida Statutes governs financial institutions chartered in the state of Florida and their transactions relating to Iran or terrorism. It requires financial institutions to establish due diligence policies, procedures, and controls to detect whether foreign financial institutions they have correspondent accounts or payable-through accounts with engage in certain activities. These activities include facilitating Iran’s acquisition or development of weapons of mass destruction, providing support for designated foreign terrorist organizations, and engaging in money laundering. The Financial Services Commission is responsible for establishing minimum standards for due diligence policies. Financial institutions must certify their compliance with these policies annually and submit a report to the Office of Financial Regulation. Failure to comply may result in an administrative fine. The Office of Financial Regulation is also required to make an annual compliance report available on its website.
Whom does it apply to?
Financial institutions chartered in the state of Florida
What does it govern?
Transactions relating to Iran or terrorism
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Administrative fine not to exceed $100,000 per occurrence
Jurisdiction
Florida